Greenland Technologies Holding Corp

For the period ended Dec 31, 2023. Filed Apr 16, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Apr 16, 2024

GTEC$0.53+8.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	For the years ended December 31,
	2023	2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$(25,017,490)	$3,802,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,190,737	2,436,114
Amortization of deferred subsidy	(231,795)	(236,856)
Loss on disposal of property and equipment	31,072	1,511
Increase in allowance for expected credit losses	127,646	(32,316)
Increase in provision for inventory	271,453	359,534
Change in fair value of warrant liability	(1,398,774)	2,814,012
Increase in allowance for expected credit loss-related parties receivable	34,462,992	-
Deferred tax assets	(43,724)	(90,259)
Non-cash lease expenses	668,609	354,377
Impairment for investments	300,000	-
Loss on disposal of short term investment	25,325	-
Accrued interest income derived from loan to RP	(14,570)	-
Accrued expense	103,150	-
Changes in operating assets and liabilities:
Increase (Decrease) In:
Accounts receivable	(2,689,614)	406,963
Notes receivable	794,986	6,074,159
Inventories	(2,404,558)	400,982
Advance to suppliers	122,588	(11,187)
Other current and noncurrent assets	(6,335,159)	(7,816,943)
Increase (Decrease) In:
Accounts payable	1,163,794	(2,080,206)
Customer deposits	(83,204)	(133,803)
Other current liabilities	475,763	2,115,816
Income tax payables	572,857	94,634
Due to related parties	-	183,066
Long-term payables - unamortized deferred financing costs	-	(186,800)
Lease liabilities	(643,044)	(333,415)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$2,449,040	$8,122,066

FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (Continued)

	2023	2022
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of Long-term assets	$(735,498)	$(525,128)
Loan lent to third parties	(423,675)	-
Repayment of loans lend to third parties	1,835,925	-
Proceeds from sale of short-term investment	444,155	-
Investment in a joint venture	(50,000)	(250,000)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITES	$1,070,907	$(775,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term bank loans	$6,722,309	$11,697,621
Repayments of short-term bank loans	(12,424,974)	(10,786,753)
Notes payable	9,272,074	(10,847,677)
Proceeds from related parties	-	281,406
Repayment of loans from related parties	-	(2,159,416)
Repayment of loans from third parties	-	(1,481,087)
Payment of principal on financing lease obligation	-	(185,136)
Proceeds from equity and debt financing	-	9,196,563
Dividend paid	(703,595)	-
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITES	$2,865,814	$(4,284,479)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$6,385,761	$3,062,459
Effect of exchange rate changes on cash	2,074,570	(1,134,295)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	19,729,056	17,800,892
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$28,189,387	$19,729,056
Bank balances and cash	22,981,324	16,295,695
Bank balances and cash included in assets classified as restricted cash	5,208,063	3,433,361
Supplemental Disclosure of Cash Flow Information
Income taxes paid	977,985	695,315
Interest paid	277,158	405,174

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