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Discontinued Operations | 12 Months Ended
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Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 3 - Discontinued Operations Towards the end of 2019, the board of directors of the Company committed to a plan to dispose of Bright Swallow. On January 7, 2020, the Company transferred its entire interest in Bright Swallow to Y-Tone (Worldwide) Limited, an unrelated third party, for cash consideration of $2.50 million, pursuant to a formal agreement entered into on January 7, 2020. We received the payment on May 11, 2020. As of December 31, 2019, operations of Bright Swallow were reported as discontinued operations in the accompanying consolidated financial statements for all periods presented. Accordingly, assets, liabilities, revenues, expenses and cash flows related to Bright Swallow have been reclassified in the consolidated financial statements as discontinued operations for all periods presented. The following table presents the components of discontinued operations in relation to Bright Swallow reported in the consolidated statements of operations:
|  | 2019 |  |  | 2018 |
Sales |  | $ | 6,547,538 |  |  | $ | 7,467,194 |
Cost of sales |  |  | (6,223,468 | ) |  |  | (6,874,666 | )
Operating expenses |  |  | (3,799,261 | ) |  |  | (471,729 | )
(Loss) income before income taxes |  |  | (3,475,576 | ) |  |  | 119,149 |
Income tax (benefit) expense |  |  | (1,011,532 | ) |  |  | 78,849 |
(Loss) income from discontinued operations |  |  | (2,464,044 | ) |  |  | 40,300 |
The following table presents the major classes of assets and liabilities of discontinued operations of Bright Swallow reported in the consolidated balance sheets:
|  | December 31, 2019 |  |  | December 31, 2018 |
Cash and equivalents |  | $ | 1,462,200 |  |  | $ | 646,857 |
Accounts receivable, net |  |  | 969,841 |  |  |  | 864,598 |
Advance to suppliers, net |  |  | 609,935 |  |  |  | 1,079,532 |
Prepaid expenses and other receivables |  |  | - |  |  |  | 5,418 |
Current assets of discontinued operations |  |  | 3,041,976 |  |  |  | 2,596,405 |
Intangible assets |  |  | - |  |  |  | 3,795,904 |
Non-current assets of discontinued operations |  |  | - |  |  |  | 3,795,904 |
Accounts payable |  | $ | 948 |  |  | $ | - |
Advance from customers |  |  | 126,916 |  |  |  | - |
Accrued liabilities and other payables |  |  | 2,553 |  |  |  | 5,174 |
Income tax payable |  |  | 85,028 |  |  |  | - |
Current liabilities of discontinued operations |  |  | 215,445 |  |  |  | 5,174 |
Noncurrent FIN 48 liability |  |  | - |  |  |  | 1,096,558 |
Non-current liabilities of discontinued operations |  |  | - |  |  |  | 1,096,558 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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