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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
[2]
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 116,669,355 $ (3,624,472) [1]
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 92,341 720,962
Bad debt 4,413,564 7,443
Gain on sale of discontinued operations (123,688,874)
Share based compensation 1,191,000
Changes in operating assets and liabilities    
Accounts receivable 4,491 (3,444,336)
Other receivable (37,179) 7,730,081
Advances to suppliers and other current assets (325,739) (158,053)
Inventories 549 (174,005)
Accounts payable (3,595) 56,289
Accrued expenses 87,473 (11,861,703)
Change in net assets related to discontinued operations 608,298 10,450,684
Advances from customers (279,185) 550,779
Net Cash Provided by (Used in) Operating Activities (1,267,501) 253,669
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments for short-term loan investment (206,512)
Net cash used in investing activities (206,512)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances from issuance of the Company’s Common Stock 500,000
Proceeds from loans from related parties 468,468
Repayment of amount due to related parties (114,607)
Proceeds from secured convertible promissory note 533,278 503,818
Changes in net assets related to discontinued operations 31,803
Proceeds from loans 211,876
Proceeds from sale of discontinued operations 85,714
Net cash provided by financing activities 1,684,729 535,621
Effect of change in exchange rate (173,729) (755,177)
NET INCREASE IN CASH AND CASH EQUIVALENTS 36,987 34,113
Cash and cash equivalents, beginning of year 539,316 33,461
Cash and cash equivalents, end of period 576,303 67,574
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Conversion of convertible notes $ 533,278
[1] Reclassification- certain reclassifications have been made to the financial statements for the period ended June 30, 2019 to conform to the presentation for the period ended June 30, 2020, with no effect on previously reported net income (loss).
[2] Reclassification- certain reclassifications have been made to the statements of cash flow for the period ended June 30, 2019 to conform to the presentation for the period ended June 30, 2020.