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EXIT AND DISPOSAL ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2019
EXIT AND DISPOSAL ACTIVITIES  
Disposal Groups, Including Discontinued Operations

Assets and liabilities of the discontinued operations

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2018

    

2019

ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

982,019

 

$

845,199

Restricted cash

 

 

109,171

 

 

 —

Notes receivable

 

 

1,524,747

 

 

64,629

Prepaid expenses and other current assets

 

 

23,889

 

 

15,341

Advances to suppliers

 

 

6,132

 

 

488

Amount due from related parties

 

 

2,367,657

 

 

 —

Total current assets associated with discontinued operations

 

$

5,013,615

 

$

925,657

Long-lived assets held-for-sale

 

 

52,491,206

 

 

216,698

Total non-current assets associated with discontinued operations

 

$

52,491,206

 

$

216,698

 

 

 

 

 

 

 

LIABILITIES:

 

 

  

 

 

  

Short-term bank borrowings, including current portion of long-term bank borrowings

 

$

10,176,600

 

$

 —

Accounts payable

 

 

685,569

 

 

541,696

Notes payable

 

 

109,171

 

 

 —

Advances from customers

 

 

 —

 

 

2,046

Payables for purchases of property, plant and equipment

 

 

1,074,155

 

 

359,119

Accrued expenses and other current liabilities

 

 

1,315,848

 

 

73,129

Amount due to related parties

 

 

5,314,587

 

 

187,882

Total current liabilities associated with discontinued operations

 

$

18,675,930

 

$

1,163,872

Deferred government subsidies

 

 

723,035

 

 

 —

Total non-current liabilities associated with discontinued operations

 

$

723,035

 

$

 —

 

Results of the discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 

 

    

2017

    

2018

    

2019

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

29,652,458

 

$

7,112,528

 

$

 —

Cost of revenues

 

 

(29,960,870)

 

 

(9,510,064)

 

 

 —

Gross loss

 

 

(308,412)

 

 

(2,397,536)

 

 

 —

Operating (expenses) income:

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

(1,621,977)

 

 

(2,723,335)

 

 

(147,057)

Research and development expenses

 

 

(204,658)

 

 

(608)

 

 

 —

Long-lived assets impairment

 

 

(2,987,668)

 

 

(18,769,938)

 

 

 —

Other operating income, net

 

 

3,019,556

 

 

1,928,362

 

 

1,485,183

Total operating income (expenses)

 

 

(1,794,747)

 

 

(19,565,519)

 

 

1,338,126

(Loss) income from operations

 

 

(2,103,159)

 

 

(21,963,055)

 

 

1,338,126

Interest expense

 

 

(1,743,124)

 

 

(1,074,251)

 

 

(78,728)

Interest income

 

 

22,716

 

 

22,794

 

 

1,391

Exchange gain (loss)

 

 

2,308

 

 

(17,669)

 

 

 1

(Loss) income from discontinued operations, net of tax of nil

 

$

(3,821,259)

 

$

(23,032,181)

 

$

1,260,790

 

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, 

 

    

2017

    

2018

    

2019

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

5,048,042

 

$

17,994,548

 

$

1,010,130

Net cash (used in) provided by investing activities

 

 

(3,752,066)

 

 

616,988

 

 

1,456,521

Net cash used in financing activities

 

 

(8,742,573)

 

 

(16,778,925)

 

 

(2,650,931)