Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Operations and Comprehensive Income(Loss)

v3.19.3
Unaudited Consolidated Statements of Operations and Comprehensive Income(Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
REVENUE $ 11,179,946 $ 14,685,465 $ 55,067,249 $ 39,175,903
COST OF REVENUE 7,594,714 5,300,829 38,134,552 17,235,179
GROSS PROFIT 3,585,232 9,384,636 16,932,697 21,940,724
OPERATING EXPENSES:        
Selling 650,786 319,919 1,895,991 1,181,720
General and administrative 628,672 774,693 3,113,870 3,855,961
General and administrative - depreciation 913,986 1,378,056 2,885,203 4,423,289
Subsidy (5,288,586) (7,477,736) (5,288,586) (8,529,848)
Impairment loss 70,896 2,546,338
(Gain) loss on fixed assets disposal (1,777) (49,626) 164,375 2,129,124
Total Operating Expenses (3,026,023) (5,054,694) 5,317,191 3,060,246
INCOME FROM OPERATIONS 6,611,255 14,439,330 11,615,506 18,880,478
OTHER INCOME (EXPENSE):        
Interest income 6,131 4,552 26,420 39,084
Interest expense (776,569) (261,974) (2,903,816) (919,542)
Foreign currency transaction loss (340,012) (373,237) (389,643) (207,022)
(Loss) gain from cost method investment (6,766) (9,052) 340,885 388,368
Loss on equity method investment (96,129) (60,422) (477,972) (121,537)
Other expense (987,517) (2,312) (735,359) (2,997)
Total Other Expense, net (2,200,862) (702,445) (4,139,485) (823,646)
INCOME BEFORE INCOME TAXES 4,410,393 13,736,885 7,476,021 18,056,832
INCOME TAXES
NET INCOME 4,410,393 13,736,885 7,476,021 18,056,832
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 377,859 1,133,820 751,682 1,635,990
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 4,032,534 12,603,065 6,724,339 16,420,842
COMPREHENSIVE INCOME (LOSS):        
NET INCOME 4,410,393 13,736,885 7,476,021 18,056,832
OTHER COMPREHENSIVE (LOSS) INCOME        
Unrealized foreign currency translation loss (5,966,142) (6,297,631) (3,066,793) (8,348,613)
COMPREHENSIVE (LOSS) INCOME (1,555,749) 7,439,254 4,409,228 9,708,219
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 220,968 630,060 345,945 968,131
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY $ (1,776,717) $ 6,809,194 $ 4,063,283 $ 8,740,088
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted $ 0.05 $ 0.16 $ 0.09 $ 0.21
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic and diluted 79,055,053 79,055,053 79,055,053 79,055,053