v3.26.1
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Cash flows from operating activities      
Net loss $ (26,659,381) $ (17,981,164) $ (32,920,724)
Adjusted to reconcile net loss to cash used in operating activities      
Depreciation and amortization 5,683,727 4,881,946 3,953,328
Amortization of land use right 255,526 214,499 217,977
Share-based compensation 322,386 972,743 2,145,801
Deferred tax benefits (446) (446) (454)
Interest expense 1,117,115 166,999 575,075
Investment (income) losses (146,361) (198,176) 1,170,974
Provision for credit loss 210,686 113,854 3,428,033
Impairment of inventory 5,119,406 3,959,304 7,238,819
Impairment of intangible assets 3,151,467
Share subscription discount expenses 6,534,936
Amortization of finance lease right-of-use assets 444,348 622,203 338,627
Changes in operating assets and liabilities:      
Accounts receivable 19,043,753 (20,706,075) (4,074,715)
Note receivable (801,416) (1,592,262) 17,080
Due from related parties 219,750 (89,314) (225,160)
Inventories (10,638,275) (6,241,347) (5,095,430)
Prepaid expenses and other current assets (1,810,711) (1,309,420) 6,157,166
Accounts payable (12,490,727) 17,837,613 6,133,132
Notes payable (10,732,066) 12,230,606 63,504
Income taxes payable (7,906) 19,537
Deferred revenue (18,175) 1,154,441 8,724
Deferred government subsidy 537,739 314,076
Due to related parties (506,166) (544,274) (295,728)
Accrued expenses and other current liabilities (838,326) 822,500 729,509
Net cash used in operating activities (25,160,584) (5,352,157) (7,282,995)
Cash flows from investing activities      
Purchase of plant, property and equipment (6,392,748) (2,464,915) (5,472,778)
Loans to third parties (194,783) (16,947)
Loans repayment by third party 69,565 16,677
Prepayment for finance lease right-of-use assets (1,029,195)
Deposit paid for finance lease (655,990)
Collection of deposit paid for sales and leaseback financing and finance lease 473,043
Purchase of land use right (3,677,693)
Purchase of intangible assets (78,122)
Loans to related parties (866,087)
Repayment of loan to related party 277,960
Redemption of prepayment for investment 708,757
Redemption of short-term investment 2,371,942 878,000
Consideration paid for asset acquisition (832,219) (706,125)
Net cash (used in) provided by investing activities (11,221,084) 632,461 (7,003,035)
Cash flows from financing activities      
Proceeds from short-term loan 5,704,348 1,667,663 7,061,249
Repayment on short-term loan (1,669,565) (6,948,594)
Proceeds from long-term loan, net of issuance cost 41,133,113 27,876,982 4,236,750
Repayment on long-term loan (632,239) (4,526,391) (240,082)
Prepayment of acquisition cost of long-term borrowings (1,255,027)
Proceeds from long term payable, net of issuance cost 798,810 4,825,658
Repayment on long term payable (3,278,572) (4,692,271) (4,782,564)
Proceeds from short-term borrowings from third parties 2,118,375
Repayments on short-term borrowings to third parties (2,118,375)
Loans from related parties 918,261 9,145,337 3,867,883
Repayment on loans from related parties (3,252,870) (8,797,497) (155,347)
Repayment on finance lease liabilities (1,944,483) (2,571,592) (1,282,358)
Collection of subscription receivable 100,000
Issuance of ordinary shares and warrants, net of issuance cost 7,643,162    
Acquisition of non-controlling interests (65,751)
Proceeds from advance capital subscripiton 9,739,130
Proceeds from capital contributions by non-controlling shareholders 148,078
Net cash provided by financing activities 54,460,285 10,631,669 13,679,267
Effect of foreign exchange rate on cash, cash equivalents and restricted cash 710,900 (172,056) (66,587)
Net increase (decrease) in cash, cash equivalents and restricted cash 18,789,517 5,739,917 (673,350)
Cash, cash equivalents and restricted cash, beginning of year 9,360,584 3,620,667 4,294,017
Cash, cash equivalents and restricted cash, end of year 28,150,101 9,360,584 3,620,667
Cash, cash equivalents and restricted cash, end of year 28,150,101 9,360,584 3,620,667
Less: restricted cash 6,311,630 8,096,121 2,224,722
Cash and cash equivalents, end of year 21,838,471 1,264,463 1,395,945
Supplemental disclosure of cash flow information      
Cash paid for income tax 7,847 42
Cash paid for interest 3,449,701 1,868,263 1,377,302
Supplemental non cash transactions      
Finance lease right-of-use assets obtained in exchange of finance lease liabilities 5,457,510
Plant, property and equipment obtained from account payable 15,771,926
Plant, property and equipment obtained from capital contribution by non-controlling shareholders 3,762,819
Consideration payable offset by land use right and property tax payable by Sunrise Tech original shareholder before the asset acquisition (Note 13) 1,060,422
Plant, property and equipment obtained from finance lease right-of-use assets at the end of the lease term $ 2,857,043