| Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | ||||||||||
Net loss | ||||||||||
-5,361,936 | 1,141,358 | -505,432 | -2,053,864 | -768,292 | -790,005 | -930,364 | - | - | - | - |
Net Loss | ||||||||||
- | - | - | - | - | - | - | - | - | -425,213 | -384,710 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization of property and equipment | ||||||||||
26,656 | 30,494 | 25,522 | 21,904 | -3,950 | 3,015 | 1,882 | 965 | 990 | 936 | 689 |
Amortization of right-of-use assets | ||||||||||
-1,705 | 49,474 | 41,326 | - | 0 | 0 | 0 | - | - | - | - |
Amortization of intangible assets | ||||||||||
-26,371 | 11,416 | 15,152 | 308,029 | -173,074 | 86,791 | 86,297 | 171,348 | 165,206 | 163,749 | 159,255 |
Provision for doubtful accounts | ||||||||||
61,691 | 134,920 | 31,638 | 5,077 | 0 | 0 | 0 | - | - | - | - |
Change in fair value of derivative liabilities | ||||||||||
485,400 | -1,998,202 | 3,396 | - | 0 | 0 | 0 | - | - | - | - |
Change in operating assets and liabilities | ||||||||||
Accounts receivable | ||||||||||
378,893 | 657,209 | 1,949,620 | 274,816 | -40,538 | -4,738 | 44,967 | 52,744 | 0 | 0 | 0 |
Inventories | ||||||||||
-732,575 | -263,659 | 1,068,512 | 1,491,928 | 0 | 0 | 0 | - | - | - | - |
Prepayments, receivables and other assets | ||||||||||
-85,026 | 835,771 | 475,354 | 1,650,013 | 311,820 | -7,177 | -24,241 | 6,797 | -1,611 | -6,657 | 1,471 |
Finance lease receivables | ||||||||||
36,744 | 283,777 | 825,500 | - | 0 | 0 | 0 | - | - | - | - |
Accounts payable | ||||||||||
-112,008 | -281,455 | 448,927 | - | 0 | 0 | 0 | - | - | - | - |
Advances from customers | ||||||||||
-36,326 | -3,095 | 69,114 | 19,944 | 0 | 0 | 0 | - | - | - | - |
Income tax payable | ||||||||||
-81,609 | -9,124 | 96,593 | 21,905 | 0 | 0 | 0 | - | - | - | - |
Accrued expenses and other liabilities | ||||||||||
229,097 | -69,732 | 389,180 | 383,435 | 27,345 | 24,435 | -54,959 | 304,710 | -71,334 | 42,665 | 17,851 |
Lease liabilities | ||||||||||
44,648 | -66,707 | -58,238 | - | 0 | 0 | 0 | - | - | - | - |
Due to stockholders | ||||||||||
- | - | - | - | - | - | - | - | - | - | 17,231 |
Net Cash Used in Operating Activities | ||||||||||
-935,596 | -2,302,596 | -3,761,808 | -3,795,575 | -878,932 | -663,849 | -917,870 | -357,660 | -97,603 | -128,887 | -191,155 |
Cash Flows from Investing Activities: | ||||||||||
Purchases of property and equipment | ||||||||||
30,263 | 9,618 | 375,077 | 28,182 | -26,583 | 15,353 | 11,918 | 2,578 | 0 | 0 | 412 |
Purchases of intangible assets | ||||||||||
- | 0 | 0 | - | - | 20,521 | 21,951 | 0 | 0 | 0 | 0 |
Prepayment of intangible assets | ||||||||||
0 | 150,000 | 320,000 | - | 0 | 0 | 0 | - | - | - | - |
Net Cash Used in Investing Activities | ||||||||||
-28,441 | -159,618 | -695,077 | -83,362 | -379,520 | -35,874 | -33,869 | -2,578 | 0 | 0 | -412 |
Cash Flows from Financing Activities: | ||||||||||
Net proceeds from issuance of common stock in registered direct offering | ||||||||||
0 | 0 | 5,142,124 | - | 0 | 0 | 0 | - | - | - | - |
Proceeds borrowed from stockholders | ||||||||||
- | 0 | 0 | - | - | 969,561 | 605,056 | 457,290 | 103,308 | 129,763 | 102,021 |
Repayments to stockholders | ||||||||||
-780,249 | 870,249 | 0 | - | 400,000 | 999,216 | 500,784 | - | - | - | - |
Borrowings from related parties and affiliates | ||||||||||
-622,035 | 1,008,753 | 168,898 | - | 290,183 | 0 | 0 | - | - | - | - |
Repayments to stockholders | ||||||||||
- | - | - | - | - | - | - | 105,630 | 0 | 0 | 0 |
Borrowings from third parties | ||||||||||
- | - | -322,406 | - | - | - | 0 | - | - | - | - |
Repayments of current borrowings from financial institutions | ||||||||||
32,392 | 49,603 | 47,703 | 175,581 | 0 | 0 | 0 | - | - | - | - |
Net Cash Provided by Financing Activities | ||||||||||
-405,222 | -289,916 | 4,940,913 | -458,867 | 485,457 | 570,345 | 104,272 | 11,404,632 | 103,308 | 129,763 | 102,021 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
17,713 | -147,328 | -66,413 | 66,595 | -1,360 | -56,235 | -42,412 | 11,970 | 2,634 | 2,644 | 1,597 |
Net decrease in cash and cash equivalents | ||||||||||
-1,355,626 | -2,899,458 | 417,615 | - | -774,355 | -185,613 | -889,879 | - | - | - | - |
Net (decrease) increase in cash and cash equivalents | ||||||||||
- | - | - | - | - | - | - | 11,056,364 | 8,339 | 3,520 | -87,949 |
Supplemental Cash Flow Information | ||||||||||
Cash paid for interest expense | ||||||||||
17,248 | 25,306 | 37,039 | 27,639 | 6,239 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash paid for income tax | ||||||||||
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Non-cash Transaction in Investing and Financing Activities | ||||||||||
Unpaid property and equipment purchases | ||||||||||
- | - | 0 | - | - | - | 6,526 | - | - | - | 0 |
IPO expenses paid by the Company's stockholders | ||||||||||
0 | 0 | 0 | 0 | 0 | 0 | 70,687 | 67,277 | 0 | 0 | 0 |
Right-of-use assets obtained in exchange of operating lease liabilities | ||||||||||
-3,436 | 574,869 | 386,039 | - | 0 | 0 | 0 | - | - | - | - |
Intangible assets received from prepayment | ||||||||||
- | -576 | 41,033 | - | - | 0 | 0 | - | - | - | - |
Allocation of fair value of derivative liabilities for issuance of common stock proceeds | ||||||||||
0 | -1,002,745 | 4,152,751 | - | 0 | 0 | 0 | - | - | - | - |