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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income $ 8,930,378 $ 13,716,613
Adjustments to reconcile net income to cash provided by operating activities    
Inventory write-off 66,944
Depreciation and amortization 1,056,139 1,037,941
Share-based compensation 1,064,358
Changes in operating assets and liabilities:    
Accounts receivable 4,911,580 (2,334,513)
Amounts due from related parties 1,242 34,603
Inventories (241,435) 10,581
Prepaid expenses and other current assets 69,448 78,393
Accounts payable 40,749 (2,036,549)
Amounts due to related parties (273,250) 94,714
Income tax payable (547,080) 51,838
Accrued expenses and other current liabilities (1,884,578) (258,357)
Deferred grants (231,742) (231,611)
Net cash provided by operating activities 12,962,753 10,163,653
Cash flows from investing activities    
Purchase of property and equipment (5,006)
Net cash used in investing activities (5,006)
Cash flows from financing activities    
Repayment of bank borrowings (434,519)
Repayment of advances from related parties (4,269,277) (13,529,422)
Net cash used in financing activities (4,703,796) (13,529,422)
Effect of changes of foreign exchange rates on cash 1,425,107 (642,208)
Net increase (decrease) in cash 9,684,064 (4,012,983)
Cash, beginning of year 14,279,797 18,292,780
Cash, end of year 23,963,861 14,279,797
Supplemental disclosures of cash flow information    
Interest paid 1,766,399
Income taxes paid 2,999,802 4,176,694
Non-cash investing activities    
Net liabilities acquired due to recapitalization $ 1,959