v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net loss $ (4,068,430) $ (3,589,314)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 520,808 291,635
Stock-based compensation 659,591 659,264
R&D expenses transferred from inventory and construction in progress 416,231
Consulting expense adjustment to change in fair value of warrants (159,900)
Reversal of consulting expense and interest expense from warrants (121,733)
Changes in operating assets and liabilities:    
Accounts receivable (1,209,964)
Inventories (386,750)
Prepaid expenses 39,858 (666,712)
Other receivable - related party 46,743
Other receivable - others 1,158 (6,183)
Temporary deposit - related party 100,067
Other current assets (2,190) (2,046)
Deposits - related party 2,462 (7,566)
Deposits - others (2,758) 93,548
Accounts payable 1,587,222
Accrued expenses 743,910 (220,042)
Other payable - related parties (418,091) (166,919)
Other payable - others 1,458,198 (1,252,209)
Net Cash Used for Operating Activities (840,311) (4,819,801)
Cash Flows from Investing Activities    
Prepayment on land and satellite equipment (18,231,250)
Purchase of property and equipment (2,297) (148,502)
Net Cash Used for Investing Activities (2,297) (18,379,752)
Cash Flows from Financing Activities    
Repayment of short-term bank loan (10,000)
Proceeds from short-term loan - related party 194,600
Proceeds from long-term loan 47,742
Proceeds from issuance of common stock 6,047,630 23,223,979
Proceeds from subscribed capital 56,000
Issuance of stock warrants 5,000 492,367
Net Cash Provided by Financing Activities 6,294,972 23,762,346
Net Increase in Cash 5,452,364 562,793
Cash, Beginning of Period 88,309 21,504
Foreign Currency Translation Effect on Cash 465,294 (3,682)
Cash, End of Period 6,005,967 580,615
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes 4,000
Cash paid during the period for interest 338 206
Non-cash Operating and Financing Activities:    
Restricted stock deposit liability transferred to common stock (1,644)
Prepayment for equipment and construction in progress transferred to inventory $ 949,639

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