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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,406,282 $ 7,024,054 $ 5,242,789
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation 263,109 331,336 383,827
Amortization of intangible assets 10,603 11,355 14,434
Amortization of right-of-use assets 70,975 95,695 85,995
Provision for (Recovery from) credit loss, net 6,459,240 (88,221) 471,454
Gain on disposal of subsidiaries (132,844) 13,162
Loss on disposal of equipment 60,895 119,069
Deferred tax (benefit) expense (966,395) 46,745 33,323
Stock-based compensation 454,250
Change in operating assets and liabilities      
Accounts receivable (23,087,580) (9,240,652) (7,364,305)
Other receivables (613,173) (247,609) (119,353)
Contract assets (1,409,441) (13,579,514) (12,154,800)
Contract costs 889,180 740,644
Deferred costs 45,194 (47,348)
Prepayments and other current assets 50,175 1,735,536 1,267,770
Accounts payable 13,005,301 9,216,778 5,627,716
Other payables and accrued liabilities 440,732 (45,075) 58,676
Contract liabilities 14 (280) 3,520
Lease liabilities (82,027) (91,010) (75,365)
Taxes payable 2,082,856 644,753 1,345,081
Net cash used in operating activities (1,987,028) (3,132,666) (4,472,780)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of equipment (3,893) (21,550) (53,187)
Cash received from disposal of equipment 38,379
Purchases of intangible assets (33,754)
Repayments from third parties 56,764
Repayments from related parties 169,993.00
Cash deposit into escrow 600,000
Net cash release from disposal of subsidiaries (41,356)
Loan to related parties (9,584) (7,511)
Net cash provided by (used in) investing activities 545,167 243,586 (94,452)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of initial public offering (“IPO”) costs (46,859) (68,858)
Net proceed received from IPO 4,284,498
Proceed from IPO placed in escrow (600,000)
Proceeds from short-term loans - banks 1,756,967 2,108,789 716,470
Repayments of short-term loans - banks (2,663,952) (355,840) (891,981)
Proceeds from long-term loan - bank 252,196 255,439 187,627
Repayments of long-term loan - bank (36,695) (67,576) (148,600)
Proceeds from (repayments of) short-term loans - third parties, net 533,115 (134,957) 113,141
Proceeds from (repayments of) other payables - related parties, net (29,390) 14,191 (39,767)
(Repayments of) Proceeds from short-term loans - related parties, net (2,478,013) 1,216,973 3,864,710
Net cash provided by financing activities 1,018,726 2,990,160 3,732,742
EFFECT OF EXCHANGE RATE CHANGES 279,412 (32,842) (100,608)
NET CHANGE IN CASH AND RESTRICTED CASH (143,723) 68,238 (935,098)
CASH, BEGINNING OF THE YEAR 268,102 199,864 1,134,962
CASH, END OF THE YEAR 128,379 268,102 199,864
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for income tax 141 7,271 2,572
Cash paid for interest 137,072 106,130 64,658
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:      
Other receivables - related parties and short-term loan - related parties offset upon execution of offset agreements 1,423,240
Initial recognition of operating right of use assets and lease liabilities 407,446
Recognition of other receivable from third party upon disposal of a subsidiary 4,460
Derecognition of operating right of use assets and lease liabilities upon termination of the leases 22,434
Payment of Initial public offering (“IPO”) costs from IPO proceed $ 364,576