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ADVANCES FROM CUSTOMERS

12 Months Ended

Dec. 31, 2019

ADVANCES FROM CUSTOMERS

ADVANCES FROM CUSTOMERS

10. ADVANCES FROM CUSTOMERS

Advances from customers represent prepayments from customers and are recognized as revenue in accordance with the Group’s revenue recognition policy.

Advances from customers consist of the following and is analyzed as long-term and short-term portion respectively:

		December 31,
		2018			2019
Customer A		$	15,827,579		$	28,123,324
Customer B			392,037			4,184,426
Customer D			—			1,503,529
Customer E			1,017,427			905,840
Others			245,897			464,976
Total		$	17,482,940		$	35,182,095
Less: Advances from customers – short-term portion		$	10,213,940		$	33,027,795
Advances from customers – long-term portion		$	7,269,000		$	2,154,300

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- References

No definition available.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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