Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities    
Net loss $ (6,880,213) $ (6,087,387)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 1,126,090 458,316
Stock-based compensation expense 1,394,669 1,062,140
R&D expenses transferred from inventory and construction in progress 416,231 439,296
Consulting expense adjustment from change in fair value of warrants 255,900
Reversal of consulting expense and interest expense on warrants (121,733)
Changes in operating assets and liabilities:    
Accounts receivable 1,095,061 (1,745,000)
Inventories (1,485,350)
Prepaid expenses (973,321) (1,205,910)
Other receivable - related party (111,111) 46,743
Other receivable - others 1,155 (6,804)
Temporary deposit - related party 100,067
Other current assets (2,639) (3,145)
Deposits - related party 2,462 (7,403)
Deposits - others (2,714) 101,610
Accounts payable (840,092) 1,650,000
Accrued expenses (66,301) (481,763)
Other payable - related parties (61,662) (214,316)
Other payable - others (1,577,838) (1,253,797)
Operating lease liability (304,014)
Net Cash Used for Operating Activities (8,035,353) (7,247,420)
Cash Flows from Investing Activities    
Prepayment on land and satellite equipment (624,462) (33,850,000)
Purchase of property and equipment (6,455) (241,169)
Net Cash Used for Investing Activities (630,917) (34,091,169)
Cash Flows from Financing Activities    
Repayment of short-term bank loan (10,000)
Proceeds from long-term loan 45,765  
Proceeds from issuance of common stock 10,810,688 41,262,899
Proceeds from subscribed capital 56,000
Issuance of stock warrants 5,000 906,167
Net Cash Provided by Financing Activities 10,861,453 42,215,066
Net Increase in Cash 2,195,183 876,477
Cash, Beginning of Period 88,309 21,504
Foreign Currency Translation Effect on Cash 524,531 (1,208)
Cash, End of Period 2,808,023 896,773
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 4,000
Cash paid during the period for interest 338 2,121
Non-cash Operating and Financing Activities:    
Restricted stock deposit liability transferred to common stock $ (1,644)