XML 22 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net income $ (2,733,165) $ (2,488,214)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,686,243 3,773,236
(Gain) Loss on derivative liability (152,097) (386,588)
(Gain) Loss from disposal and impairment of property, plant and equipment 12,926
(Recovery from) Allowance for bad debts (246,386) 4,211
Gain on acquisition (34,001)
Deferred tax (348,989)
Changes in operating assets and liabilities:    
Accounts receivable (1,988,921) (98,921)
Prepayments and other current assets 9,461,336 3,056,189
Inventories (3,062,782) 1,515,515
Accounts payable (5,101) 62,315
Related parties (128,625)
Accrued payroll and employee benefits 126,986 (14,181)
Other payables and accrued liabilities 263,712 483,666
Income taxes payable (424,198) (1,112,820)
Net Cash Provided by Operating Activities 4,809,928 4,411,418
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (295,018) (368,504)
Acquisition of land (6,807,468)
Net Cash Used in Investing Activities (295,018) (7,175,972)
Cash Flows from Financing Activities:    
Proceeds from long term loans 2,623,410
Repayment of bank loans (2,915)
Payment of capital lease obligation (55,849) (51,708)
Loan to a related party (net) 6,945,022
Net Cash Provided by Financing Activities 2,564,646 6,893,314
Effect of Exchange Rate Changes on Cash and Cash Equivalents 146,516 28,071
Net Increase in Cash and Cash Equivalents 7,226,072 4,156,831
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 9,524,868 11,201,612
Cash, Cash Equivalents and Restricted Cash - End of Period 16,750,940 15,358,443
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 84,040 85,094
Cash paid for income taxes 424,198 1,112,820
Cash and bank balances 16,750,940 15,358,443
Restricted cash
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 16,750,940 $ 15,358,443