Condensed Parent Company Financial Information (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Condensed Financial Information Disclosure [Abstract] |
|
Schedule of condensed parent company balance sheets |
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|
December 31, 2021 |
|
|
December 31, 2020 |
|
ASSETS |
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Current assets: |
|
|
|
|
|
|
Cash |
|
$ |
- |
|
|
$ |
- |
|
Other receivable |
|
|
- |
|
|
|
- |
|
Investments in subsidiaries at equity |
|
|
98,636,238 |
|
|
|
89,333,519 |
|
Total current assets |
|
|
98,636,238 |
|
|
|
89,333,519 |
|
Other assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
1,540,520 |
|
|
|
1,540,520 |
|
Total assets |
|
$ |
100,176,758 |
|
|
$ |
90,874,039 |
|
LIABILITIES AND EQUITY |
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|
|
|
|
|
|
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Current liabilities: |
|
|
|
|
|
|
|
|
Due to related parties |
|
$ |
8,086,879 |
|
|
$ |
5,894,349 |
|
Total liabilities |
|
|
8,086,879 |
|
|
|
5,894,349 |
|
Shareholders’ equity: |
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|
|
|
|
|
|
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Equity attributable to owners of the company: |
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|
|
|
|
|
|
|
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and outstanding at December 31, 2021 and 2020, respectively.) |
|
|
85,941 |
|
|
|
79,302 |
|
Additional paid-in capital |
|
|
88,938,870 |
|
|
|
82,045,993 |
|
Retained earnings |
|
|
(5,623,762 |
) |
|
|
(2,843,043 |
) |
Accumulated other comprehensive loss |
|
|
(6,919,882 |
) |
|
|
(9,568,873 |
) |
Total equity attributable to owners of the company |
|
|
76,481,167 |
|
|
|
69,713,379 |
|
Non-controlling interest |
|
|
15,608,712 |
|
|
|
15,266,311 |
|
Total shareholders’ equity |
|
|
92,089,879 |
|
|
|
84,979,690 |
|
Total liabilities and equity |
|
$ |
100,176,758 |
|
|
$ |
90,874,039 |
|
|
Schedule of condensed parent company statements of operations |
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For the Year Ended December 31, |
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2021 |
|
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2020 |
|
|
2019 |
|
Revenue |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Cost of revenue |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
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General and administrative |
|
|
(3,989,031 |
) |
|
|
(17,215,617 |
) |
|
|
(2,198,906 |
) |
Total operating expenses |
|
|
(3,989,031 |
) |
|
|
(17,215,617 |
) |
|
|
(2,198,906 |
) |
Loss from operations |
|
|
(3,989,031 |
) |
|
|
(17,215,617 |
) |
|
|
(2,198,906 |
) |
Other expense |
|
|
- |
|
|
|
(26 |
) |
|
|
(8 |
) |
Loss attributable to parent only |
|
|
(3,989,031 |
) |
|
|
(17,215,643 |
) |
|
|
(2,198,914 |
) |
Equity in income of subsidiaries |
|
|
1,603,732 |
|
|
|
(60,402,937 |
) |
|
|
8,578,979 |
|
Net (loss) income |
|
|
(2,385,299 |
) |
|
|
(77,618,580 |
) |
|
|
6,380,065 |
|
Less: net income attributable to the non-controlling interest |
|
|
95,420 |
|
|
|
(4,740,332 |
) |
|
|
698,041 |
|
Net (loss) income attributable to owners of the company |
|
$ |
(2,480,719 |
) |
|
$ |
(72,878,248 |
) |
|
$ |
5,682,024 |
|
|
Schedule of condensed parent company statements of cash flows |
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For the Year Ended December 31, |
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2021 |
|
|
2020 |
|
|
2019 |
|
CASH FLOWS FROM OPERATING ACTIVITES |
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|
|
|
|
|
|
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|
Net (loss) income |
|
$ |
(2,385,299 |
) |
|
$ |
(77,618,580 |
) |
|
$ |
6,380,065 |
|
Adjustments to reconcile net income(loss) to net cash used in operating activities: |
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|
|
|
|
|
|
|
|
|
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Equity in (income) loss of subsidiaries |
|
|
(1,603,735 |
) |
|
|
60,402,937 |
|
|
|
(8,578,979 |
) |
Changes in assets and liabilities: |
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|
|
|
|
|
|
|
|
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Prepaid expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Accrued liabilities and other payables |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Due to related parties |
|
|
(305,012 |
) |
|
|
23,430,302 |
|
|
|
37,947 |
|
NET CASH USED IN OPERATING ACTIVITIES |
|
|
(4,294,046 |
) |
|
|
6,214,659 |
|
|
|
(2,160,967 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Investment payments to subsidiaries |
|
|
- |
|
|
|
- |
|
|
|
- |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
- |
|
|
|
- |
|
|
|
- |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
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|
|
|
|
|
|
|
|
|
|
|
Loan from subsidiaries |
|
|
2,401,516 |
|
|
|
4,935,792 |
|
|
|
2,165,959 |
|
Advances from related parties |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Return to related parties |
|
|
2,192,530 |
|
|
|
(11,150,452 |
) |
|
|
(4,992 |
) |
Payment of preferred dividends |
|
|
(300,000 |
) |
|
|
- |
|
|
|
- |
|
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |
|
|
4,294,046 |
|
|
|
(6,214,659 |
) |
|
|
2,160,967 |
|
NET (DECREASE) INCREASE IN CASH |
|
|
- |
|
|
|
- |
|
|
|
- |
|
CASH - beginning of year |
|
|
- |
|
|
|
- |
|
|
|
- |
|
CASH - end of year |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|