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Basis of Presentation
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

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BASIS OF PRESENTATION

Basis of Presentation

The accompanying audited Consolidated Financial Statements for the year ended December 31, 2020 have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) and the following accounting policies have been consistently applied in the preparation of the Consolidated Financial Statements.

Principles of Consolidation

The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries. The Company consolidates variable interest entities (“VIEs”) when it has variable interests and is the primary beneficiary. The Company continually evaluates its involvement with VIEs to determine when these criteria are met.

All intercompany transactions, balances and unrealized gains and losses from intercompany transactions are eliminated when consolidated.    

Functional and Presentation Currency

The functional currency for each entity included in these consolidated financial statements is the currency of the primary economic environment in which the entity operates. These consolidated financial statements are presented in United States dollars (“U.S. dollars”) which have been rounded to the nearest thousands, except share and per share amounts or when otherwise noted. Currency conversion to U.S. dollars is performed in accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 830, Foreign Currency Matters.