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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income (loss) $ 803,700 $ (6,120,308) $ (874,668)
Less: net loss from discontinued operations (339,054) (2,645,831) (2,565,197)
Net income (loss) from continuing operations 1,142,754 (3,474,477) 1,690,529
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 17,114 466,720 72,344
Fair value change of short-term investments (4,161,093) (495,265) (2,120,241)
Impairment of goodwill 355,570
Impairment of long-lived assets other than goodwill 6,833 217,257
Inventory write-down 11,532 368,441 234,861
Allowance for doubtful accounts 7,210 2,168 593,142
Deferred income taxes (1,106)
Loss (gain) on disposal of property, plant and equipment 153,983 (5,905,889) (77,287)
Amortization of operating lease right-of-use assets (408,198) 438,063 (18,118)
Non-cash lease expense (205,295) (4,786,099) (116)
Gain on forgiveness of short-term loan   (6,265)
Changes in operating assets and liabilities: (277,310) (32,132)
Accounts receivable, net 2,733 127,057 (654,246)
Inventories, net 38,904 (368,246) (304,953)
Operating lease liabilities (195,626) 4,830,456 (9,382)
Operating lease liabilities – related parties 278,472 (887)
Advances to suppliers, net 8,197 (3,653) (21,701)
Prepayments and other current assets, net 1,017,261 (1,029,552) (57,561)
Accounts payable (305,382) 64,427 68,095
Accounts payable - related parties (132,081) 132,192
Interest payable (411,112) (12,787) (60,773)
Interest payable - related parties   88,778 (2,501)
Notes payable 969,254
Taxes payable (17,103) 15,331
Advances from customers 1,790
Advances from customer - related party (13,799) 19,125
Deferred income tax liability 1,132
Other current liabilities 1,054,749 793,726 (1,017,864)
Net cash provided by (used in) operating activities from continuing operations (1,977,789) (8,154,363) (755,118)
Net cash provided by (used in) operating activities from discontinued operations (94,926) 4,854,800 (1,401,656)
Net cash provided by (used in) operating activities (2,072,715) (3,299,563) (2,156,774)
Cash flows from investing activities      
Payments to acquire property, plant and equipment (47,086)
Cash obtained from business acquisition 171,827
Payment for business acquisition (1,020,000)
Purchase of short-term investments (42,483,794) (4,372,809) (38,743,908)
Proceeds from sale of short-term investments 41,150,967 3,578,206 42,146,183
Investment in equity     (182,896)
Net cash used in (provided by) investing activities from continuing operations (1,332,827) (1,642,776) 3,172,293
Net cash provided by investing activities from discontinued operations 182,896
Net cash (used in) provided by investing activities (1,332,827) (1,642,776) 3,355,189
Cash flows from financing activities      
Proceeds from issuance of common shares 20,222,188
Purchase of noncontrolling interest (100) (100)
Collection of stock subscription receivable 6,017,781
Proceeds from related parties 22,410 4,085,071 (471,481)
Proceeds from short-term loans 107,829
Repayments of short-term loans 1,458,040 (999,448)
Proceeds from short-term loans - related parties 49,350
Repayments of short-term loans - related parties 22,302 (52,086)
Payment to related party 15,829 (4,231,327)
Net cash provided by (used in) financing activities from continuing operations 6,055,480 21,556,174 (1,365,936)
Net cash (used in) provided by financing activities from discontinued operations (3,604,117) 305,097
Net cash provided by (used in) financing activities 6,055,480 17,952,057 (1,060,839)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 985,263 (247,807) 106,910
Net change in cash, cash equivalents and restricted cash 3,635,201 12,761,911 244,486
Cash, cash equivalents and restricted cash, beginning of the year 19,510,975 6,749,064 6,504,578
Cash, cash equivalents and restricted cash, end of the year 23,146,176 19,510,975 6,749,064
Less: cash and restricted cash of discontinued operations at the end of the period 1,289,051 1,485,009 186,964
Cash and restricted cash of continued operations at the end of the period 21,857,125 18,025,966 6,562,100
Supplemental cash flow information      
Interest paid 38,362
Income taxes paid
Non-cash investing and financing activities      
Liabilities assumed in connection with purchase of property, plant and equipment 14,592
Receivables from common stock subscription settled with loan payables to a related party 908,850
Short-term loans settled by transferring an equity investment to the creditor   70,708
Cashless exercise of warrants 22,091 24,424
Right of use assets obtained in exchange for operating lease obligations   5,158,944
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets      
Cash and cash equivalents 21,857,125 18,025,966 6,562,100
Restricted cash 1,289,051 1,485,009 186,964
Total cash, cash equivalents, and restricted cash $ 23,146,176 $ 19,510,975 $ 6,749,064