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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net income $ (3,824,283) $ (3,986,658)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,862,883 7,150,057
(Gain) Loss on derivative liability (49) 14,409
Loss from disposal and impairment of property, plant and equipment 501,934
(Recovery from) Allowance for bad debts 49,462 (830,847)
Allowances for inventories, net (2,948)
Deferred tax
Changes in operating assets and liabilities:    
Accounts receivable (2,121,357) (1,674,665)
Prepayments and other current assets 660,470 7,634,922
Inventories (1,751,011) (3,940,417)
Accounts payable (4,974) 127,215
Advance from customers (62,107) 10,567
Notes payable 430,624
Related parties (369,287) (90,617)
Accrued payroll and employee benefits 133,504 154,398
Other payables and accrued liabilities 928,640 743,936
Income taxes payable 416,770 (67,515)
Net Cash Provided by Operating Activities 1,346,337 5,746,719
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (62,640) (5,565,713)
Proceeds from sale of property, plant and equipment
Acquisition of land
Net Cash Used in Investing Activities (62,640) (5,565,713)
Cash Flows from Financing Activities:    
Proceeds from issuance of shares and warrants, net
Proceeds from short term bank loans 844,191 860,919
Proceeds from long term loans 2,582,756
Repayment of bank loans (422,095) (507,942)
Payment of capital lease obligation (112,136)
Loan to a related party (net)
Net Cash Provided by Financing Activities 422,096 2,823,597
Effect of Exchange Rate Changes on Cash and Cash Equivalents (53,792) (548,712)
Net Increase in Cash and Cash Equivalents 1,652,001 2,455,891
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868
Cash, Cash Equivalents and Restricted Cash - End of Period 6,043,922 11,980,759
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 278,188 199,014
Cash paid for income taxes 36,793 418,775
Cash and bank balances 5,144,414 11,980,759
Restricted cash 899,508
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 6,043,922 $ 11,980,759