Investments in Foreign Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017 (in thousands):

	BOMAY				MIEFE
	2018		2017		2018			2017
Assets:
Total current assets	$	54,070	$	50,000	$	101		$	121
Total non-current assets		3,520		3,457		15			15
Total assets	$	57,590	$	53,457	$	116		$	136
Liabilities and equity:
Total liabilities	$	28,233	$	25,598	$	180		$	198
Total joint ventures’ equity		29,357		27,859		(64	)		(62	)
Total liabilities and equity	$	57,590	$	53,457	$	116		$	136

	Three Months Ended March 31,
	BOMAY				MIEFE
	2018		2017		2018			2017

Revenue	$	8,078	$	4,221	$	67		$	-
Gross Profit	$	1,785	$	1,335	$	3		$	-
Earnings	$	427	$	130	$	(2	)	$	-

Schedule of Activity in Investment in Foreign Joint Ventures

The following is a summary of activity in investments in foreign joint ventures for the three months ended March 31, 2018 (unaudited):

	March 31, 2018
	BOMAY**			MIEFE		TOTAL
	(in thousands)
Investments in foreign joint ventures:
Balance at December 31, 2017	$	10,736		$	211	$	10,947
Equity in earnings (loss) in 2018		171			-		171
Dividend declared in 2018*		(1,051	)		-		(1,051	)
Foreign currency translation adjustment		408			-		408
Investments, end of period	$	10,264		$	211	$	10,475

Components of investments in foreign joint ventures:
Investment in joint ventures	$	2,033		$	-	$	2,033
Undistributed earnings		7,086			-		7,086
Foreign currency translation		1,145			211		1,356
Investments, end of period	$	10,264		$	211	$	10,475

In March 2018, the BOMAY Board of Directors approved the distribution of dividends in the amount of $2.91 million, to be distributed in June 2018. The Company’s share of the dividends totaling $1.05 million has been accrued for at March 31, 2018 and is included in the prepaid expenses and other current assets in the condensed consolidated balance sheets.

Accumulated statutory reserves in equity method investments of $2.81 million at March 31, 2018 and December 31, 2017, respectively, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, a wholly-owned foreign invested enterprise established in the PRC 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.