XML 48 R25.htm IDEA: XBRL DOCUMENT
v3.21.2

Condensed financial information of the parent company | 12 Months Ended
--- | ---
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
19. | CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The subsidiary did not pay any dividend to the parent company for the periods presented. For the purpose of presenting parent only financial information, the parent company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the parent company as “Investment in subsidiaries and the income of the subsidiary is presented as “share of income of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The parent company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2020 and 2019. PARENT COMPANY BALANCE SHEETS
|  | December 31, 2020 |  |  | December 31, 2019 |
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,154,881 |  |  | $ | 48,100 |
Due from subsidiaries |  |  | 713,106 |  |  |  | 6,800 |
Investment in subsidiaries |  |  | 24,021,154 |  |  |  | 15,385,144 |
Total Assets |  | $ | 31,889,141 |  |  | $ | 15,440,044 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |
Total Liabilities |  | $ | 55,000 |  |  | $ | 55,000 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Shareholders’ Equity |  |  |  |  |  |  |  |
Class A Ordinary Share (par value $0.0001 per share, 450,000,000 shares authorized; 19,435,423 and 16,102,420 shares issued and outstanding at December 31, 2020 and 2019, respectively) |  |  | 1,944 |  |  |  | 1,610 |
Class B Ordinary Share (par value $0.0001 per share, 50,000,000 shares authorized; 5,497,715 and 5,497,715 shares issued and outstanding at December 31, 2020 and 2019, respectively) |  |  | 550 |  |  |  | 550 |
Additional paid-in capital |  |  | 22,775,154 |  |  |  | 12,044,855 |
Retained earnings |  |  | 8,141,280 |  |  |  | 3,682,800 |
Accumulated other comprehensive income (loss) |  |  | 915,213 |  |  |  | (344,771 | )
Total Shareholders’ Equity |  |  | 31,834,141 |  |  |  | 15,385,044 |
Total Liabilities and Shareholders’ Equity |  | $ | 31,889,141 |  |  | $ | 15,440,044 |
PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | For the Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Equity in gain of subsidiaries |  | $ | 4,470,613 |  |  | $ | 4,046,770 |  |  | $ | 3,019,323 |
General and administrative expenses |  |  | (12,233 | ) |  |  | (100 | ) |  |  | - |
Net Income |  |  | 4,458,380 |  |  |  | 4,046,670 |  |  |  | 3,019,323 |
Other Comprehensive (Loss) Income |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | 1,259,984 |  |  |  | (173,604 | ) |  |  | (379,520 | )
Comprehensive Income |  | $ | 5,718,364 |  |  | $ | 3,873,066 |  |  | $ | 2,639,803 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | For the Years Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities |  | $ | (700,873 | ) |  | $ | 48,100 |  |  | $ | - |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in a subsidiary |  |  | (3,690,000 | ) |  |  | - |  |  |  | - |
Net Cash Used Investing Activities |  |  | (3,690,000 | ) |  |  | - |  |  |  | - |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stocks in connection with initial public offering, net off issuance cost |  |  | 11,497,654 |  |  |  | - |  |  |  | - |
Net Cash Used Financing Activities |  |  | 11,497,654 |  |  |  | - |  |  |  | - |
Net increase in cash and cash equivalents |  |  | 7,106,781 |  |  |  | 48,100 |  |  |  | - |
Cash and cash equivalents at beginning of year |  |  | 48,100 |  |  |  | - |  |  |  | - |
Cash and cash equivalents at end of year |  | $ | 7,154,881 |  |  | $ | 48,100 |  |  | $ | - |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration