MULIANG VIAGOO TECHNOLOGY, INC.
CIK:0001629665|SEC Filings
Consolidated Statements of Cash Flows - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $ 1,838,281 | $ 2,919,536 |
| Net profit(loss) from discontinued operations | 988,854 | (270,662) |
| Net income from continuing operations | 849,427 | 3,190,198 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 795,232 | 527,193 |
| Provision for expected credit losses | 2,402,501 | 237,191 |
| Amortization of land use right assets | 29,954 | 31,496 |
| Deferred income tax assets | (709,796) | |
| Amortization of Operating lease right of use assets | 56,270 | 68,270 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (1,926,608) | (1,589,257) |
| Inventories | 114,357 | (72,908) |
| Prepayment | 250,901 | 2,663,209 |
| Other receivables | (1,959) | (1,592,071) |
| Accounts payable and accrued payables | (963,371) | (5,303,952) |
| Advances from customers | (257,982) | 10,526 |
| Income tax payable | 709,156 | 432,626 |
| Lease liability | (44,995) | (67,742) |
| Other payables | (2,237,495) | 148,465 |
| Net cash used in operating activities from continuing operations | (934,408) | (1,316,756) |
| Net cash provided by operating activities from discontinued operations | 14,734 | |
| Net cash used in operating activities | (934,408) | (1,302,022) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of Intangible assets | (126,208) | |
| Purchase of Property, plant and equipment, net | (178,527) | |
| Net cash used in investing activities from discontinued operations | 0 | 0 |
| Net cash used in investing activities | (178,527) | (126,208) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from (repayment to) related party | 602,090 | 1,755,885 |
| Repayment of short-term loans | (226,224) | (311,425) |
| Net cash used in financing activities from discontinued operations | 0 | 0 |
| Net cash provided by financing activities | 375,866 | 1,444,460 |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | 730,336 | 19,070 |
| NET (DECREASE)INCREASE IN CASH | (6,733) | 35,300 |
| CASH, BEGINNING OF YEAR | 73,313 | 38,013 |
| CASH, END OF YEAR | 66,580 | 73,313 |
| LESS: CASH, CASH EQUIVALENTS AND RESTRICTED CASH FROM DISCONTINUED OPERATIONS | 65,191 | 65,191 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH FROM CONTINUING OPERATIONS | 1,389 | 8,122 |
| Cash paid during the period for: | ||
| Cash paid for interest expense, net of capitalized interest | 6,175 | 160,254 |
| Cash paid for income tax | ||
| NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES | ||
| Long term investment without paying cash | ||
| Initial recognition of operating lease right of use asset | $ 25,875 | |
Consolidated Balance Sheets - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
| Current Assets: | ||||
| Cash and cash equivalents | $ 1,389 | $ 8,122 | ||
| Accounts receivable, net | 11,114,319 | 11,745,426 | ||
| Inventories | 75,408 | 194,226 | ||
| Prepayments | 3,316,015 | 3,719,342 | ||
| Other receivables, net | 41,329 | 1,507,443 | ||
| Current assets of discontinued operations | 159,962 | |||
| Total Current Assets | 14,548,460 | 17,334,522 | ||
| Long term investment | 18,526 | |||
| Property, plant and equipment, net | 5,284,717 | 5,620,528 | ||
| Land use right assets | 1,215,297 | 1,227,342 | ||
| Operating lease right of use asset, net | 24,799 | 140,120 | ||
| Intangible assets, net | 46,885 | |||
| Productive biological asset | 106,131 | 382,978 | ||
| Other assets and deposits | 19,348 | 19,798 | ||
| Deferred tax asset | 946,451 | 241,866 | ||
| Other assets of discontinued operations | 58,887 | |||
| Total Assets | 22,145,203 | 25,091,453 | ||
| Current Liabilities: | ||||
| Current portion of long-term debt | 773,039 | 1,039,243 | ||
| Accounts payable and accrued liability | 1,440,741 | 2,420,204 | ||
| Advances from customers | 223,928 | 282,978 | ||
| Operating lease liabilities – current | 13,224 | 56,165 | ||
| Income tax payable | 1,609,873 | 921,374 | ||
| Other payables | 445,994 | 2,438,546 | ||
| Current liabilities of discontinued operations | 1,018,224 | |||
| Total Current Liabilities | 4,842,594 | 9,221,958 | ||
| Long-term loans | 16,266 | |||
| Operating lease liabilities – noncurrent | 6,846 | 67,573 | ||
| Other liabilities of discontinued operations | 8,553 | |||
| Total Liabilities | 4,865,706 | 9,298,084 | ||
| Commitments and contingencies | ||||
| Stockholders’ Equity: | ||||
| Series A Preferred Stock，$0.0001 par value, 50,000,000 shares authorized (of which 15,000,000 shares are designated as Series A Preferred Stock), 9,500,000 shares issued and outstanding as of December 31, 2023 and 2022.* | [1] | 950 | 950 | |
| Common stock, $0.0001 par value, 250,000,000 shares authorized, 19,251,657 shares issued and outstanding as of December 31, 2023 and 2022.* | [1] | 1,925 | 1,925 | |
| Statutory Reserve | 40,724 | |||
| Additional paid in capital | 18,804,295 | 19,936,668 | ||
| Accumulated deficit | (1,744,135) | (3,965,137) | ||
| Accumulated other comprehensive income(loss) | 63,396 | (328,151) | ||
| Stockholders’ Equity - Muliang Viagoo Technology Inc. and Subsidiaries | 17,167,155 | 15,646,255 | ||
| Noncontrolling interest | 112,342 | 147,114 | ||
| Total Stockholders’ Equity | 17,279,497 | 15,793,369 | ||
| Total Liabilities and Stockholders’ Equity | 22,145,203 | 25,091,453 | ||
| Related Party | ||||
| Current Liabilities: | ||||
| Due to related party | $ 335,795 | $ 1,045,224 | ||
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