Investments in Foreign Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2018

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Foreign Joint Venture

Summary (unaudited) financial information of our foreign joint venture in U.S. dollars was as follows at June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017 (in thousands):

	BOMAY				MIEFE
	2018		2017		2018		2017
Assets:
Total current assets	$	51,572	$	50,000	$	-	$	121
Total non-current assets		3,322		3,457		-		15
Total assets	$	54,894	$	53,457	$	-	$	136
Liabilities and equity:
Total liabilities	$	29,104	$	25,598	$	-	$	198
Total joint ventures’ equity		25,790		27,859		-		(62	)
Total liabilities and equity	$	54,894	$	53,457	$	-	$	136

	Three Months Ended June 30,
	BOMAY				MIEFE
	2018		2017		2018		2017

Revenue	$	12,231	$	6,928	$	-	$	34
Gross Profit	$	1,912	$	1,311	$	-	$	11
Earnings	$	710	$	335	$	-	$	40


	Six Months Ended June 30,
	BOMAY				MIEFE
	2018		2017		2018		2017

Revenue	$	20,309	$	11,149	$	-	$	34
Gross Profit	$	3,697	$	2,646	$	-	$	11
Earnings	$	1,137	$	465	$	-	$	40

Schedule of Activity in Investment in Foreign Joint Ventures

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

	June 30, 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		455			-			455
Dividend paid in 2018		(1,127	)		-			(1,127	)
Foreign currency translation adjustment		(195	)		(211	)		(406	)
Investments, end of period	$	9,869		$	-		$	9,869

Components of investments in foreign joint ventures:
Investment in joint ventures	$	2,033		$	-		$	2,033
Undistributed earnings		7,294			-			7,294
Foreign currency translation		542			-			542
Investments, end of period	$	9,869		$	-		$	9,869

Accumulated statutory reserves in equity method investments of $2.81 million at June 30, 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.