Annual report pursuant to Section 13 and 15(d)

Condensed Parent Company Financial Information (Details 2)

v3.8.0.1
Condensed Parent Company Financial Information (Details 2) - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES                      
Net income (loss) $ 5,337 $ 6,529 $ 9,811 $ 10,843 $ 9,223 $ (13,899) $ (4,522) $ (5,479) $ 32,520,131 $ (14,677,311) $ 19,558,402
Changes in assets and liabilities:                      
Prepaid expenses                 98,606 6,729 (30,633)
Other receivables                 (32,439,871) 1,994,127 (87,907)
Accrued liabilities and other payables                 254,242 (334,820) (266,105)
Due to related parties                 (23,354) 20,000 1,292
NET CASH USED IN OPERATING ACTIVITIES                 68,439,426 (4,950,046) 40,853,550
CASH FLOWS FROM INVESTING ACTIVITIES                      
NET CASH USED IN INVESTING ACTIVITIES                 (43,555,727) (13,081,250) (66,187,228)
CASH FLOWS FROM FINANCING ACTIVITIES                      
Advances from related parties                 4,328,693 5,063,620 3,910,000
Return to related parties                 13,349,417
Payments made for dividend                 3,162,203 3,162,202 2,371,652
NET CASH PROVIDED BY FINANCING ACTIVITIES                 (22,597,496) 7,871,414 23,881,357
NET (DECREASE) INCREASE IN CASH                 1,185,144 (10,628,288) (1,303,588)
CASH AND CASH EQUIVALENTS - beginning of year       820,396       11,448,684 820,396 11,448,684 12,752,272
CASH AND CASH EQUIVALENTS - end of year 2,005,540       820,396       2,005,540 820,396 11,448,684
Parent [Member]                      
CASH FLOWS FROM OPERATING ACTIVITIES                      
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 receivables                 (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 AND CASH EQUIVALENTS - beginning of year       $ 136,750       $ 171,329 136,750 171,329 399,849
CASH AND CASH EQUIVALENTS - end of year       $ 136,750       $ 136,750 $ 171,329