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Investments in Foreign Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Foreign Joint Venture

Below is summary financial information for BOMAY at June 30, 2019 and December 31, 2018 and operational results for the three and six months ended June 30, 2019 and 2018 in U.S. dollars (in thousands, unaudited):

	June 30, 2019		December 31, 2018
Assets:
Total current assets	$	67,322	$	59,124
Total non-current assets		3,337		5,742
Total assets	$	70,659	$	64,866
Liabilities and equity:
Total liabilities	$	44,685	$	38,732
Total joint ventures’ equity		25,974		26,134
Total liabilities and equity	$	70,659	$	64,866

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018

Revenue	$	17,284	$	12,231	$	28,784	$	20,309
Gross Profit	$	2,479	$	1,912	$	4,440	$	3,697
Earnings	$	1,097	$	710	$	1,759	$	1,137

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 30, 2019 in U.S. dollars (in thousands, unaudited):

	June 30, 2019
Investments in BOMAY*
Balance at the beginning of the year	$	2,033
Undistributed earnings:
Balance at beginning of year		7,793
Equity in earnings		703
Dividend distributions		(799	)
Balance at end of period		7,697
Foreign currency translation:
Balance at beginning of year		154
Change during the period		5
Balance at end of period		159
Total investment in BOMAY at June 30, 2019	$	9,889

Accumulated statutory reserves in equity method investments of $2.81 million at June 30, 2019 and December 31, 2018, 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.