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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net loss $ (874,668) $ (8,625,427) $ (14,219,265)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 391,351 571,528 395,355
Fair value change of short-term investments (2,120,241)
Loss from equity method investment 127,965 17,524
Loss on disposal of subsidiaries 5,018
Impairment of goodwill 1,599,591
Impairment of long-lived assets other than goodwill 813,344
Inventory write-down 42,241 518,119 1,668,508
Allowance for credit losses 74,190 659,569
Deferred income taxes (1,106) (3,861) (591)
Loss (gain) on disposal of property, plant and equipment (16,870) 308,003
Non-cash lease expense 33,944 89,176
Gain on forgiveness of short-term loan (6,265)
Changes in operating assets and liabilities:      
Accounts receivable, net (112,177) 329,042 1,302,573
Accounts receivable - related parties, net 306,301 (778,516)
Inventories, net 201,730 2,009,862 4,203,927
Operating lease liabilities (9,382)    
Operating lease liabilities – related parties 16,262 16,404  
Due from related parties, net (2,206)
Due to related parties 14,387 18,142
Advances to suppliers, net (12,179) 36,322 569,723
Prepayments and other current assets, net (29,363) 516,018 (291,336)
Accounts payable (416,506) (2,775,356) 1,870,157
Accounts payable - related parties   (6,703) 19,848
Interest payable 1,065,277 260,417 119,712
Interest payable - related parties 43,835    
Notes payable (1,046,257) 1,204,910
Taxes payable 13,797 32,733
Advances from customers (31,366) (42,923) (60,254)
Advances from customer - related party (7,397)
Other current liabilities (866,962) 280,843 160,914
Net cash used in operating activities (2,628,255) (5,626,618) (2,173,742)
Cash flows from investing activities      
Payments to acquire property, plant and equipment (47,086) (121,560) (5,627,422)
Proceeds from disposal of property, plant and equipment 233,747
Payments to acquire land use rights (854,221)
Acquisition of businesses, net of cash acquired 19,888
Disposal of subsidiaries 83
Loans to related parties (132,147)
Repayments from related parties 1,282 235,049
Payments for long-term investments (235,605)
Purchase of short-term investments (38,743,908)
Proceeds from sale of short-term investments 42,146,183
Net cash provided by (used in) investing activities 3,355,189 113,552 (6,594,458)
Cash flows from financing activities      
Proceeds from issuance of common shares 6,760,000
Purchase of noncontrolling interest (100)
Collection of stock subscription receivable 100,000
Proceeds from related parties 5,306
Repayments to related parties (1,000) (385,420)
Proceeds from bank overdrafts 78,162
Proceeds from short-term loans 107,829 1,046,275 8,400,090
Repayments of short-term loans (746,437) (2,073,177) (1,508,056)
Proceeds from short-term loans - related parties 49,350 4,791,403 1,176,690
Repayments of short-term loans - related parties (1,080,947) (60,490)
Net cash provided by (used in) financing activities (589,358) 9,520,716 7,728,120
Effect of exchange rate changes on cash, cash equivalents and restricted cash 106,910 (203,577) 96,808
Net change in cash, cash equivalents and restricted cash 244,486 3,804,073 (943,272)
Cash, cash equivalents and restricted cash, beginning of the year 6,504,578 2,700,505 3,643,777
Cash, cash equivalents and restricted cash, end of the year 6,749,064 6,504,578 2,700,505
Supplemental cash flow information      
Interest paid 38,362 1,118,338 113,389
Income taxes paid 146
Non-cash investing and financing activities      
Accrued interest added to short-term loan – related party 126,697
Operating expenses paid by related parties 157,094
Liabilities assumed in connection with purchase of property, plant and equipment 14,592 51,196 38,636
Notes payable reclassified to short-term loans 908,850 479,724
Receivables from related parties settled with payables to related parties   28,694 114,707
Receivables from common stock subscription settled with loan payables to a related party   4,240,000  
Shares issuance in connection with acquisition of subsidiaries     1,053,020
Short-term loans settled by transferring an equity investment to the creditor 70,708    
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets      
Cash and cash equivalents 6,566,549 5,114,175 893,020
Restricted cash 182,515 1,390,403 1,807,485
Total cash, cash equivalents, and restricted cash $ 6,749,064 $ 6,504,578 $ 2,700,505