XML 21 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (689,554) $ (337,346)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of OID and debt issuing costs of notes 31,250
Operating lease expenses 30,854 31,637
Loss (gain) on note conversion 21,243 (5,602)
Stock compensation expense 139,066
Changes in assets and liabilities:    
Advance to supplier (68,898,980)
Other receivables 18,164 (4,290)
Taxes payable 60 46,034
Payment of lease liability (30,854) (31,637)
Accrued liabilities and other payables 262,889 126,642
Net cash used in operating activities (248,132) (69,042,292)
CASH FLOWS FROM INVESTING ACTIVITY:    
Short term loan receivable 68,542,364 (69,994,412)
Net cash provided by (used in) investing activity 68,542,364 (69,994,412)
EFFECT OF EXCHANGE RATE CHANGE ON CASH (224,550) 679,186
NET INCREASE (DECREASE) IN CASH 68,069,682 (138,357,518)
CASH, BEGINNING OF PERIOD 32,370 138,813,673
CASH, END OF PERIOD 68,102,052 456,155
Supplemental cash flow data:    
Income tax paid 26,606 37,279
Interest paid
Supplemental disclosure of non-cash financing activities    
Right-of-use assets obtained in exchange for operating lease liabilities 182,990
Conversion of notes into common shares $ 300,000 $ 750,000