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Variable Interest Entity | 12 Months Ended
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Dec. 31, 2017
Variable Interest Entity [Abstract] |
Variable interest entity | Note 3 – Variable interest entity On June 8, 2017, Golden Bull WFOE entered into Contractual Arrangements with Shanghai Dianniu and Shanghai Baoxun and its Participating Shareholders. On December 4, 2017, Shanxi Xifeng Investment Co., Ltd., a former Shareholder of Shanghai Dianniu, transferred its 4.0625% equity interest in Shanghai Dianniu to Xiaohui Liu, a Participating Shareholder. As a result, Golden Bull WFOE, Shanghai Dianniu, and Shanghai Dianniu Participating Shareholders amended the Contractual Arrangements and the equity interest of Shanghai Dianniu Participating Shareholders increased from 89.2% to 93.2% in the Contractual Arrangements. The significant terms of these Contractual Arrangements are summarized in “Note 1 - Nature of business and organization” above. As a result, the Company classifies Shanghai Dianniu and Shanghai Baoxun as VIE’s. A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Golden Bull WFOE is deemed to have a controlling financial interest and be the primary beneficiary of Shanghai Dianniu because it has both of the following characteristics:
| (1) | The power to direct activities at Shanghai Dianniu and Shanghai Baoxun that most significantly impact such entity’s economic performance, and
| (2) | The obligation to absorb losses of, and the right to receive benefits from Shanghai Dianniu and Shanghai Baoxun that could potentially be significant to such entity.
Accordingly, the accounts of Shanghai Dianniu and Shanghai Baoxun are consolidated in the accompanying financial statements pursuant to ASC 810-10, Consolidation. In addition, their financial positions and results of operations are included in the Company’s consolidated financial statements. The carrying amounts of the VIEs’ consolidated assets and liabilities are as follows:
|  | December 31, 2017 |  |  | December 31, 2016 |
Current assets |  | $ | 7,304,993 |  |  | $ | 7,910,963 |
Property and equipment, net |  |  | 83,522 |  |  |  | 86,683 |
Other noncurrent assets |  |  | 1,984,507 |  |  |  | 1,104,447 |
Total assets |  |  | 9,373,022 |  |  |  | 9,102,093 |
Total liabilities |  |  | 469,232 |  |  |  | 282,293 |
Net assets |  | $ | 8,903,790 |  |  | $ | 8,819,800 |
|  | December 31, 2017 |  |  | December 31, 2016 |
Current liabilities: |  |  |  |  |  |  |  |
Other payables and accrued liabilities |  | $ | 433,585 |  |  | $ | 173,810 |
Deferred revenues |  |  | - |  |  |  | 13,281 |
Deferred rent liabilities |  |  | - |  |  |  | 13,046 |
Taxes payable |  |  | 35,647 |  |  |  | 82,156 |
Total liabilities |  | $ | 469,232 |  |  | $ | 282,293 |
The summarized operating results of the VIEs’ are as follows:
|  | For the year ended December 31, 2017 |  |  | For the year ended December 31, 2016 |  |  | For the period from November 17, 2015 (inception) to December 31, 2015 |
Operating revenues |  | $ | 6,953,757 |  |  | $ | 3,705,770 |  |  | $ | - |
Income (loss) from operations |  | $ | (871,143 | ) |  | $ | 216,854 |  |  | $ | (141,693 | )
Net income (loss) |  | $ | (508,491 | ) |  | $ | 164,811 |  |  | $ | (106,269 | )

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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