Advances to and Investments in Foreign Joint Venture Operations (Tables)

12 Months Ended

Dec. 31, 2018

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Foreign Joint Venture

Summary financial information of BOMAY in U.S. dollars was as follows at December 31, 2018 and 2017:

	BOMAY				MIEFE
	2018		2017		2018		2017
Assets:	(in thousands)				(in thousands)
Total current assets	$	59,124	$	50,000	$	-	$	121
Total non-current assets		5,742		3,457		-		15
Total assets	$	64,866	$	53,457	$	-	$	136
Liabilities and equity:
Total liabilities		38,732		25,598		-		198
Total joint ventures’ equity		26,134		27,859		-		(62	)
Total liabilities and equity	$	64,866	$	53,457	$	-	$	136


	BOMAY				MIEFE
	2018		2017		2018		2017
	(in thousands)				(in thousands)
Revenue	$	37,244	$	26,168	$	-	$	89
Gross Profit	$	7,878	$	5,654	$	-	$	23
Earnings	$	2,381	$	1,084	$	-	$	55

Schedule of Investments in and Advances to Foreign Joint Venture Operations

The Company’s investments in and advances to its foreign joint venture operations were as follows as of December 31, 2018 and 2017:

	BOMAY*						MIEFE
	2018			2017			2018			2017
Investments in foreign joint ventures:	(in thousands)						(in thousands)
Balance at beginning and end of year	$	2,033		$	2,033		$	-		$	-
Undistributed earnings:
Balance at beginning of year		7,967			8,313			-			-
Equity in earnings (loss)		953			434			-			-
Dividend distributions		(1,127	)		(780	)		-			-
Balance at end of year		7,793			7,967			-			-
Foreign currency translation:
Balance at beginning of year		737			104			210			213
Change during the year		(583	)		633			(210	)		(3	)
Balance at end of year		154			737			-			210
Total investments at end of year	$	9,980		$	10,737		$	-		$	210

*Accumulated statutory reserves in equity method investments of $2.8 million at both December 31, 2018 and 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, 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.