v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net loss $ (5,764,027) $ (4,487,700)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 515,984 521,126
Stock-based compensation 1,859,696 913,814
Consulting expense adjustment from change in fair value of warrants (397,600) 389,300
Unrealized losses on trading security 643,480 60,170
Amortization of bonds issuance costs 95,659
Accounts receivable 451,130
Inventories (1,575,436) (1,811,443)
Prepaid expenses and other current assets (355,764) 90,401
Deposits 1,522 (200)
Accounts payable 961,610
Accrued expenses and other current liabilities 1,908,033 1,280,837
Prepayment from customer 1,611,357  
Operating lease liability 38,715 107,020
Net Cash Used for Operating Activities (1,418,381) (1,523,935)
Cash Flows from Investing Activities    
Purchase of trading security (877) (157,756)
Purchase of property and equipment (3,521) (28,924)
Purchase of long-term investment (680)
Net Cash Used for Investing Activities (5,078) (186,680)
Cash Flows from Financing Activities    
Proceeds from short-term loans 1,017,693 1,385,411
Payment on long-term loan (4,760) (3,568)
Payment on finance lease liability (3,164) (5,926)
Net Cash Provided by Financing Activities 1,009,769 1,375,917
Net Decrease in Cash and Restricted Cash (413,690) (334,698)
Cash and Restricted Cash, Beginning of Period 3,794,591 976,829
Foreign Currency Translation Effect on Cash (130,414) (227,817)
Cash and Restricted Cash, End of Period 3,250,487 414,314
Cash paid during the period for income taxes 3,269 1,651
Cash paid during the period for interest 18,679 3,373
Cash 40,487 346,570
Restricted cash 3,210,000 67,744
Total $ 3,250,487 $ 414,314

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