Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Operations and Comprehensive Income(Loss)

v3.20.2
Unaudited Consolidated Statements of Operations and Comprehensive Income(Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
REVENUE $ 15,448,083 $ 11,179,946 $ 56,218,216 $ 55,067,249
COST OF REVENUE 13,787,521 7,594,714 46,641,884 38,134,552
GROSS PROFIT 1,660,562 3,585,232 9,576,332 16,932,697
OPERATING EXPENSES:        
Selling 1,333,927 650,786 3,282,097 1,895,991
General and administrative 809,988 628,672 2,875,463 3,113,870
General and administrative - depreciation 773,812 913,986 2,274,579 2,885,203
Subsidy (4,440,731) (5,288,586) (12,778,819) (5,288,586)
Impairment loss 70,896 2,546,338
(Gain) loss on fixed assets disposal (1,777) 164,375
Total Operating Expenses (1,523,004) (3,026,023) (4,346,680) 5,317,191
INCOME FROM OPERATIONS 3,183,566 6,611,255 13,923,012 11,615,506
OTHER INCOME (EXPENSE):        
Interest income 973,265 6,131 3,335,877 26,420
Interest expense (4,036,524) (776,569) (9,871,949) (2,903,816)
Foreign currency transaction gain (loss) 747,678 (340,012) 402,987 (389,643)
Gain (loss) from cost method investment 764 (6,766) 133,517 340,885
Loss on equity method investment (82,586) (96,129) (351,129) (477,972)
Other expense (4,468) (987,517) (34,924) (735,359)
Total Other Expense, net (2,401,871) (2,200,862) (6,385,621) (4,139,485)
INCOME BEFORE INCOME TAXES 781,695 4,410,393 7,537,391 7,476,021
INCOME TAXES
NET INCOME 781,695 4,410,393 7,537,391 7,476,021
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 92,511 377,859 759,527 751,682
NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 689,184 4,032,534 6,777,864 6,724,339
COMPREHENSIVE INCOME (LOSS):        
NET INCOME 781,695 4,410,393 7,537,391 7,476,021
OTHER COMPREHENSIVE INCOME (LOSS)        
Unrealized foreign currency translation gain (loss) 5,700,836 (4,674,763) 3,846,221 (4,842,207)
COMPREHENSIVE INCOME (LOSS) 6,482,531 (264,370) 11,383,612 2,633,814
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 556,889 220,968 1,075,369 345,945
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY $ 5,925,642 $ (485,338) $ 10,308,243 $ 2,287,869
NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY        
Basic and diluted (in Dollars per share) $ 0.01 $ 0.05 $ 0.09 $ 0.09
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:        
Basic and diluted (in Shares) 79,071,363 79,055,053 79,060,490 79,055,053