As of September 30, 2020, the balan

As of September 30, 2020, the balance of cash and cash equivalents is $1.57 million, increased by $9,700 or 1% in comparision with the balance of September 30, 2019. The change was because of following cash movement. Net cash used in operating activities is $2.32 million, which was mainly contributed by net income of $2.34 million, adjustments related to depreciation and amortization expenses of $1.03 million, net against by changes in operating assets and liabilities of $5.80 million. Net cash used in investing activites is $19k which is mainly used to purchase property and equitpment. Net cash provided by financing activities is $2.27 million, which was mainly proceeds from short-term bank loans and issuance of converitble preferred shares.