XML 18 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (598,551) $ (1,942,294)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of OID and debt issuing costs of convertible note 12,500 59,661
Stock compensation expense 10,999
Operating lease expenses 16,374
Bad debts expense 108,396
Loss on disposal of 40% ownership of Fund Management Co 47,506
Loss on transfer of Chengli Boxing system 638,167
Loss on transfer of Xuzhou Huayu system 405,959
Loss on transfer of Shenqiu Phase I & II systems 213,044
Loss on disposal of fixed assets 293
Loss on notes redemption / conversion 103,167 893,958
Changes in deferred tax (2,530,614)
Changes in assets and liabilities:    
Interest receivable on sales type leases (174,235)
Collection of principal and interest on sales type leases 13,984,746
Accounts receivable 25,791,539 (720,561)
Prepaid expenses 926
Other receivables 911 (144,398)
Construction in progress 1,156,480
Taxes payable 818 234,534
Payment of lease liability (15,705)
Interest payable on entrusted loan 320,095 1,900,658
Accrued liabilities and other payables 22,701 (430,025)
Refundable deposit for systems leasing (489,123)
Net cash provided by (used in) operating activities 39,650,520 (772,594)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from disposal of property & equipment 5,188
Net cash provided by investing activities 5,188
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of notes payable 2,000,000
Issuance of common stock 1,620,800
Net cash provided by financing activities 3,620,800
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND EQUIVALENTS (843,328) 1,023,068
NET INCREASE IN CASH 38,807,192 3,876,462
CASH, BEGINNING OF PERIOD 16,221,297 53,223,142
CASH, END OF PERIOD 55,028,489 57,099,604
Supplemental cash flow data:    
Income tax paid
Interest paid
Transfer of Tian’an project from construction in progress to accounts receivable. 23,814,532
Conversion of long-term notes into common shares $ 430,000