XML 22 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (12,230,190) $ 4,050,824
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 638
Amortization of OID and debt issuing costs of notes 168,750 61,895
Stock compensation expense 223,438 10,999
Operating lease expenses 67,959 55,519
Bad debts expense (reversal) (34,688) (6,031,058)
Loss on note conversion 151,275 502,393
Interest expense 2,189,811
Impairment loss on long-term equity investment 11,625,195
Gain on termination of buy-back agreement of Chengli project (3,165,887)
Changes in assets and liabilities:    
Collection of principal and interest on sales type leases for Pucheng systems 14,149,790
Accounts receivable 346,876 72,933,179
Prepaid expenses 23,645 (3,596)
Other receivables 3,610 (3,549)
Advance to suppliers (850,000)
VAT receivable (187,394)
Accounts payable   (2,153,320)
Taxes payable (686,897) (2,164,906)
Payment of lease liability (67,959) (58,226)
Interest payable on entrusted loan 374,865 1,302,610
Accrued liabilities and other payables 434,495 (404,087)
Net cash provided by (used in) operating activities (1,612,458) 82,248,467
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property & equipment (1,885)
Net cash used in investing activities (1,885)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of notes payable 5,000,000 3,000,000
Issuance of common stock 37,561,720 497,187
Net cash provided by financing activities 42,561,720 3,497,187
EFFECT OF EXCHANGE RATE CHANGE ON CASH 3,258,612 5,838,947
NET INCREASE IN CASH 44,207,874 91,582,716
CASH, BEGINNING OF YEAR 107,804,013 16,221,297
CASH, END OF YEAR 152,011,887 107,804,013
Supplemental cash flow data:    
Income tax paid 208,847
Interest paid
Supplemental disclosure of non-cash operating activities    
Repayment of entrusted loan resulting from termination of buy-back option for Chengli project 29,239,619
Transfer of Tian’an project from construction in progress to accounts receivable 24,095,685
Adoption of ASC 842-right-of-use asset 191,790
Adoption of ASC 842-operating lease liability 191,790
Supplemental disclosure of non-cash financing activities    
Conversion of notes into common shares $ 3,850,000 $ 2,057,191