| Cash flows |
Cash flows from operating activities for the six months ended June 30, 2024, and 2023, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
For the six
months
ended 2024 |
|
|
For the six
months
ended 2023 |
|
a. Net profit(loss) |
|
|
( 9,290,790 |
) |
|
|
452,251 |
|
b. Adjustment |
|
|
4,510,066 |
|
|
|
2,785,141 |
|
Corporate tax benefit |
|
|
— |
|
|
|
20,081 |
|
Depreciation |
|
|
351,025 |
|
|
|
372,351 |
|
Amortization |
|
|
32,486 |
|
|
|
930,576 |
|
Bad debt |
|
|
2,085,905 |
|
|
|
— |
|
Other allowance for other receivables and prepayments |
|
|
(203,265 |
) |
|
|
— |
|
Stock compensation costs |
|
|
442,621 |
|
|
|
411,384 |
|
Defined benefit expense |
|
|
245,268 |
|
|
|
198,499 |
|
Interest expense |
|
|
2,041,338 |
|
|
|
846,257 |
|
Loss on foreign currency translation |
|
|
23,018 |
|
|
|
34,555 |
|
Product warranty expense |
|
|
10,719 |
|
|
|
4,198 |
|
Loss from disposal of Intangible Assets |
|
|
3 |
|
|
|
— |
|
Interest income |
|
|
(24,356 |
) |
|
|
(14,926 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
For the six
months
ended 2024 |
|
|
For the six
months
ended 2023 |
|
Gain from equity method |
|
|
— |
|
|
|
(6,634 |
) |
Gain from foreign currency translation |
|
|
(401,539 |
) |
|
|
(11,109 |
) |
Gain from disposition of tangible assets |
|
|
(1,121 |
) |
|
|
(91 |
) |
Gain from fair value of derivative warrant liabilities |
|
|
(78,211 |
) |
|
|
— |
|
Reversal of allowance for doubtful accounts |
|
|
(13,825 |
) |
|
|
— |
|
c. Changes in working capital |
|
|
773,572 |
|
|
|
(8,822,275 |
) |
Decrease (increase) in trade receivables |
|
|
(7,439,088 |
) |
|
|
(8,317,588 |
) |
Decrease (increase) in other receivables |
|
|
14,233 |
|
|
|
311,226 |
|
Decrease (increase) in accrued income |
|
|
5,907 |
|
|
|
(1,616 |
) |
Decrease (increase) in advance payments |
|
|
(316,688 |
) |
|
|
(1,225,046 |
) |
Decrease (increase) in prepaid expenses |
|
|
(71,277 |
) |
|
|
(4,130 |
) |
Decrease (increase) in inventory |
|
|
635,251 |
|
|
|
(930,403 |
) |
Decrease (increase) in non-current accounts receivable |
|
|
(876,843 |
) |
|
|
(1,791,250 |
) |
Increase (decrease) in trade payables |
|
|
515,628 |
|
|
|
(309,814 |
) |
Increase (decrease) in Non-trade Payables |
|
|
3,265,745 |
|
|
|
3,329,440 |
|
Increase (decrease) in Withholdings |
|
|
19,567 |
|
|
|
3,034 |
|
Increase (decrease) in value added tax withheld |
|
|
14,526 |
|
|
|
10,654 |
|
Increase (decrease) in advance income |
|
|
144,248 |
|
|
|
142,132 |
|
Increase (decrease) in Accrued Expenses |
|
|
5,104,289 |
|
|
|
143,793 |
|
Increase (decrease) in value added tax receivable |
|
|
(4,904 |
) |
|
|
(11,000 |
) |
Increase (decrease) in Non-current Non-trade Payables |
|
|
142,097 |
|
|
|
(26,762 |
) |
Payment of severance |
|
|
(370,975 |
) |
|
|
(141,087 |
) |
Change in Product warranty provision |
|
|
(8,144 |
) |
|
|
(3,858 |
) |
|
|
|
|
|
|
|
|
|
Cash flows generated from operating activities |
|
|
(4,007,152 |
) |
|
|
(5,584,883 |
) |
|
|
|
|
|
|
|
|
| Significant transactions without cash inflows and outflows for the six months ended June 30, 2024 and 2023 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
For the six
months
ended 2024 |
|
|
For the six
months
ended 2023 |
|
Debt conversion |
|
|
532,779 |
|
|
|
3,287,297 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
532,779 |
|
|
|
3,287,297 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities for the year ended December 31, 2023, and 2022, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
|
|
|
|
|
|
|
|
a. Net loss |
|
|
(76,985,584 |
) |
|
|
(7,892,168 |
) |
|
|
(60,387,182 |
) |
b. Adjustment |
|
|
44,407,435 |
|
|
|
12,140,195 |
|
|
|
47,194,223 |
|
Corporate tax benefit |
|
|
2,861,079 |
|
|
|
(1,511,696 |
) |
|
|
(3,599,507 |
) |
Depreciation |
|
|
756,117 |
|
|
|
1,357,987 |
|
|
|
1,786,378 |
|
Amortization |
|
|
1,847,358 |
|
|
|
1,457,310 |
|
|
|
1,792,358 |
|
Bad debt |
|
|
2,427,642 |
|
|
|
46,005 |
|
|
|
15,395,091 |
|
Other bad debt |
|
|
4,865,907 |
|
|
|
436,674 |
|
|
|
10,026,952 |
|
Stock compensation costs |
|
|
2,532,821 |
|
|
|
687,888 |
|
|
|
277,638 |
|
Defined benefit expense |
|
|
393,583 |
|
|
|
286,421 |
|
|
|
283,482 |
|
Interest expense |
|
|
2,466,266 |
|
|
|
45,858 |
|
|
|
1,777,845 |
|
Loss on disposal of inventory |
|
|
214,378 |
|
|
|
5,877,549 |
|
|
|
8,415,311 |
|
Loss on foreign currency translation |
|
|
127,190 |
|
|
|
133,181 |
|
|
|
78,602 |
|
Loss on valuation of equity method |
|
|
— |
|
|
|
535,268 |
|
|
|
1,518,115 |
|
Product warranty expense |
|
|
29,637 |
|
|
|
5,503 |
|
|
|
33,573 |
|
Loss on raw material fair value evaluation |
|
|
— |
|
|
|
— |
|
|
|
223,457 |
|
Loss on intangible assets impairments |
|
|
4,070,331 |
|
|
|
3,902,589 |
|
|
|
564,563 |
|
Miscellaneous loss |
|
|
— |
|
|
|
(125,478 |
) |
|
|
7,652 |
|
R&D expenses |
|
|
— |
|
|
|
— |
|
|
|
329,831 |
|
Loss on disposal of investment shares in subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
13,318,419 |
|
Loss from disposal of Intangible Assets |
|
|
1,912 |
|
|
|
— |
|
|
|
— |
|
Loss on equity method investment Impairment |
|
|
2,683,019 |
|
|
|
— |
|
|
|
— |
|
Loss from valuation of CB |
|
|
103,342 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
|
|
|
|
|
|
|
|
Loss on tangible assets impairments |
|
|
19,004 |
|
|
|
— |
|
|
|
— |
|
Change in fair value of derivative warrant liabilities |
|
|
504,587 |
|
|
|
— |
|
|
|
— |
|
Reverse Acquisition Expense |
|
|
18,736,326 |
|
|
|
— |
|
|
|
— |
|
Interest income |
|
|
(13,671 |
) |
|
|
(54,931 |
) |
|
|
(292,769 |
) |
Gain from discharge of indebtedness |
|
|
— |
|
|
|
(4,079,520 |
) |
|
|
(3,694,237 |
) |
Gain from equity method |
|
|
— |
|
|
|
— |
|
|
|
(171,147 |
) |
Gain from foreign currency translation |
|
|
(78,600 |
) |
|
|
(74,596 |
) |
|
|
(794,360 |
) |
Gain from disposition of tangible assets |
|
|
(4,682 |
) |
|
|
3,246,343 |
|
|
|
(7,203 |
) |
Gain from disposal of securities |
|
|
— |
|
|
|
— |
|
|
|
(75,821 |
) |
Reversal of allowance for doubtful accounts |
|
|
(136,111 |
) |
|
|
(32,160 |
) |
|
|
— |
|
c. Changes in working capital |
|
|
23,654,519 |
|
|
|
(9,624,762 |
) |
|
|
7,084,315 |
|
Decrease (increase) in trade receivables |
|
|
(5,874,476 |
) |
|
|
4,048,195 |
|
|
|
3,452,691 |
|
Decrease (increase) in other receivables |
|
|
238,287 |
|
|
|
(150,198 |
) |
|
|
(126,488 |
) |
Decrease (increase) in accrued income |
|
|
(1,540 |
) |
|
|
161,931 |
|
|
|
454,728 |
|
Decrease (increase) in advance payments |
|
|
251,324 |
|
|
|
1,503,205 |
|
|
|
(871,377 |
) |
Decrease (increase) in prepaid expenses |
|
|
(373,039 |
) |
|
|
60,106 |
|
|
|
2,866 |
|
Decrease (increase) in inventory |
|
|
602,700 |
|
|
|
(3,319,449 |
) |
|
|
(1,230,342 |
) |
Decrease (increase) in non-current accounts receivable |
|
|
— |
|
|
|
639,402 |
|
|
|
372,898 |
|
Increase (decrease) in trade payables |
|
|
(1,206,844 |
) |
|
|
(1,664,819 |
) |
|
|
(446,568 |
) |
Increase (decrease) in Non-trade Payables |
|
|
22,381,641 |
|
|
|
(4,238,255 |
) |
|
|
5,342,932 |
|
Increase (decrease) in Withholdings |
|
|
6,420 |
|
|
|
(180,093 |
) |
|
|
100,901 |
|
Increase (decrease) in value added tax withheld |
|
|
4,325 |
|
|
|
203,344 |
|
|
|
(33,197 |
) |
Increase (decrease) in advance income |
|
|
182,951 |
|
|
|
(4,653,820 |
) |
|
|
50,436 |
|
Increase (decrease) in Accrued Expenses |
|
|
(51,069 |
) |
|
|
(2,110,114 |
) |
|
|
394,142 |
|
Increase (decrease) in government subsidy |
|
|
— |
|
|
|
— |
|
|
|
(5,309 |
) |
Increase (decrease) in value added tax receivable |
|
|
— |
|
|
|
476,197 |
|
|
|
815 |
|
Increase (decrease) in Non-current Non-trade Payables |
|
|
7,690,592 |
|
|
|
(106,709 |
) |
|
|
(57,035 |
) |
Payment of severance |
|
|
(162,922 |
) |
|
|
(293,685 |
) |
|
|
(316,557 |
) |
Changes in retirement planned assets |
|
|
— |
|
|
|
— |
|
|
|
(1,221 |
) |
Change in Product warranty provision |
|
|
(33,831 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows generated from operating activities |
|
|
(8,923,630 |
) |
|
|
(5,376,735 |
) |
|
|
(6,108,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Significant transactions without cash inflows and outflows for the year ended December 31, 2023, and 2022 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
(Unit: USD) |
|
|
|
|
|
|
|
|
|
|
|
Debt conversion |
|
|
5,747,682 |
|
|
|
3,017,247 |
|
|
|
8,411,278 |
|
Conversion of convertible bonds |
|
|
— |
|
|
|
6,012,570 |
|
|
|
17,407,314 |
|
Conversion of shares in connection with the |
|
|
|
|
|
|
|
|
|
|
|
|
SPAC merger |
|
|
20,228,171 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
25,975,853 |
|
|
|
9,029,817 |
|
|
|
25,818,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|