v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ (3,565,285) $ 5,017,546 $ 2,586,196
Less: Net loss from discontinued operations 1,078,534 1,884,611 1,451,689
Net income (loss) from continuing operations (2,486,751) 6,902,157 4,037,885
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of intangible asset 1,499,753 730,964 757,825
Allowance for credit losses - financing receivables 92,036 2,245,159 0
Gain on debt extinguishment (298,213) 0 0
Inventory reserve 0 0 12,376
Depreciation expense 6,519 199,009 229,431
Amortization of intangible asset 1 21,071 10,920 8,092
Change in fair value of convertible note 504,006 165,704 0
Change in fair value of warrant liabilities 3,767,626 0 0
Accrued compensation on convertible note 908,440 0 0
Amortization of right of use assets 99,387 144,566 347,127
Gain from disposal of property, plant and equipment 0 (472) 0
Loss (gain) on disposal of subsidiaries 1,014,743 (3,555,235) 0
Changes in operating assets and liabilities:      
Accounts receivable 4,854,593 (3,545,224) 709,744
Advances to suppliers (3,761,291) (17,956) 2,505,273
Inventory 14,653 105,321 (146,555)
Prepaid expenses and other receivables (2,013,531) (65,840) 351,840
Accounts payable (817,724) 1,304,624 667,291
Accrued liabilities and other payables (277,410) 825,251 620,983
Customer deposits 308 (64,449) (1,896,172)
Lease liabilities (162,385) (144,566) (366,772)
Taxes payable 1,142,983 24,427 485,373
Net cash provided by continuing operations, operating activities 4,058,813 5,264,360 8,323,741
Net cash used in discontinued operations, operating activities (73,663) (4,070) (30,740)
Net cash provided by operating activities 3,985,150 5,260,290 8,293,001
Cash flows from investing activities      
Acquisition of property, plant and equipment (80,525) (431) (1,571)
Cash of disposed subsidiaries (889) 0 0
Proceeds from disposal of property, plant and equipment 0 1,645 0
Acquisition of intangible assets 0 (213,170) (2,692)
Financing receivables (1,840,722) (2,180,970) (44,953,234)
Net cash used in continuing operations, investing activities (1,922,136) (2,392,926) (44,957,497)
Net cash used in discontinued operations, investing activities 0 (182,557) (41,910)
Net cash used in investing activities (1,922,136) (2,575,483) (44,999,407)
Cash flows from financing activities      
Proceeds from loans from third parties 2,223,000 224,521 0
Repayment of loans from third parties (2,433,093) 0 (3,151,786)
Cancellation of common stock due to reverse split 0 0 (4,573)
Proceeds from bank loans 0 0 3,875,478
Repayment of bank loans 0 (423,675) (4,618,488)
Proceeds from (repayment of) loans from related parties, net (964,656) (217,305) 9,921,233
Proceeds from (repayment of) convertible note (285,714) 1,999,990 0
Proceeds from issuance of common stock and warrants 1,722,500 5,834,325 10,120,400
Proceeds from exercising of warrants 3,199,187 0 0
Net cash used in continuing operations, financing activities 3,461,224 7,417,856 16,142,264
Net cash provided by (used in) discontinued operations 8,001 11,702 (849,961)
Net cash provided by financing activities 3,469,225 7,429,558 15,292,303
Effect of exchange rate changes on cash, cash equivalents and restricted cash 553,862 29,356 (3,171,267)
Net increase (decrease) in cash, cash equivalents and restricted cash 6,086,101 10,143,721 (24,585,370)
Cash, cash equivalents and restricted cash, beginning of year 29,125,232 18,981,511 43,566,881
Cash, cash equivalents and restricted cash, end of year 35,211,333 29,125,232 18,981,511
Supplemental disclosure information:      
Income taxes paid 1,844,265 2,290,143 2,590,282
Interest paid 254,783 92,181 474,579
Non-cash transactions of investing and financing activities      
Conversion of convertible note 2,060,000 438,000 0
Consideration from disposal of subsidiaries offset with accounts payable 250,149 0 0
Right-of-use assets (extinguished) obtained in exchange for lease liabilities 1,094,557 0 0
Reclassification of warrant liability to equity upon exercise of warrants 3,126,000 0 0
Reconciliation To Amounts On Consolidated Balance Sheets:      
Cash, cash equivalents and restricted cash 35,190,663 29,061,639 18,927,840
Cash,cash equivalents and restricted cash included in current assets of discontinued operations 20,670 63,593 53,671
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 35,211,333 $ 29,125,232 $ 18,981,511