Investments in Foreign Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2017

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Foreign Joint Ventures

Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016 (in thousands):

	BOMAY				MIEFE
	2017		2016		2017			2016
Assets:
Total current assets	$	53,015	$	47,700	$	179		$	425
Total non-current assets		3,532		3,589		16			17
Total assets	$	56,547	$	51,289	$	195		$	442
Liabilities and equity:
Total liabilities	$	29,726	$	24,196	$	258		$	551
Total joint ventures’ equity		26,821		27,093		(63	)		(109	)
Total liabilities and equity	$	56,547	$	51,289	$	195		$	442

	Three Months Ended September 30,
	BOMAY				MIEFE
	2017		2016		2017		2016

Revenue	$	6,076	$	5,557	$	46	$	307
Gross Profit	$	1,160	$	1,582	$	10	$	133
Earnings	$	245	$	537	$	11	$	121


	Nine Months Ended September 30,
	BOMAY				MIEFE
	2017		2016		2017		2016

Revenue	$	17,225	$	29,544	$	80	$	1,147
Gross Profit	$	3,805	$	4,844	$	22	$	451
Earnings	$	709	$	1,602	$	51	$	(498	)

Schedule of Activity in Investment in Foreign Joint Ventures

The following is a summary of activity in investments in foreign joint ventures for the nine months ended September 30, 2017 (unaudited):

	September 30, 2017
	BOMAY**			MIEFE			TOTAL
	(in thousands)
Investments in foreign joint ventures:
Balance at December 31, 2016	$	10,450		$	213		$	10,663
Equity in earnings (loss) in 2017		284			-		$	284
Dividend distributions in 2017		(781	)		-		$	(781	)
Foreign currency translation adjustment		382			(2	)	$	380
Investments, end of period	$	10,335		$	211		$	10,546

Components of investments in foreign joint ventures:
Investment in joint ventures	$	2,033		$	14		$	2,047
Undistributed earnings		7,816			(14	)	$	7,802
Foreign currency translation		486			211		$	697
Investments, end of period	$	10,335		$	211		$	10,546

Accumulated statutory reserves of $2.89 million in equity method investments at both September 30, 2017 and December 31, 2016, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.