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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)