Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.21.2
Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 18 – SUBSEQUENT EVENTS

 

On January 8, 2021, the Company received $4 million investment through issuing 4,000,000 of its Series A Convertible Preferred Shares, par value $0.001 per share (“Series A Preferred Shares”), in a registered direct offering. Each Series A Preferred Share is convertible into the Company’s ordinary shares at a conversion price per share equal to the lesser of (i) $2.00 and (ii) 90% of the lowest volume weighted average price of the ordinary shares on a trading day during the ten trading days prior to the conversion date, but not lower than $0.44, subject to certain adjustments. Holders of Series A Preferred Shares are entitled to receive dividends of 8.0% per annum. In connection with the offering, the Company engaged Spartan Capital Securities, LLC to act as its exclusive placement agent. In consideration for its placement agent services, the Company paid Spartan Capital Securities, in addition to certain other fees and expenses, warrants to purchase 149,733 ordinary shares of the Company at an exercise price per share of $1.87, subject to adjustment. The warrants are exercisable, in whole or in part, commencing on a date that is six months and one day after the closing of the offering and expire on the five-year anniversary of the closing.

 

On January 18, 2021, the Company received a loan of $34.0 million from The Export-Import Bank of China. The loan is due on January 15, 2023 with interest of 4.00%.

 

On January 20, 2021, the Company received loans of $29.1 million and $12.6 million from Haixia Bank. The loans are due on January 19 and 20, 2022 with interest of 6.09%.

 

On January 22, 2021, the Company repaid a short-term bank loan of $41.7 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On January 29, 2021, the Company received a government subsidy of $860,653.

 

On February 1, 2021, the Company received a loan of $2.8 million from Haixia Bank. The loan is due on January 20, 2022 with interest of 6.09%.

 

On February 7, 2021, the Company repaid a long-term bank loan of $4.83 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On February 18, 2021, the Company received a loan of $11.0 million from The Export-Import Bank of China. The loan is due on February 17, 2023 with interest of 2.20%.

 

On February 21, 2021, the Company repaid a long-term bank loan of $0.3 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On March 8, 2021, the Company sold 3,625,954 ordinary shares at a price of $1.31 per share, and 2,719,464 five-year warrants to purchase ordinary shares at an exercise price of $1.31 per share, in a registered direct offering. The net proceeds to the Company from this offering were approximately $4.35 million. In connection with the offering, the Company engaged Spartan Capital Securities, to act as its exclusive placement agent. In consideration for its placement agent services, the Company paid Spartan Capital Securities, in addition to certain other fees and expenses, warrants to purchase 253,816 ordinary shares of the Company at an exercise price per share of $1.31, subject to adjustment. The warrants are exercisable, in whole or in part, commencing on a date that is six months and one day after the closing of the offering and expire on the five-year anniversary of the closing.

 

On March 21, 2021, the Company repaid a long-term bank loan of $6.1 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On April 21, 2021, the Company repaid a long-term bank loan of $5.0 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On May 12, 2021, the Company repaid a long-term bank loan of $0.8 million to The China Development Bank in accordance with the loan repayment schedule.

 

On June 18, 2021, the Company repaid a long-term bank loan of $1.0 million to The China Development Bank in accordance with the loan repayment schedule.

 

On June 17, 2021, the Company received a government subsidy of $389,278.

 

On June 21, 2021, the Company repaid a long-term bank loan of $3.8 million to The Bank of Communications in accordance with the loan repayment schedule.

 

On June 29, 2021, the Company received a loan of $22.5 million from The Export-Import Bank of China. The loan is due on June 21, 2028 with interest of 4.65%.

 

On July 21, 2021, the Company repaid a long-term bank loan of $0.7 million to The Bank of Communications in accordance with the loan repayment schedule.

 

On August 19, 2021, the Company received a government subsidy of $229,889.

 

On August 21, 2021, the Company repaid a short-term loan and a long-term bank loan of $0.4 million and $4.8 million to The Export-Import Bank of China in accordance with the loan repayment schedule, respectively.

 

On September 2, 2021, the Company received a loan of $4.1 million from The Export-Import Bank of China. The loan is due on July 1, 2023 with interest of 2.20%.

 

On September 2, 2021, the Company repaid a long-term bank loan of $4.3 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On September 10, 2021, the Company received a loan of $1.1 million from The Export-Import Bank of China. The loan is due on July 1, 2023 with interest of 2.20%.

 

On September 10, 2021, the Company repaid a long-term bank loan of $1.2 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On September 15, 2021, the Company received a loan of $4.4 million from The Export-Import Bank of China. The loan is due on July 1, 2023 with interest of 2.20%.

 

On September 15, 2021, the Company repaid a long-term bank loan of $4.4 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On September 21, 2021, the Company repaid a long-term bank loan of $6.1 million to The Export-Import Bank of China in accordance with the loan repayment schedule.

 

On September 30, 2021, the Company received a government subsidy of $17,506,169.