v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net income $ (5,798,229) $ (5,962,026)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,346,181 10,573,288
(Gain) Loss on derivative liability (51) (646,020)
(Gain) Loss from disposal and impairment of property, plant and equipment 956,406
(Recovery from) Allowance for bad debts 30,262 (815,317)
Allowances for inventories, net (2,951)
Changes in operating assets and liabilities:    
Accounts receivable (1,160,996) (2,037,003)
Prepayments and other current assets (122,747) 7,968,553
Inventories (2,108,280) (2,631,661)
Accounts payable (4,979) 101,328
Advance from customers (99,219) 19,140
Related parties (365,452) 120,298
Accrued payroll and employee benefits 121,000 141,773
Other payables and accrued liabilities 1,651,302 119,132
Income taxes payable 345,270 (413,777)
Net Cash Provided by Operating Activities 2,831,111 7,494,114
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (315,152) (9,211,711)
Net Cash Used in Investing Activities (315,152) (9,211,711)
Cash Flows from Financing Activities:    
Proceeds from short term bank loans 845,082 852,988
Proceeds from long term loans 2,558,963
Repayment of bank loans (2,957,788) (5,549,150)
Payment of capital lease obligation (130,470)
Loan to a related party (net) 4,264,938
Net Cash (Used in) Provided by Financing Activities (2,112,706) 1,997,269
Effect of Exchange Rate Changes on Cash and Cash Equivalents 97,740 (366,599)
Net Increase (Decrease) in Cash and Cash Equivalents 500,993 (86,927)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868
Cash, Cash Equivalents and Restricted Cash - End of Period 4,892,914 9,437,941
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest, net of capitalized interest cost 382,493 1,118,672
Cash paid for income taxes 454,003 761,801
Cash and bank balances 4,414,848 9,437,941
Restricted cash 478,066
Cash, Cash Equivalents and Restricted Cash - End of Period $ 4,892,914 $ 9,437,941