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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 1,872,244 $ (6,752,212)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation expense 200,439 234,756
Amortization of intangible asset 4,280 235,593
Allowance for doubtful accounts (383,677) 14,395
Loss from disposal of property, plant and equipment   30
Issuance of common stock for services   1,840,000
Change in inventory reserve 0 296,702
Amortization of right of use assets 110,533  
Changes in operating assets and liabilities:    
Accounts receivable (3,962,927) (1,611,062)
Factoring receivable (45,192,439)  
Advances to suppliers 100,864 (128,735)
Advances to suppliers - related party   1,546,000
Inventory 40,355 (39,140)
Prepaid expenses and other receivables 331,977 (417,223)
Accounts payable 920,171 743,811
Accrued liabilities and other payables 628,198 (917,137)
Customer deposits (2,425,102) 2,945,780
Taxes payable, net of prepaid taxes 185,887 352,413
Lease liabilities 22,160  
Net cash used in operating activities (47,547,037) (1,656,029)
Cash flows from investing activities    
Acquisition of property, plant and equipment (21,879) (5,086)
Net cash used in investing activities (21,879) (5,086)
Cash flows from financing activities    
Net proceeds from equity financing 10,120,400 6,939,000
Repayment of loans from third party (3,186,566) (309,200)
Bank acceptance notes payable, net of repayment   (1,767,975)
Proceeds from bank loans   2,473,600
Repayment of bank loans (308,600) (2,782,800)
Proceeds from (repayment of) loans from related parties, net 9,333,670 161,589
Net cash provided by financing activities 15,958,904 4,714,214
Effect of exchange rate changes on cash, restricted cash and cash equivalents (1,154,256) 319,398
Net (decrease) increase in cash, restricted cash and cash equivalents (32,764,268) 3,372,497
Cash, restricted cash and cash equivalents, beginning of period 43,566,881 37,339,304
Cash, restricted cash and cash equivalents, end of period 10,802,613 40,711,801
Supplemental disclosure information:    
Income taxes paid 1,341,579 709,980
Interest paid $ 106,978 $ 137,594