v3.26.3
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net loss $ (2,494,622) $ (4,679,549)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for credit losses on accounts receivable, other current assets, and advances to suppliers: 1,077,298 3,993,047
(Reversal of) provision for obsolete inventories 31,690 (4,936)
Depreciation 742,413 798,369
Amortization of intangible assets and other asset 17,114
Amortization of convertible note discount 70,791
Loss (gain) on disposals/dissolutions of subsidiaries 69,908
(Income) loss on long-term investment (53,762)
Exchange difference (679,903) (207,381)
Changes in operating assets and liabilities:    
Accounts receivable (471,439) (3,825,795)
Accounts receivable from related parties 10,721
Inventories (110,539) 4,078,060
Contract assets 109,991
Other receivables and prepaid expenses (1,687,975) (2,199,599)
Advances to suppliers (232,499) 5,286,585
Other payables and accrued expenses (686,021) (1,219,793)
Contract liabilities 1,083,361
Advances from customers 554,871 (3,005,732)
Advances from related parties (34,420)
Amounts due to related parties 1,063,484 525,117
Accounts payable (889,203) (557,678)
Payroll payable and benefits 260,462 (539,872)
Lease liabilities (21,382)
Income tax payable (4,061) 492
Net cash used in operating activities (2,354,074) (1,478,313)
INVESTING ACTIVITIES    
Proceeds from sales of long-term investment 27,575
Purchases of property, equipment and software (99,232) (1,337,157)
Cash paid for equity investment (22,060)
Net cash used in investing activities (99,232) (1,331,642)
FINANCING ACTIVITIES    
Proceeds from borrowings under short-term loans 4,375,698 689,375
Repayment of short-term bank loans (2,974,483) (689,375)
Repayment of long-term bank loans (162,722) (153,869)
Proceeds from issuance of ordinary shares 2,344,560
Proceeds from issuance of convertible note 1,200,000
Net cash provided by financing activities 1,238,493 3,390,691
Effect of exchange rate changes on cash and cash equivalents 58,859 15,322
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (1,155,954) 596,058
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING 2,131,861 1,576,632
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING 975,907 2,172,690
Cash paid during the period    
Income taxes 28,139 4,172
Interest $ 233,956 $ 194,120