Annual report pursuant to Section 13 and 15(d)

Condensed Parent Company Financial Information (Tables)

v3.21.2
Condensed Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed parent company balance sheets
    December 31,
2020
    December 31,
2019
 
ASSETS            
Current assets:            
Cash   $
-
    $
-
 
Other receivable    
-
     
-
 
Investments in subsidiaries at equity     89,333,519       153,728,021  
Total current assets     89,333,519       153,728,021  
Other assets:                
Property, plant and equipment     1,540,520       18,394,635  
Total assets   $ 90,874,039     $ 172,122,656  
LIABILITIES AND EQUITY                
Current liabilities:                
Due to related parties   $ 5,894,349     $ 17,044,800  
Total liabilities     5,894,349       17,044,800  
Shareholders’ equity:                
Equity attributable to owners of the company:                
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 79,302,428 and 79,055,053 shares issued and outstanding at December 31, 2020 and 2019, respectively.)     79,302       79,055  
Additional paid-in capital     82,045,993       81,682,599  
Retained earnings     (2,843,043 )     70,035,205  
Accumulated other comprehensive loss     (9,568,873 )     (16,080,908 )
Total equity attributable to owners of the company     69,713,379       135,715,951  
Non-controlling interest     15,266,311       19,361,905  
Total shareholders’ equity     84,979,690       155,077,856  
Total liabilities and equity   $ 90,874,039     $ 172,122,656  

 

Schedule of condensed parent company statements of operations
    For the Year Ended December 31,  
    2020     2019     2018  
Revenue   $
-
    $
-
    $
-
 
Cost of revenue    
-
     
-
     
-
 
Operating expenses:                        
General and administrative     (17,215,617 )     (2,198,906 )     (2,730,666 )
Total operating expenses     (17,215,617 )     (2,198,906 )     (2,730,666 )
Loss from operations     (17,215,617 )     (2,198,906 )     (2,730,666 )
Other expense     (26 )     (8 )     (174 )
Loss attributable to parent only     (17,215,643 )     (2,198,914 )     (2,730,840 )
Equity in income of subsidiaries     (60,402,937 )     8,578,979       17,543,538  
Net (loss) income     (77,618,580 )     6,380,065       14,812,698  
Less: net income attributable to the non-controlling interest     (4,740,332 )     698,041       1,415,397  
Net (loss) income attributable to owners of the company   $ (72,878,248 )   $ 5,682,024     $ 13,397,301  

 

Schedule of condensed parent company statements of cash flows
    For the Year Ended December 31,  
    2020     2019     2018  
CASH FLOWS FROM OPERATING ACTIVITES                  
Net (loss) income   $ (77,618,580 )   $ 6,380,065     $ 14,812,698  
Adjustments to reconcile net income(loss) to net cash used in operating activities:                        
Equity in (income) loss of subsidiaries     60,402,937       (8,578,979 )     (17,543,538 )
Changes in assets and liabilities:                        
Prepaid expenses    
-
     
-
     
-
 
Other receivable    
-
     
-
     
-
 
Accrued liabilities and other payables    
-
     
-
     
-
 
Due to related parties     23,430,302       37,947       (20,000 )
NET CASH USED IN OPERATING ACTIVITIES     6,214,659       (2,160,967 )     (2,750,840 )
CASH FLOWS FROM INVESTING ACTIVITIES                        
Investment payments to subsidiaries    
-
     
-
     
-
 
NET CASH USED IN INVESTING ACTIVITIES    
-
     
-
     
-
 
CASH FLOWS FROM FINANCING ACTIVITIES                        
Cash acquired from subsidiaries     4,935,792       2,165,959       5,140,707  
Advances from related parties    
-
     
-
     
-
 
Return to related parties     (11,150,452 )     (4,992 )     (18,215 )
Payments made for dividend    
-
     
-
      (2,371,652 )
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (6,214,659 )     2,160,967       2,750,840  
NET (DECREASE) INCREASE IN CASH    
-
     
-
     
-
 
CASH - beginning of year    
-
     
-
     
-
 
CASH - end of year   $
-
    $
-
    $
-