-----------   ------------   ----------- 
CASH FLOWS FROM 
OPERATING 
ACTIVITIES: 
Net income           $ 7,369,119   $  4,814,703   $   821,960 
Adjustments to 
reconcile net 
income to net cash 
provided by 
operating 
activities: 
Amortization of 
 intangible assets     2,352,639      2,333,334       583,333 
Changes in 
operating assets 
and liabilities: 
Accounts receivable   (6,813,674)   (12,079,780)   (2,463,761) 
Prepaid expenses 
 and other 
 receivables             (41,966)             -             - 
Accounts payable      (3,158,729)     2,547,916       610,813 
Amount due to 
 related parties          21,640          7,626        16,450 
Accrued expenses 
 and other 
 liabilities           3,702,668        951,932       194,508 
Income tax payable     1,601,933        970,148       152,917 
                      ----------    -----------    ---------- 
Net cash provided 
 by/(used in) 
 operating 
 activities            5,033,630       (454,121)      (83,780) 
                      ----------    -----------    ---------- 
 
CASH FLOWS FORM 
INVESTING ACTIVITY 
Purchase of 
 intangible assets    (7,410,933)             -             - 
                      ----------    -----------    ---------- 
Net cash used in 
 investing 
 activity             (7,410,933)             -             - 
                      ----------    -----------    ---------- 
 
CASH FLOWS FORM 
FINANCING 
ACTIVITIES 
Payment for listing 
 costs                  (817,871)             -             - 
Proceeds from 
 convertible 
 promissory notes      4,889,074              -             - 
Loan from a third 
 party                   977,156         66,545             - 
Repayment of loan 
 from a third 
 party                  (629,570)             -             - 
Loan from related 
 parties                 354,977        569,059       196,388 
Repayment of loan 
 from related 
 parties                  (3,638)       (45,102)     (114,465) 
                      ----------    -----------    ---------- 
Net cash provided 
 by financing 
 activities            4,770,128        590,502        81,923 
                      ----------    -----------    ---------- 
 
Effect of exchange 
 rate changes             45,860         (2,380)            - 
 
Net change in cash     2,438,685        134,001        (1,857) 
 
Cash at the 
 beginning of the 
 year                    142,401          8,400        10,257 
                      ----------    -----------    ---------- 
Cash at the end of 
 the year            $ 2,581,086   $    142,401   $     8,400 
                      ==========    ===========    ========== 
 
 

(END) Dow Jones Newswires

November 01, 2024 13:43 ET (17:43 GMT)