Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2023 |
Statement of Cash Flows [Abstract] | | |
Net (loss) income | $ (1,902,348) | $ 796,354 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | |
Depreciation and amortization | 427,005 | 508,428 |
Allowance for current expected credit losses | 48,833 | 66,277 |
Write off of construction costs | 28,767 | |
Amortization of operating lease right-of-use assets | 11,583 | 22,793 |
Amortization of intangible assets - land use rights | 50,521 | |
Loss (gain) on disposals of property and equipment | 76,901 | (345,519) |
Share-based compensation | 1,968,000 | |
Deferred tax provision | 1,964 | |
Changes in operating assets and liabilities: | | |
Accounts receivable | (588,655) | 554,182 |
Notes receivable | (1,663,623) | (377,266) |
Inventories | (22,695) | (330,635) |
Prepaid expense and other current assets | 502,043 | (233,634) |
Other non-current assets | | 2,166 |
Due (from) to related parties | (31,246) | 3,210 |
Accounts payable | (77,259) | (1,340,227) |
Accrued expenses and other payables | (30,113) | (292,690) |
Income tax payable | (18,031) | (75,543) |
Net cash used in operating activities | (1,218,353) | (1,042,104) |
Cash flows from investing activities | | |
Purchase of property and equipment | (109,325) | (173,181) |
Prepayments for purchase of Yingxuan Assets | (277,196) | |
Short-term investment | | (274,344) |
Proceeds from sale of property and equipment | 2,772 | 750,837 |
Net cash (used in) provided by investing activities | (383,749) | 303,312 |
Cash flows from financing activities | | |
Payments for financing liabilities | (33,264) | (194,002) |
Payments for finance leases | (43,949) | (208,115) |
Advances from related parties | 1,406,772 | 949,099 |
Repayments to related parties | (1,038,298) | (542,906) |
Borrowings from short term loans | 2,773,281 | 1,842,440 |
Repayments of short term loans | (1,719,935) | (3,674,772) |
Borrowings from long term loans | 415,795 | 4,727,388 |
Repayments of long term loans | (23,958) | (11,408,398) |
Proceeds from initial public offering | | 9,487,500 |
Disbursements for initial public offering costs | | (1,343,572) |
Net cash provided by (used in) financing activities | 1,736,444 | (365,338) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (19,592) | (143,163) |
Net change in cash, cash equivalents and restricted cash | 114,750 | (1,247,293) |
Cash, cash equivalents and restricted cash, beginning of the period | 815,669 | 2,114,039 |
Cash, cash equivalents and restricted cash, end of the period | 930,419 | 866,746 |
Reconciliation of cash, cash equivalents and restricted cash, beginning of the period | | |
Cash, cash equivalents | 775,686 | 2,085,033 |
Restricted cash | 39,983 | 29,006 |
Cash, cash equivalents and restricted cash, beginning of the period | 815,669 | 2,114,039 |
Reconciliation of cash, cash equivalents and restricted cash, end of the period | | |
Cash, cash equivalents | 930,419 | 678,770 |
Restricted cash | | 187,976 |
Cash, cash equivalents and restricted cash, end of the period | 930,419 | 866,746 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest expense | 304,769 | 409,431 |
Cash paid for income taxes | 27,589 | 330,693 |
Non-cash investing and financing activities | | |
Right-of-use assets transferred to property and equipment upon exercise of purchase option | 645,402 | 482,062 |
Prepayments applied to property and equipment acquired | 83,833 | |
Security deposits applied to lease payments | | $ 33,583 |