TDH Holdings, Inc. Reports Full Year 2022 Audited Financial Results
TDH Holdings, Inc. (NASDAQ: PETZ) reported significant growth for the fiscal year 2022, with revenues from continuing operations increasing by 186.63% to $3.10 million from $1.08 million in 2021. This growth was primarily driven by a $3.07 million increase in restaurant revenue, offsetting a 94.59% decline in petfood sales, which dropped to $0.03 million due to rising raw material costs and operational challenges. Gross profit improved to $1.05 million with a gross margin of 33.97%. Notably, net income attributable to common stockholders was $0.80 million compared to a loss of $6.12 million in 2021. Despite a reported operating loss of $3.05 million, the company is focusing on its restaurant segment, having discontinued its petfood manufacturing segment in Q1 2023 due to ongoing challenges.
- Revenues from continuing operations increased by 186.63% to $3.10 million.
- Gross profit improved significantly to $1.05 million, a 238.30% increase.
- Net income attributable to common stockholders was $0.80 million, a turnaround from a $6.12 million loss.
- Petfood sales plummeted by approximately 94.59% to $0.03 million.
- Operating loss decreased marginally to $3.05 million, indicating ongoing financial struggles.
- Discontinued petfood manufacturing due to high costs and operational difficulties.
Full Year 2022 Financial Highlights:
For the Twelve Months Ended | |||||||
($ millions, except per share | 2022 | 2021 | % Change | ||||
Revenues from continuing | 186.63 % | ||||||
Gross profit | 238.30 % | ||||||
Gross margin | 33.97 % | 28.78 % | 5.19 pp* | ||||
Loss from operations | ( | ( | -16.73 % | ||||
Operating loss margin | -98.39 % | -338.89 % | 240.50 pp* | ||||
Net income (loss) attributable | ( | 113.13 % | |||||
Loss per share - basic and diluted | ( | 108.55 % | |||||
* pp: percentage points | |||||||
·
- Revenues from continuing operations increased by
186.63% from$1.08 million $3.10 million $0.49 million $0.03 million 94.59% , which was offset by an increase in revenue from our restaurant business inMissouri by approximately$3.07 million - Gross profit was
$1.05 million $0.31 million - Operating loss was
$3.05 million $3.66 million 98.36% , and negative338.89% for the years endedDecember 31, 2022 and 2021, respectively. The continuous loss from operation was mainly due to increased operating expenses in 2022. - Net income attributable to common stockholders was
$0.80 million $0.10 $6.12 million $1.17
Full Year 2022 Financial Results
Revenues
The Company's revenue sources include petfood sales and restaurant business operations. Petfood sales mainly include sales for pet chews, dried pet snacks and wet canned pet foods in overseas markets, domestic markets and by e-commerce. Revenues from continuing operations increased by
For the Twelve Months Ended | |||||||||||||||||||
2022 | 2021 | Y/Y Change | |||||||||||||||||
Revenues ($'000) | % of Total | Revenues ($'000) | % of Total | Amount ($'000) | % | ||||||||||||||
Overseas | $ | - | - | $ | 135 | 12.49 % | $ | (135) | -100.00 % | ||||||||||
Domestic | 26 | 0.84 % | 308 | 28.49 % | (282) | -91.56 % | |||||||||||||
E-commerce | - | - | 35 | 3.24 % | (35) | -100.00 % | |||||||||||||
Restaurant revenue | 3,074 | 99.19 % | 606 | 56.06 % | 2,468 | 407.26 % | |||||||||||||
less: sales | (1) | -0.03 % | (3) | -0.28 % | 2 | -66.67 % | |||||||||||||
Total | $ | 3,099 | 100.00 % | $ | 1,081 | 100.00 % | $ | 2,018 | -186.68 % | ||||||||||
For the year ended
For the Twelve Months Ended | |||||||||||||||||
2022 | 2021 | Y/Y Change | |||||||||||||||
Revenues ($'000) | % of Total | Revenues ($'000) | % of Total | Amount ($'000) | % | ||||||||||||
Pet chews | $ | 8 | $ | 46 | 4.26 % | $ | （38） | -82.6 % | |||||||||
Dried pet | 8 | 293 | 27.10 % | （285） | -97.27 % | ||||||||||||
Wet canned pet | 1 | 11 | 1.02 % | (10) | -90.9 % | ||||||||||||
Dental health | 1 | 6 | 0.56 % | (5) | -83.33 % | ||||||||||||
Restaurant | 3,074 | 99.19 % | 606 | 56.06 | 2,468 | 407.26 % | |||||||||||
Others | 8 | 0.26 % | 122 | 11.29 % | (114) | -93.44 % | |||||||||||
Less: sales tax | (1) | -0.03 % | (3) | -0.28 % | （2） | -66.67 % | |||||||||||
Total | $ | 3,099 | 100.00 % | $ | 1,081 | 100.00 % | $ | 2,018 | 186.68 % | ||||||||
Our total revenue from continuing operations increased by
Cost of revenues
Cost of revenues of our petfood business consists primarily of direct raw materials, direct payroll of workshop staff, utility and supply costs consumed in the manufacturing process, manufacturing labor, depreciation expense and overhead expenses necessary to manufacture finished goods as well as distribution costs such as inbound freight charges. Cost of revenues of our restaurant business consist primarily of food and packaging costs, payroll and employee benefit costs, store lease and occupancy costs and depreciation and amortization costs. Cost of revenues from continuing operations increased by
Gross profit and gross margin
Gross profit was
Operating expense
Operating expense consists of selling expenses and general and administrative expenses.
Operating expenses from our continuing operations were
Selling expense from our continuing operations was
General and administrative expenses from our continuing operations were
Impairment of goodwill was
Operating loss and operating loss margin
Loss from operations was
Net income (loss) and earnings (loss) per share
Net income was
Financial Conditions
As of
Net cash used in operating activities was
Going Concern
Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. For the year ended
Based on our current financial conditions, our cash balance and revenues generated from our business operations may not be currently sufficient and cannot be projected to cover our future operating expenses and meet our obligations as they become due for the next twelve months after the date that our financial statements are issued.
We still face numerous challenges in our business activities. To effectively sustain our business and maintain growth, we also need to evaluate and identify suitable strategic or acquisition opportunities, complete such transactions on commercially favorable terms, or successfully integrate business operations, infrastructure and management philosophies of acquired businesses and companies. If we are unable to effectively address these challenges, our ability to execute acquisitions as a component of our long-term strategy will be impaired, which could have an adverse effect on our business and growth. We also need to expand our restaurant and customer base, refine our operational, financial and management controls and reporting systems and procedures. If we fail to efficiently manage this expansion of our business, our costs and expenses may increase more than anticipated and we may not successfully attract a sufficient number of customers in a cost-effective manner, respond to competitive challenges, or otherwise execute our business plans. In addition, we may, as part of carrying out our growth strategies, adopt new initiatives to implement new pricing models and strategies. We cannot assure you that these initiatives may achieve the anticipated results.
Recent Developments
Discontinued operations
We discontinued our petfood manufacturing segment during the first quarter of 2023. Our decision to discontinue our petfood business was driven largely by the following factors: the increase in cost of raw materials required for production; accepting less orders in an attempt to avoid unprofitable orders and customers; decreased demand for sales of petfood; its historical performance and expected business forecasts in the absence of further capital investments and opportunity costs; lawsuits and the closing of our manufacturing facilities and them being subject to bankruptcy proceedings. We believe the discontinuation of our petfood manufacturing business will provide us with the opportunity to redirect our focus and resources towards expanding and improving our restaurant segment.
Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
About
Founded in
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding, among others: its growth and business outlook; its ability to execute on its business plan, secure necessary capital to sustain and maintain its operation; its ability to resume its operations at the previous level; its ability to successfully resolve various legal proceedings and judgments in which it is involved or have been obtained against it; its ability to expand its market and customer base; its ability to refine its operational, financial and management controls and reporting systems and procedures, are forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the ability to identify, execute and integrate strategic or acquisition opportunities, the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the restaurant industry in
For more information, please contact:
Email: tdhpets@163.com
Phone: +86 183-1102-1983
CONSOLIDATED BALANCE SHEETS | ||||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 21,857,125 | $ | 18,025,966 | ||||
Short-term investments | 9,922,366 | 4,428,446 | ||||||
Accounts receivable, net | 29,318 | 36,835 | ||||||
Advances to suppliers, net | 2,789 | 10,986 | ||||||
Inventories, net | 987 | 51,423 | ||||||
Prepayments and other current assets, net | 127,834 | 1,158,867 | ||||||
Current assets held for sale associated with discontinued operation of | 1,841,335 | 7,355,317 | ||||||
Total current assets | 33,781,754 | 31,067,840 | ||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment, net | 698,044 | 781,670 | ||||||
Intangible assets, net | 481,840 | 535,632 | ||||||
Operating lease right-of-use assets | 783,658 | 4,604,365 | ||||||
Non-current assets held for sale associated with discontinued operation | 768,101 | 879,253 | ||||||
Total non-current assets | 2,731,643 | 6,800,920 | ||||||
Total assets | $ | 36,513,397 | $ | 37,868,760 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 491,850 | $ | 506,881 | ||||
Accounts payable - related parties | 1,033 | - | ||||||
Advances from customers | 11,024 | 16,959 | ||||||
Bank overdrafts | 74,425 | 79,851 | ||||||
Short-term loans - related parties | 266,451 | 285,878 | ||||||
Taxes payable | 11,923 | 24,077 | ||||||
Due to related parties | 55,747 | 36,410 | ||||||
Operating lease liabilities, current | 212,814 | 268,403 | ||||||
Other current liabilities | 1,212,420 | 533,668 | ||||||
Current liabilities held for sale associated with discontinued operation | 12,337,657 | 17,898,674 | ||||||
Total current liabilities | 14,675,344 | 19,650,801 | ||||||
NON-CURRENT LIABILITIES: | ||||||||
Operating lease liabilities, non-current | 683,113 | 4,846,760 | ||||||
Non-current liabilities held for sale associated with discontinued | 1,037 | 1,132 | ||||||
Total liabilities | 15,359,494 | 24,498,693 | ||||||
SHAREHOLDERS' EQUITY : | ||||||||
Common shares ( | 206,465 | 104,374 | ||||||
Additional paid-in capital | 48,089,439 | 42,151,658 | ||||||
Statutory reserves | 160,014 | 160,014 | ||||||
Accumulated deficit | (28,165,927) | (28,969,627) | ||||||
Accumulated other comprehensive income (loss) | 428,249 | (460,702) | ||||||
20,718,240 | 12,985,717 | |||||||
Non-controlling interest | 435,663 | 384,350 | ||||||
Total shareholders' equity | 21,153,903 | 13,370,067 | ||||||
Total liabilities and shareholders' equity | $ | 36,513,397 | $ | 37,868,760 | ||||
* | Retrospectively restated to reflect the one-for-twenty reverse split dated on |
The accompanying notes are an integral part of these consolidated financial statements
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||
For The Years Ended | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
Net revenue | $ | 3,098,733 | $ | 1,081,095 | $ | 622,801 | ||||||
Total revenue | 3,098,733 | 1,081,095 | 622,801 | |||||||||
Cost of revenue | 2,046,200 | 769,967 | 449,694 | |||||||||
Total cost of revenue | 2,046,200 | 769,967 | 449,694 | |||||||||
Gross profit | 1,052,533 | 311,128 | 173,107 | |||||||||
Operating expenses: | ||||||||||||
Selling expense | 91,370 | 74,278 | 85,744 | |||||||||
General and administrative expense | 4,002,346 | 3,541,872 | 583,594 | |||||||||
Impairment of long-lived assets other than goodwill | 6,833 | - | - | |||||||||
Impairment of goodwill | - | 355,570 | - | |||||||||
Total operating expenses | 4,100,549 | 3,971,720 | 669,338 | |||||||||
Loss from operations | (3,048,016) | (3,660,592) | (496,231) | |||||||||
Interest expense | 43,081 | (14,518) | 32,448 | |||||||||
Government subsidies | - | - | 8,651 | |||||||||
Other income | 64,029 | (28,667) | (14,381) | |||||||||
Other expense | (26,120) | (642,216) | (38,901) | |||||||||
Investment income, net | 4,161,093 | 275,866 | 2,120,241 | |||||||||
Total other income (expenses) | 4,242,083 | (409,535) | 2,185,860 | |||||||||
Income (loss) before income tax provision | 1,194,067 | (4,070,127) | 1,689,629 | |||||||||
Income tax provision | - | - | 900 | |||||||||
Net income (loss) from continuing operations | 1,194,067 | (4,070,127) | 1,690,529 | |||||||||
Net loss from discontinued operations of Tiandihui | (339,054) | (2,645,831) | (2,565,197) | |||||||||
Net income (loss) | 855,013 | (6,715,958) | (874,668) | |||||||||
Less: Net income (loss) attributable to non-controlling interest | 51,313 | (595,650) | - | |||||||||
Net income (loss) attributable to | $ | 803,700 | $ | (6,120,308) | $ | (874,668) | ||||||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | $ | 803,700 | $ | (6,120,308) | $ | (874,668) | ||||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustment | 888,951 | (247,807) | (355,411) | |||||||||
Total comprehensive income (loss) | 1,692,651 | (6,368,115) | (1,230,079) | |||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | - | - | - | |||||||||
Comprehensive income ( loss) attributable to | $ | 1,692,651 | $ | (6,368,115) | $ | (1,230,079) | ||||||
Earnings (loss) per common share attributable to TDH | ||||||||||||
Basic | $ | 0.10 | $ | (1.17) | $ | (0.38) | ||||||
Diluted | $ | 0.10 | $ | (1.17) | $ | (0.38) | ||||||
Weighted average common shares outstanding* | ||||||||||||
Basic | 8,019,208 | 5,218,681 | 2,292,500 | |||||||||
Diluted | 8,019,208 | 5,218,681 | 2,292,500 | |||||||||
* | Retrospectively restated to reflect the one-for-twenty reverse split dated on |
The accompanying notes are an integral part of these consolidated financial statements
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
| ||||||||||||||||||||||||||||||||||||
Number | Common | Additional | Stock | Statutory | Accumulated | Accumulated | Noncontrolling | Total | ||||||||||||||||||||||||||||
Balance, | 2,292,500 | $ | 45,850 | $ | 21,963,678 | $ | - | $ | 160,014 | $ | (21,974,651 | ) | $ | 142,516 | $ | (8 | ) | $ | 337,399 | |||||||||||||||||
Net loss | - | - | - | - | - | (874,668 | ) | - | - | (874,668 | ) | |||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | - | (355,411 | ) | - | (355,411 | ) | |||||||||||||||||||||||||
Purchase of noncontrolling interest | - | - | (108 | ) | - | - | - | - | 8 | (100 | ) | |||||||||||||||||||||||||
Balance, | 2,292,500 | $ | 45,850 | $ | 21,963,570 | $ | - | $ | 160,014 | $ | (22,849,319 | ) | $ | (212,895 | ) | $ | - | $ | (892,780 | ) | ||||||||||||||||
Net Loss | - | - | - | - | - | (6,120,308 | ) | - | (595,650 | ) | (6,715,958 | ) | ||||||||||||||||||||||||
Issuance of common stock | 1,705,000 | 34,100 | 20,188,088 | - | - | - | - | - | 20,222,188 | |||||||||||||||||||||||||||
Warrants exercised for cashless | 1,221,181 | 24,424 | - | - | - | - | - | - | 24,424 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | - | (247,807 | ) | - | (247,807 | ) | |||||||||||||||||||||||||
Acquisition of non-controlling interest | - | - | - | - | - | - | - | 980,000 | 980,000 | |||||||||||||||||||||||||||
Balance, | 5,218,681 | $ | 104,374 | $ | 42,151,658 | $ | $ | 160,014 | $ | (28,969,627 | ) | $ | (460,702 | ) | $ | 384,350 | $ | 13,370,067 | ||||||||||||||||||
Net income | - | - | - | - | - | 803,700 | - | 51,313 | 855,013 | |||||||||||||||||||||||||||
Issuance of common stock and warrants | 4,000,000 | 80,000 | 5,937,781 | - | - | - | - | - | 6,017,781 | |||||||||||||||||||||||||||
Warrants exercised for cashless | 1,104,587 | 22,091 | - | - | - | - | - | - | 22,091 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | - | 888,951 | - | 888,951 | |||||||||||||||||||||||||||
Balance, | 10,323,268 | $ | 206,465 | $ | 48,089,439 | $ | - | $ | 160,014 | $ | (28,165,927 | ) | $ | 428,249 | $ | 435,663 | $ | 21,153,903 | ||||||||||||||||||
* | Retrospectively restated to reflect the one-for-twenty reverse split dated on |
The accompanying notes are an integral part of these consolidated financial statements
CONSOLIDATED STATEMENTS OF CASH FLOWS
| ||||||||||||
For The Years Ended | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | 803,700 | $ | (6,120,308) | $ | (874,668) | ||||||
Less: net loss from discontinued operations | (339,054) | (2,645,831) | (2,565,197) | |||||||||
Net income (loss) from continuing operations | 1,142,754 | (3,474,477) | 1,690,529 | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization expense | 17,114 | 466,720 | 72,344 | |||||||||
Fair value change of short-term investments | (4,161,093) | (495,265) | (2,120,241) | |||||||||
Impairment of goodwill | - | 355,570 | - | |||||||||
Impairment of long-lived assets other than goodwill | 6,833 | 217,257 | - | |||||||||
Inventory write-down | 11,532 | 368,441 | 234,861 | |||||||||
Allowance for doubtful accounts | 7,210 | 2,168 | 593,142 | |||||||||
Deferred income taxes | - | - | (1,106) | |||||||||
Loss (gain) on disposal of property, plant and equipment | 153,983 | (5,905,889) | (77,287) | |||||||||
Amortization of operating lease right-of-use assets | (408,198) | 438,063 | (18,118) | |||||||||
Non-cash lease expense | (205,295) | (4,786,099) | (116) | |||||||||
Gain on forgiveness of short-term loan | $ | - | $ | - | $ | (6,265) | ||||||
Changes in operating assets and liabilities: | - | (277,310) | (32,132) | |||||||||
Accounts receivable, net | 2,733 | 127,057 | (654,246) | |||||||||
Inventories, net | 38,904 | (368,246) | (304,953) | |||||||||
Operating lease liabilities | (195,626) | 4,830,456 | (9,382) | |||||||||
Operating lease liabilities – related parties | - | 278,472 | (887) | |||||||||
Advances to suppliers, net | 8,197 | (3,653) | (21,701) | |||||||||
Prepayments and other current assets, net | 1,017,261 | (1,029,552) | (57,561) | |||||||||
Accounts payable | (305,382) | 64,427 | 68,095 | |||||||||
Accounts payable - related parties | (132,081) | 132,192 | - | |||||||||
Interest payable | (411,112) | (12,787) | (60,773) | |||||||||
Interest payable - related parties | - | 88,778 | (2,501) | |||||||||
Notes payable | - | - | 969,254 | |||||||||
Taxes payable | (17,103) | 15,331 | - | |||||||||
Advances from customers | - | - | 1,790 | |||||||||
Advances from customer - related party | (13,799) | 19,125 | - | |||||||||
Deferred income tax liability | - | 1,132 | - | |||||||||
Other current liabilities | 1,054,749 | 793,726 | (1,017,864) | |||||||||
Net cash provided by (used in) operating activities from continuing operations | (1,977,789) | (8,154,363) | (755,118) | |||||||||
Net cash provided by (used in) operating activities from discontinued operations | (94,926) | 4,854,800 | (1,401,656) | |||||||||
Net cash provided by (used in) operating activities | $ | (2,072,715) | $ | (3,299,563) | $ | (2,156,774) | ||||||
Cash flows from investing activities | - | - | - | |||||||||
Payments to acquire property, plant and equipment | - | - | (47,086) | |||||||||
Cash obtained from business acquisition | - | 171,827 | - | |||||||||
Payment for business acquisition | - | (1,020,000) | - | |||||||||
Purchase of short-term investments | (42,483,794) | (4,372,809) | (38,743,908) | |||||||||
Proceeds from sale of short-term investments | 41,150,967 | 3,578,206 | 42,146,183 | |||||||||
Investment in equity | (182,896) | |||||||||||
Net cash used in (provided by) investing activities from continuing operations | (1,332,827) | (1,642,776) | 3,172,293 | |||||||||
Net cash provided by investing activities from discontinued operations | - | - | 182,896 | |||||||||
Net cash (used in) provided by investing activities | (1,332,827) | (1,642,776) | 3,355,189 | |||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common shares | - | 20,222,188 | - | |||||||||
Purchase of noncontrolling interest | - | (100) | (100) | |||||||||
Collection of stock subscription receivable | 6,017,781 | - | - | |||||||||
Proceeds from related parties | 22,410 | 4,085,071 | (471,481) | |||||||||
Proceeds from short-term loans | - | - | 107,829 | |||||||||
Repayments of short-term loans | - | 1,458,040 | (999,448) | |||||||||
Proceeds from short-term loans - related parties | - | - | 49,350 | |||||||||
Repayments of short-term loans - related parties | - | 22,302 | (52,086) | |||||||||
Payment to related party | 15,829 | (4,231,327) | - | |||||||||
Net cash provided by (used in) financing activities from continuing operations | 6,055,480 | 21,556,174 | (1,365,936) | |||||||||
Net cash (used in) provided by financing activities from discontinued operations | - | (3,604,117) | 305,097 | |||||||||
Net cash provided by (used in) financing activities | $ | 6,055,480 | $ | 17,952,057 | $ | (1,060,839) | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 985,263 | (247,807) | 106,910 | |||||||||
Net change in cash, cash equivalents and restricted cash | 3,635,201 | 12,761,911 | 244,486 | |||||||||
Cash, cash equivalents and restricted cash, beginning of the year | 19,510,975 | 6,749,064 | 6,504,578 | |||||||||
Cash, cash equivalents and restricted cash, end of the year | $ | 23,146,176 | $ | 19,510,975 | $ | 6,749,064 | ||||||
Less: cash and restricted cash of discontinued operations at the end of the period | 1,289,051 | 1,485,009 | 186,964 | |||||||||
Cash and restricted cash of continued operations at the end of the period | $ | 21,857,125 | $ | 18,025,966 | $ | 6,562,100 | ||||||
Supplemental cash flow information | ||||||||||||
Interest paid | $ | - | $ | - | $ | 38,362 | ||||||
Income taxes paid | $ | - | $ | - | $ | - | ||||||
Non-cash investing and financing activities | ||||||||||||
Liabilities assumed in connection with purchase of property, plant and equipment | $ | - | $ | - | $ | 14,592 | ||||||
Notes payable reclassified to short-term loans | $ | $ | $ | 908,850 | ||||||||
Short-term loans settled by transferring an equity investment to the creditor | $ | - | $ | - | $ | 70,708 | ||||||
Cashless exercise of warrants | $ | 22,091 | $ | 24,424 | $ | |||||||
Right of use assets obtained in exchange for operating lease obligations | $ | - | $ | 5,158,944 | $ | - | ||||||
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||||||
Cash and cash equivalents | $ | 21,857,125 | $ | 18,025,966 | $ | 6,562,100 | ||||||
Restricted cash | $ | 1,289,051 | $ | 1,485,009 | $ | 186,964 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 23,146,176 | $ | 19,510,975 | $ | 6,749,064 | ||||||
The accompanying footnotes are an integral part of these financial statements
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