of investment in
warrants (1,631,700) 294,565
Loss on sale of
warrants 3,970,628 -
Changes in assets and
liabilities:
Accounts receivable (685,531) (322,583)
Prepaid expenses (72,315) 187,269
Other assets 40,761 (23,982)
Accounts payable and
accrued expenses 34,752 597,247
Accounts payable and
accrued expenses -
related party 28,315 -
Accrued payroll and
other employee costs (68,323) 7,471
Due to related party (7) 7,562
Operating lease
liabilities (275,850) (231,499)
Income tax payables 17,971 101,058
Deferred revenue (205,109) 200,256
Other liabilities 540,008 83,809
Net cash flows used in
operating activities (3,499,514) (2,457,661)
Cash flows from investing
activities
Purchases of property and
equipment (4,134) (516,658)
Proceeds from disposal of
property and equipment - 24,935
Advance on note receivable - (600,000)
Purchase of long-term
investment in SAFE (350,000) -
Net proceeds from sale of
warrants 5,640,000 -
Repayment of loan provided
to related party 31,457 34,823
Payment for acquisition of
subsidiary, net of cash
acquired - (724,910)
Net cash flows provided by
(used in) investing
activities 5,317,323 (1,781,810)
Cash flows from financing
activities
Payments for finance
leases (12,568) (16,537)
Proceeds from short-term
and long-term debts 68,138 219,427
Repayment of short-term
and long-term debts (453,048) (584,779)
Repayment of insurance
premium financing (107,297) (266,756)
Net proceeds from
factoring arrangement - 217,250
Net repayment of factoring
arrangement (257,295) -
Payments for debt issuance
costs - (656)
Distribution of dividends (834,566) -
Capital contribution from
non-controlling
shareholder 67,195 -
Net cash flows used in
financing activities (1,529,441) (432,051)
Effect of exchange rate
changes (68,730) (306,239)
Net change in cash and
cash equivalents 219,638 (4,977,761)
Cash and cash equivalents
- beginning of the
period 1,012,479 7,177,326
Cash and cash equivalents
- end of the period $ 1,232,117 $ 2,199,565
================== ================
Supplemental cash flow
disclosures:
Interest paid $ 104,880 $ 59,290
================== ================
Income taxes paid $ 201,035 $ 91,657
================== ================
Non-cash investing and
financing transactions
Operating lease
right-of-use assets
obtained in exchange for
operating lease
liabilities $ 125,735 $ 317,040
================== ================
Finance lease right-of-use
assets obtained in
exchange for finance
lease liabilities $ - $ 93,117
================== ================
Remeasurement of operating
lease liabilities and
right-of-use assets due
to lease modification $ - $ 12,579
================== ================
Insurance premium
financing $ 172,689 $ 389,035
================== ================
Liabilities assumed in
connection with purchase
of property and
equipment $ - $ 9,602
================== ================
Common shares issued for
acquisition of
subsidiary $ - $ 3,150,000
================== ================
Warrants converted to
marketable securities $ 6,443,276 $ 1,257,868
================== ================
(END) Dow Jones Newswires
November 14, 2024 08:30 ET (13:30 GMT)
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