Condensed Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2021 |
Jun. 30, 2020 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (1,592,088)
|
$ (647,844)
|
| Depreciation and amortization |
1,400,647
|
1,305,070
|
| Bad debt (benefit) expense |
(12,965)
|
24,928
|
| Inventory write off |
121,604
|
|
| Changes in assets and liabilities: |
|
|
| Trade accounts and other receivables |
(120,757)
|
(305,183)
|
| Advances to suppliers |
(702)
|
(279,380)
|
| Inventory |
890,435
|
(14,136)
|
| Trade accounts payable |
(558,912)
|
(323,470)
|
| Other payables and accrued expenses |
447,500
|
199,781
|
| Change in bankers’ acceptance notes payable |
|
115,468
|
| Advances from customers |
(201,063)
|
95,579
|
| Prepaid expenses |
25,421
|
(323,553)
|
| Net Cash Provided by (Used in) Operating Activities |
399,120
|
(152,740)
|
| Cash Flows from Investing Activities: |
|
|
| Purchases of property and equipment |
(15,022)
|
(840,449)
|
| Net Cash Used in Investing Activities |
(15,022)
|
(840,449)
|
| Cash Flows from Financing Activities: |
|
|
| Payments of construction term loan |
(154,516)
|
(142,209)
|
| Payments of line of credit |
(896,194)
|
|
| Borrowings and interest from related party |
932,876
|
90,551
|
| Repayments to related party |
(251,861)
|
|
| Proceeds from lines of credit |
772,581
|
1,919,818
|
| Net Cash provided by Financing Activities |
402,886
|
1,868,160
|
| Effect of Exchange Rate Changes on Cash |
10,231
|
(23,318)
|
| Net Increase in Cash, Cash Equivalents and Restricted Cash |
797,215
|
851,653
|
| Cash and Cash Equivalents at Beginning of Period |
957,653
|
1,184,887
|
| Cash, Cash Equivalents and Restricted Cash at End of Period |
1,754,868
|
2,036,540
|
| Cash and Cash Equivalents |
1,754,868
|
1,813,544
|
| Restricted cash |
|
222,996
|
| Cash, Cash Equivalents and Restricted Cash at End of Period |
1,754,868
|
2,036,540
|
| Supplemental Cash Flow Information: |
|
|
| Cash paid for income taxes |
|
|
| Cash paid for interest |
121,090
|
118,374
|
| Supplemental Noncash Investing and Financing Activities: |
|
|
| Accounts receivable collected with banker’s acceptances |
195,021
|
270,453
|
| Inventory purchased with banker’s acceptances |
249,198
|
$ 304,520
|
| Right-of-use assets obtained in exchange for operating lease obligations |
$ 168,077
|
|