CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Operating activities: |
|
|
|
| Net income/(loss) |
$ (4,548,156)
|
$ 6,614,460
|
$ 2,155,987
|
| Adjustments to reconcile net income/(loss) to net cash used in operating activities: |
|
|
|
| Depreciation |
6,817,331
|
6,794,404
|
7,342,327
|
| Allowances for credit losses |
774,419
|
2,314,201
|
6,667,963
|
| Write-off of current assets |
0
|
0
|
353,418
|
| Share-based compensation |
1,739,337
|
2,627,031
|
369,187
|
| Deferred tax provision |
4,349,407
|
418,462
|
(303,000)
|
| Loss on cancellation of project assets |
224,580
|
1,300,620
|
1,460,104
|
| Impairment loss of assets |
0
|
360,151
|
1,432,296
|
| Loss on disposal of property, plant and equipment |
171,347
|
333,821
|
767,879
|
| Gains on disposal of property, plant and equipment |
0
|
(65,589)
|
(16,278,095)
|
| Investment gain from treasury note |
(174,380)
|
0
|
0
|
| Changes in working capital: |
|
|
|
| Accounts receivable, trade and unbilled |
(15,373,423)
|
(27,642,606)
|
(6,774,212)
|
| Advances to suppliers |
(740,157)
|
(128,932)
|
92,070
|
| Value added tax recoverable |
(3,136,238)
|
(923,299)
|
1,609,650
|
| Prepaid expenses and other current assets |
(1,907,115)
|
(1,281,659)
|
(6,897,176)
|
| Project assets |
(35,331,947)
|
10,035,195
|
11,619,676
|
| Other non-current assets |
1,425,195
|
2,064,699
|
(7,581,870)
|
| Accounts payable |
(2,348,997)
|
(2,703,731)
|
(12,969,701)
|
| Advances from customers |
3,559,270
|
(790,180)
|
778,151
|
| Amounts due to related parties |
(108,293)
|
1,763,018
|
(252,886)
|
| Other current liabilities |
6,373,344
|
(7,141,701)
|
6,702,455
|
| Income tax payable |
19,069
|
(119,566)
|
(156,747)
|
| Salary payable |
199,697
|
70,533
|
(171,915)
|
| Net cash used in operating activities |
(38,015,710)
|
(6,100,668)
|
(10,034,439)
|
| Investing activities: |
|
|
|
| Purchase of property, plant and equipment |
(37,616,815)
|
(11,617,137)
|
(8,247,790)
|
| Acquisition of business |
0
|
0
|
(3,896,627)
|
| Proceeds from disposal of property, plant and equipment |
2,620,412
|
31,273,922
|
7,538,516
|
| Proceeds from lending by related parties |
433,285
|
0
|
1,218,840
|
| Lending to related parties |
0
|
(433,285)
|
0
|
| Purchase of U.S. treasury note |
(9,984,765)
|
0
|
0
|
| Proceeds of interest income from U.S. treasury note |
112,500
|
0
|
0
|
| Net cash (used in)/provided by investing activities |
(44,435,383)
|
19,223,500
|
(3,387,061)
|
| Financing activities: |
|
|
|
| Proceeds from banks and other third-party borrowings |
95,802
|
61,510
|
9,968,028
|
| Repayment of banks and other third-party borrowings |
(713,342)
|
(30,204,213)
|
(19,166,536)
|
| Contribution from non-controlling interest holders of subsidiaries |
0
|
2,118,240
|
0
|
| Proceeds from issuance of ordinary shares |
393,026
|
290,000,000
|
44,999,330
|
| Share issuance costs |
0
|
(17,270,972)
|
(3,504,118)
|
| Repurchase of shares |
(43,677,707)
|
(18,446,119)
|
0
|
| Proceeds from bonds |
0
|
2,358,546
|
8,427,712
|
| Repayment of bonds |
0
|
(11,261,572)
|
(2,544,062)
|
| Borrowings from related parties |
203,111
|
1,272,143
|
12,827
|
| Repayment of borrowings from related parties |
0
|
0
|
(1,174,295)
|
| Repayment of finance lease obligations |
(5,434,620)
|
(7,207,081)
|
(2,174,035)
|
| Repayment of failed sale-lease back financing |
(11,147,078)
|
(6,779,968)
|
(4,667,878)
|
| Net cash provided by/(used in) financing activities |
(60,280,808)
|
204,640,514
|
30,176,973
|
| Effect of exchange rate changes |
(4,363,207)
|
(4,057,291)
|
(722,416)
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
(147,095,108)
|
213,706,055
|
16,033,057
|
| Cash and cash equivalents and restricted cash, beginning of year |
254,382,366
|
40,676,311
|
24,697,153
|
| Less: Cash and cash equivalents and restricted cash reclassified as assets held for sale |
0
|
0
|
(53,899)
|
| Cash and cash equivalents and restricted cash, end of year |
107,287,258
|
254,382,366
|
40,676,311
|
| Supplemental disclosure of cash flow information |
|
|
|
| Interest paid, net of capitalized interest |
3,166,901
|
5,196,490
|
6,193,484
|
| Income tax paid |
(1,310,546)
|
(366,352)
|
(509,493)
|
| Non-cash investing and financing transactions |
|
|
|
| Payables for purchase of property, plant and equipment |
(14,321,740)
|
(5,533,545)
|
(8,958,993)
|
| Payable for finance leases |
(7,597,631)
|
(14,187,759)
|
(19,852,094)
|
| Right-of-use assets obtained in exchange for lease liabilities |
$ 5,252,612
|
$ 145,795
|
$ 814,811
|