Annual report pursuant to Section 13 and 15(d)

Condensed Parent Company Financial Information (Tables)

v3.8.0.1
Condensed Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2017
Condensed Parent Company Financial Information [Abstract]  
Schedule of condensed parent company balance sheets
    December 31,
2017
    December 31,
2016
 
ASSETS            
Current assets:            
Cash   $ -     $ 136,750  
Other receivable     75,000       75,000  
Investments in subsidiaries and VIEs at equity     143,479,989       128,507,533  
Total current assets     143,554,989       128,719,283  
Other assets:                
Property, plant and equipment     21,038,175       22,359,945  
Total assets   $ 164,593,164     $ 151,079,228  
LIABILITIES AND EQUITY                
Current liabilities:                
Due to related parties   $ 17,088,008     $ 11,366,974  
Total liabilities     17,088,008       11,366,974  
Shareholders’ equity:                
Equity attributable to owners of the company:                
Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2017 and 2016)     79,055       79,055  
Additional paid-in capital     81,682,599       111,008,085  
Retained earnings     53,327,532       26,830,042  
Accumulated other comprehensive loss     (5,731,889 )     (12,879,051 )
Total equity attributable to owners of the company     129,357,297       125,038,131  
Non-controlling interest     18,147,859       14,674,123  
Total shareholders’ equity     147,505,156       139,712,254  
Total liabilities and equity   $ 164,593,164     $ 151,079,228  
Schedule of condensed parent company statements of operations
    For the Year Ended December 31,  
    2017     2016     2015  
Revenue   $ -     $ -     $ -  
Cost of revenue     -       -       -  
Operating expenses:                        
General and administrative     (3,147,934 )     (2,456,219 )     (2,074,964 )
Total operating expenses     (3,147,934 )     (2,456,219 )     (2,074,964 )
Loss from operations     (3,147,934 )     (2,456,219 )     (2,074,964 )
Other (expense) income     (1,235 )     (542 )     (593 )
Loss attributable to parent only     (3,149,169 )     (2,456,761 )     (2,075,557 )
Equity in income (loss) of subsidiaries and VIEs     35,669,300       (12,220,550 )     21,633,959  
Net income (loss)     32,520,131       (14,677,311 )     19,558,402  
Less: net income (loss) attributable to the non-controlling interest     2,860,438       (959,688 )     1,205,485  
Net income (loss) attributable to owners of the company   $ 29,659,693     $ (13,717,623 )   $ 18,352,917  
Schedule of condensed parent company statements of cash flows

 

    For the Year Ended December 31,  
    2017     2016     2015  
CASH FLOWS FROM OPERATING ACTIVITES                  
Net income (loss)   $ 32,520,131     $ (14,677,311 )   $ 19,558,402  
Adjustments to reconcile net (loss) income to net cash used in operating activities:                        
Equity in loss (income) of subsidiaries and VIEs     (35,669,300 )     12,220,550       (21,633,959 )
Changes in assets and liabilities:                        
Prepaid expenses     -       -       2,819  
Other receivable     -       -       (75,000 )
Accrued liabilities and other payables     -       -       (11,099 )
Due to related parties     1,163,743       20,000       2  
NET CASH USED IN OPERATING ACTIVITIES     (1,985,426 )     (2,436,761 )     (2,158,835 )
CASH FLOWS FROM INVESTING ACTIVITIES                        
Investment payments to subsidiaries and VIEs     -       (114,036 )     (244,033 )
NET CASH USED IN INVESTING ACTIVITIES     -       (114,036 )     (244,033 )
CASH FLOWS FROM FINANCING ACTIVITIES                        
Cash acquired from subsidiaries and VIEs     (691,947 )     614,800       636,000  
Advances from related parties     -       5,063,620       3,910,000  
Return to related parties     5,702,826       -       -  
Payments made for dividend     (3,162,203 )     (3,162,202 )     (2,371,652 )
NET CASH PROVIDED BY FINANCING ACTIVITIES     1,848,676       2,516,218       2,174,348  
NET (DECREASE) INCREASE IN CASH     (136,750 )     (34,579 )     (228,520 )
CASH - beginning of year     136,750       171,329       399,849  
CASH - end of year   $ -     $ 136,750     $ 171,329