Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Condensed Parent Company Financial Information (Tables)

v3.22.1
Condensed Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule of condensed parent company balance sheets
    December 31,
2021
    December 31,
2020
 
ASSETS            
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                
Current liabilities:                
Due to related parties   $ 8,086,879     $ 5,894,349  
Total liabilities     8,086,879       5,894,349  
Shareholders’ equity:                
Equity attributable to owners of the company:                
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
    For the Year Ended December 31,  
    2021     2020     2019  
Revenue   $
-
    $
-
    $
-
 
Cost of revenue    
-
     
-
     
-
 
Operating expenses:                        
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
    For the Year Ended December 31,  
    2021     2020     2019  
CASH FLOWS FROM OPERATING ACTIVITES                  
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:                        
Equity in (income) loss of subsidiaries     (1,603,735 )     60,402,937       (8,578,979 )
Changes in assets and liabilities:                        
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                        
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   $
-
    $
-
    $
-