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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 17,385,966 $ 8,930,378
Adjustments to reconcile net income to cash provided by operating activities    
Bad debts reversal (76,492)
Inventory write-off 66,944
Depreciation and amortization 381,167 1,056,139
Asset disposal gain (7,648,423)
Loss of input VAT credits 356,073
Share-based compensation 3,149,106 1,064,358
Amortization of discounts and issuance cost of the notes 8,550
Gain on changes in fair value of common stock purchase warrants liability (759,471)
Changes in operating assets and liabilities:    
Accounts receivable 4,994,861 4,911,580
Amounts due from related parties 83,849 1,242
Inventories 190,490 (241,435)
Prepaid expenses and other current assets (2,258,602) 69,448
Accounts payable (167,186) 40,749
Amounts due to related parties (575,329) (273,250)
Income tax payable (50,424) (547,080)
Accrued expenses and other current liabilities (233,882) (1,884,578)
Deferred grants (728,818) (231,742)
Net cash provided by operating activities 14,051,434 12,962,753
Cash flows from investing activities    
Purchase of property and equipment (11,695,448)
Proceeds from assets disposal 17,859,076  
Net cash provided by investing activities 6,163,628
Cash flows from financing activities    
Proceeds from issuance of convertible promissory notes payable 2,025,000
Payments of issue costs of convertible promissory note (162,000)
Repayment of bank borrowings (434,519)
Repayment of advances from related parties (4,269,277)
Net cash provided by (used in) financing activities 1,863,000 (4,703,796)
Effect of changes of foreign exchange rates on cash 121,781 1,425,107
Net increase in cash 22,199,843 9,684,064
Cash, beginning of year 23,963,861 14,297,797
Cash, end of year 46,163,704 23,963,861
Supplemental disclosures of cash flow information    
Interest paid 1,766,399
Income taxes paid 3,774,917 2,999,802
Non-cash investing activities    
Net liabilities acquired due to recapitalization 1,959
Warrants issued to third parties in conjunction with debt issuance $ 1,888,106