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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 8,281,017 $ 9,073,954 $ 7,919,408
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation of property, plant and equipment 256,212 100,474 101,183
Amortization of intangible assets 482,332 821,203 362,355
Provision for doubtful accounts (861,735) 921,904 495,528
Deferred income taxes 63,107 (48,710) (107,401)
Loss on disposal of equipment 771
Changes in operating assets and liabilities:      
Accounts receivable (2,091,504) (2,772,546) (6,588,070)
Accounts receivables - related party (1,906,101)
Other receivables (1,155,003) (642,904) (28,615)
Other receivables - related party 12,008 (12,506)
Inventories 8,189 145,890 304,072
Prepayments (1,639,459) 1,044,280 829,573
Prepaid expense 20,049 (13,580) 50,233
Accounts payable 641,603 (1,102,260) (4,151,400)
Other payables and accrued liabilities (1,781,892) 3,215,946 161,038
Customer deposits 941,877 (76,098) (29,714)
Taxes payable 3,277,301 1,629,685 278,941
Net cash (used in) generated from operating activities 4,535,993 12,309,246 (414,604)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Deposits for business acquisitions (12,470,811)
Purchases of property and equipment (2,205,514) (2,218,838) (44,905)
Proceeds from disposal of equipment 9,003 0 76
Prepayments for intangible assets 240,157 (1,018,127) (3,574,784)
Purchase of intangible assets (9,657,844) (3,404,004) (859,841)
Proceeds from disposal of intangible assets 852,405
Proceeds from short-term investments 19,485,793
Purchase of short-term investments (2,391,721)
Payments on long-term investments (1,812,632)
Net cash (used in) generated from investing activities (10,761,793) (19,111,780) 10,801,986
CASH FLOWS FROM FINANCING ACTIVITIES:      
Capital injection
Proceeds from initial public offering, net of issuance costs 7,417,077
Underwrites partial exercise of over-allotment option, net of issuance costs 524,944
Prepaid initial public offering costs (92,854)
Proceeds from issuance of new shares 2,698,046
Proceeds from secured convertible promissory note 739,189
Other payables - related party (40,634) 31,721
Repayments of short-term loans - banks (4,349,339) (3,118,473) (3,549,737)
Short-term loans - banks 3,477,422 5,888,837 3,247,632
Repayments of long-term loans - third party (76,704) (75,170) (62,983)
Net cash generated from (used in) financing activities 2,488,614 10,596,581 (426,221)
Effect of exchange rates on cash 4,059,162 (144,969) (501,935)
Net changes in cash and cash equivalents 321,976 3,649,078 9,459,226
Cash and cash equivalents, beginning of year 15,478,587 11,829,509 2,370,283
Cash and cash equivalents, end of year 15,800,563 15,478,587 11,829,509
Supplemental cash flow information:      
Cash and cash equivalents 15,800,563 10,478,587 11,829,509
Restricted cash 5,000,000
Cash and cash equivalents, end of year 15,800,563 15,478,587 11,829,509
(Write-off)/Provision for doubtful trade receivables (871,670) 842,179 474,087
(Write-off)/Provision for doubtful other receivables (12,691) 13,680 17,131
Provision for doubtful prepayments 22,626 66,045 4,310
Provision for doubtful accounts (861,735) 921,904 495,528
Cash paid for income tax 779,459 119,243 1,713,763
Cash paid for interest 248,103 171,938 142,641
Supplemental non-cash investing information:      
Additional of operating lease, right-of-use asset 290,410 679,850
Supplemental non-cash FINANCING information:      
Operating lease liabilities $ 300,468 $ 685,511