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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
[2]
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 114,230,428 $ (5,026,553) [1]
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 182,822 2,350,807
Bad debt expenses 247,097
Gain on sale of discontinued operations (119,582,658)
Loss on debt settlement 1,946,028
Share based compensation 1,191,000
Interest converted to convertible note 170,939
Changes in operating assets and liabilities    
Accounts receivable 4,471 31,029
Other receivable (129,817) 8,100,183
Advances to suppliers and other current assets (250,181) (135,714)
Inventories 258 (128,688)
Accounts payable 7,749 39,651
Accrued expenses 55,400 (16,180,323)
Change in net assets related to discontinued operations 860,377 3,977,933
Advances from customers 295,970 (352,848)
Net Cash Provided by (Used in) Operating Activities (770,117) (7,324,523)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and plant (2,944)
Purchase of intangible assets (1,259)
Payments for loan receivables (5,131,643)
Net cash used in investing activities (5,135,846)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 920,000
Proceeds from amount due from related parties, net 348,356
Proceeds from secured convertible promissory note 5,464,277
Proceeds from loans 571,760 1,003,809
Repayment of loans (206,006)
Proceeds from sale of discontinued operations 85,714
Net cash provided by financing activities 7,184,101 1,003,809
Effect of change in exchange rate (851,530) 6,324,145
NET INCREASE IN CASH AND CASH EQUIVALENTS 426,609 3,431
Cash and cash equivalents, beginning of year 531,067 33,461
Cash and cash equivalents, end of period 957,676 36,892
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTARY DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION    
Debt settlement by issuance of Common Stock $ 4,901,600
[1] Reclassification- certain reclassifications have been made to the financial statements for the period ended September 30, 2019 to conform to the presentation for the period ended September 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 September 30, 2019 to conform to the presentation for the period ended September 30, 2020.