| Cash flows |
Cash flows from operating activities for the year ended December 31, 2023, and 2022, are as follows:
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| |
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(Unit: USD) |
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a. Net loss |
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(76,985,584 |
) |
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|
(7,892,168 |
) |
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|
(60,387,182 |
) |
b. Adjustment |
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44,407,435 |
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|
12,140,195 |
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|
|
47,194,223 |
|
Corporate tax benefit |
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|
2,861,079 |
|
|
|
(1,511,696 |
) |
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|
(3,599,507 |
) |
Depreciation |
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|
756,117 |
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|
1,357,987 |
|
|
|
1,786,378 |
|
Amortization |
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|
1,847,358 |
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|
|
1,457,310 |
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|
|
1,792,358 |
|
Bad debt |
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2,427,642 |
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|
46,005 |
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|
15,395,091 |
|
Other bad debt |
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|
4,865,907 |
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|
436,674 |
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|
10,026,952 |
|
Stock compensation costs |
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|
2,532,821 |
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|
687,888 |
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|
277,638 |
|
Defined benefit expense |
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|
393,583 |
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|
286,421 |
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|
283,482 |
|
Interest expense |
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2,466,266 |
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|
45,858 |
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1,777,845 |
|
Loss on disposal of inventory |
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|
214,378 |
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|
5,877,549 |
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|
8,415,311 |
|
Loss on foreign currency translation |
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|
127,190 |
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|
133,181 |
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|
78,602 |
|
Loss on valuation of equity method |
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|
— |
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|
535,268 |
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|
1,518,115 |
|
Product warranty expense |
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|
29,637 |
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|
5,503 |
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|
33,573 |
|
Loss on raw material fair value evaluation |
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— |
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— |
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|
223,457 |
|
Loss on intangible assets impairments |
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|
4,070,331 |
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|
3,902,589 |
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|
564,563 |
|
Miscellaneous loss |
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— |
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(125,478 |
) |
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|
7,652 |
|
R&D expenses |
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— |
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— |
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|
329,831 |
|
Loss on disposal of investment shares in subsidiaries |
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— |
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— |
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13,318,419 |
|
Loss from disposal of Intangible Assets |
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|
1,912 |
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— |
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|
— |
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Loss on equity method investment Impairment |
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2,683,019 |
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— |
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— |
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Loss from valuation of CB |
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103,342 |
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— |
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— |
|
Loss on tangible assets impairments |
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|
19,004 |
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— |
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— |
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Change in fair value of derivative warrant liabilities |
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|
504,587 |
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— |
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— |
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Reverse Acquisition Expense |
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18,736,326 |
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— |
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|
— |
|
Interest income |
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|
(13,671 |
) |
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|
(54,931 |
) |
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|
(292,769 |
) |
Gain from discharge of indebtedness |
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— |
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|
(4,079,520 |
) |
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|
(3,694,237 |
) |
Gain from equity method |
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— |
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— |
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|
(171,147 |
) |
Gain from foreign currency translation |
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|
(78,600 |
) |
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|
(74,596 |
) |
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|
(794,360 |
) |
Gain from disposition of tangible assets |
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(4,682 |
) |
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3,246,343 |
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(7,203 |
) |
Gain from disposal of securities |
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— |
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— |
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|
(75,821 |
) |
Reversal of allowance for doubtful accounts |
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|
(136,111 |
) |
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|
(32,160 |
) |
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|
— |
|
c. Changes in working capital |
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23,654,519 |
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(9,624,762 |
) |
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|
7,084,315 |
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Decrease (increase) in trade receivables |
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(5,874,476 |
) |
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4,048,195 |
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3,452,691 |
|
Decrease (increase) in other receivables |
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|
238,287 |
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(150,198 |
) |
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(126,488 |
) |
Decrease (increase) in accrued income |
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(1,540 |
) |
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|
161,931 |
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|
454,728 |
|
Decrease (increase) in advance payments |
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251,324 |
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1,503,205 |
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(871,377 |
) |
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| |
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(Unit: USD) |
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Decrease (increase) in prepaid expenses |
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(373,039 |
) |
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|
60,106 |
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|
2,866 |
|
Decrease (increase) in inventory |
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602,700 |
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(3,319,449 |
) |
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|
(1,230,342 |
) |
Decrease (increase) in non-current accounts receivable |
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|
— |
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|
639,402 |
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|
372,898 |
|
Increase (decrease) in trade payables |
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|
(1,206,844 |
) |
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(1,664,819 |
) |
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|
(446,568 |
) |
Increase (decrease) in Non-trade Payables |
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22,381,641 |
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(4,238,255 |
) |
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|
5,342,932 |
|
Increase (decrease) in Withholdings |
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6,420 |
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(180,093 |
) |
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|
100,901 |
|
Increase (decrease) in value added tax withheld |
|
|
4,325 |
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|
203,344 |
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|
(33,197 |
) |
Increase (decrease) in advance income |
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|
182,951 |
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(4,653,820 |
) |
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|
50,436 |
|
Increase (decrease) in Accrued Expenses |
|
|
(51,069 |
) |
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|
(2,110,114 |
) |
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|
394,142 |
|
Increase (decrease) in government subsidy |
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|
— |
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|
— |
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|
(5,309 |
) |
Increase (decrease) in value added tax receivable |
|
|
— |
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|
476,197 |
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|
815 |
|
Increase (decrease) in Non-current Non-trade Payables |
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|
7,690,592 |
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(106,709 |
) |
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|
(57,035 |
) |
Payment of severance |
|
|
(162,922 |
) |
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|
(293,685 |
) |
|
|
(316,557 |
) |
Changes in retirement planned assets |
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|
— |
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|
— |
|
|
|
(1,221 |
) |
Change in Product warranty provision |
|
|
(33,831 |
) |
|
|
— |
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|
— |
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|
Cash flows generated from operating activities |
|
|
(8,923,630 |
) |
|
|
(5,376,735 |
) |
|
|
(6,108,644 |
) |
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| Significant transactions without cash inflows and outflows for the year ended December 31, 2023, and 2022 are as follows:
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| |
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|
(Unit: USD) |
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Debt conversion |
|
|
5,747,682 |
|
|
|
3,017,247 |
|
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|
8,411,278 |
|
Conversion of convertible bonds |
|
|
— |
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|
|
6,012,570 |
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|
17,407,314 |
|
Conversion of shares in connection with the SPAC merger |
|
|
20,228,171 |
|
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— |
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— |
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Total |
|
|
25,975,853 |
|
|
|
9,029,817 |
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25,818,592 |
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