XML 62 R31.htm IDEA: XBRL DOCUMENT
v3.19.1

EXIT and DISPOSAL ACTIVITIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | Assets and liabilities of the discontinued operations
|  | December 31, |
|  | 2017 |  |  | 2018 |
ASSETS: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 6,873,659 |  |  | $ | 982,019 |
Restricted cash |  |  | 2,078,601 |  |  |  | 109,171 |
Accounts receivable, net of allowance for doubtful accounts of $7,993 and nil as of December 31, 2017 and 2018 |  |  | 2,271,372 |  |  |  | - |
Notes receivable |  |  | 6,506,648 |  |  |  | 1,524,747 |
Prepaid expenses and other current assets |  |  | 1,492,944 |  |  |  | 23,889 |
Advances to suppliers |  |  | 1,080,506 |  |  |  | 6,132 |
Inventories |  |  | 3,919,834 |  |  |  | - |
Amount due from related parties |  |  | 8,991,640 |  |  |  | 2,367,657 |
Total current assets associated with discontinued operations |  | $ | 33,215,204 |  |  | $ | 5,013,615 |
Property, plant and equipment, net |  |  | 93,662,275 |  |  |  | - |
Prepaid land use rights, net |  |  | 1,812,333 |  |  |  | - |
Long-lived assets held-for-sale |  |  | - |  |  |  | 59,523,588 |
Total non-current assets associated with discontinued operations |  | $ | 95,474,608 |  |  | $ | 59,523,588 |
LIABILITIES: |  |  |  |  |  |  |  |
Short-term bank borrowings, including current portion of long-term bank borrowings |  | $ | 25,515,860 |  |  | $ | 10,176,600 |
Accounts payable |  |  | 3,092,222 |  |  |  | 685,569 |
Notes payable |  |  | 2,078,601 |  |  |  | 109,171 |
Advances from customers |  |  | 313,371 |  |  |  | - |
Payables for purchases of property, plant and equipment |  |  | 3,408,015 |  |  |  | 1,074,155 |
Accrued expenses and other current liabilities |  |  | 5,312,623 |  |  |  | 1,315,848 |
Amount due to related parties |  |  | 4,932,778 |  |  |  | 5,314,587 |
Total current liabilities associated with discontinued operations |  | $ | 44,653,470 |  |  | $ | 18,675,930 |
Long-term bank borrowings |  |  | 2,151,940 |  |  |  | - |
Deferred government subsidies |  |  | 846,826 |  |  |  | 723,035 |
Total non-current liabilities associated with discontinued operations |  | $ | 2,998,766 |  |  | $ | 723,035 |
Results of the discontinued operations
|  | Year ended December 31, |
|  | 2016 |  |  | 2017 |  |  | 2018 |
Revenues |  | $ | 32,882,110 |  |  | $ | 29,652,458 |  |  | $ | 7,112,528 |
Cost of revenues |  |  | (30,264,391 | ) |  |  | (30,227,536 | ) |  |  | (9,782,928 | )
Gross profit (loss) |  |  | 2,617,719 |  |  |  | (575,078 | ) |  |  | (2,670,400 | )
Operating (expenses) income: |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  |  | (1,022,179 | ) |  |  | (1,621,977 | ) |  |  | (2,723,335 | )
Research and development expenses |  |  | (123,024 | ) |  |  | (204,658 | ) |  |  | (608 | )
Long-lived assets impairment |  |  | (198,689 | ) |  |  | (2,987,668 | ) |  |  | (18,769,938 | )
Other operating income, net |  |  | 3,040,004 |  |  |  | 3,019,556 |  |  |  | 1,928,362 |
Total operating income (expenses) |  |  | 1,696,112 |  |  |  | (1,794,747 | ) |  |  | (19,565,519 | )
Income (loss) from operations |  |  | 4,313,831 |  |  |  | (2,369,825 | ) |  |  | (22,235,919 | )
Interest expense |  |  | (1,848,002 | ) |  |  | (1,743,124 | ) |  |  | (1,074,251 | )
Interest income |  |  | 258,737 |  |  |  | 22,716 |  |  |  | 22,794 |
Exchange (loss) gain |  |  | (13,975 | ) |  |  | 2,308 |  |  |  | (17,669 | )
Income (loss) from discontinued operations, net of tax of nil |  | $ | 2,710,591 |  |  | $ | (4,087,925 | ) |  | $ | (23,305,045 | )
All notes to the accompanying consolidated financial statements have been retrospectively adjusted to reflect the effect of the discontinued operations, where applicable. Condensed cash flow of the discontinued operations
|  | Year ended December 31, |
|  | 2016 |  |  | 2017 |  |  | 2018 |
Net cash provided by operating activities |  | $ | 14,122,875 |  |  | $ | 5,048,042 |  |  | $ | 17,994,548 |
Net cash (used in) provided by investing activities |  |  | (975,550 | ) |  |  | (3,752,066 | ) |  |  | 616,988 |
Net cash used in financing activities |  |  | (33,711,235 | ) |  |  | (8,742,573 | ) |  |  | (16,778,925 | )

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration