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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY |
19. | Condensed financial information of the parent company
The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08(e)(3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The subsidiary did not pay any dividend to the Company for the years presented. For the purpose of presenting parent only financial information, the 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 Company as “Investment in subsidiary” 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 Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2019 and 2018. PARENT COMPANY BALANCE SHEETS
|  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 76,583 |  |  | $ | - |
Other receivables, net |  |  | 600,000 |  |  |  | - |
Restricted cash |  |  | 5,000,000 |  |  |  | - |
Total current assets |  |  | 5,676,583 |  |  |  | - |
Non-current assets: |  |  |  |  |  |  |  |
Property, plant and equipment, net |  |  | 2,162,449 |  |  |  | - |
Investment in subsidiaries |  |  | 38,481,702 |  |  |  | 28,256,045 |
Total non-current assets |  |  | 40,644,151 |  |  |  | 28,256,045 |
Total assets |  | $ | 46,320,734 |  |  | $ | 28,256,045 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |
Other payables and accrued liabilities |  | $ | 1,570,183 |  |  | $ | - |
Other payables - related party |  |  | 269 |  |  |  | - |
Total liabilities |  |  | 1,570,452 |  |  |  | - |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |
SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Ordinary shares, $0.001 par value, 50,000,000 shares authorized, 35,141,114 and 33,000,000 shares issued and outstanding as of December 31, 2019 and 2018, respectively |  |  | 35,141 |  |  |  | 33,000 |
Additional paid-in capital |  |  | 20,771,849 |  |  |  | 12,831,969 |
Statutory reserves |  |  | 1,289,765 |  |  |  | 1,178,432 |
Retained earnings |  |  | 24,132,194 |  |  |  | 15,169,573 |
Accumulated other comprehensive losses |  |  | (1,478,667 | ) |  |  | (956,929 | )
Total shareholders' equity |  |  | 44,750,282 |  |  |  | 28,256,045 |
Total liabilities and shareholders' equity |  | $ | 46,320,734 |  |  | $ | 28,256,045 |
PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|  | Year ended |  |  | Year ended |  |  | Year ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Operating expenses: |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | (1,671,700 | ) |  | $ | - |  |  | $ | - |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |
Equity income of subsidiaries and VIEs |  |  | 10,747,395 |  |  |  | 7,919,408 |  |  |  | 5,124,973 |
Interest income |  |  | 21 |  |  |  | - |  |  |  | - |
Other finance expenses |  |  | (1,762 | ) |  |  | - |  |  |  | - |
NET INCOME |  |  | 9,073,954 |  |  |  | 7,919,408 |  |  |  | 5,124,973 |
FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  |  | (521,738 | ) |  |  | (1,474,126 | ) |  |  | 958,667 |
COMPREHENSIVE INCOME |  | $ | 8,552,216 |  |  | $ | 6,445,282 |  |  | $ | 6,083,640 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | Year ended |  |  | Year ended |  |  | Year ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
CASH FLOWS FROM OPERATING |  |  |  |  |  |  |  |  |
ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income |  | $ | 9,073,954 |  |  | $ | 7,919,408 |  |  | $ | 5,124,973 |
Adjustments to reconcile net income to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity income of subsidiaries and VIEs |  |  | (10,747,395 | ) |  |  | (7,919,408 | ) |  |  | (5,124,973 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Other receivables |  |  | (600,000 | ) |  |  | - |  |  |  | - |
Other payables and accrued liabilities |  |  | 1,570,183 |  |  |  | - |  |  |  | - |
Net cash used in operating activities |  |  | (703,258 | ) |  |  | - |  |  |  | - |
CASH FLOWS FROM INVESTING |  |  |  |  |  |  |  |  |  |  |  |
ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (2,162,449 | ) |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | (2,162,449 | ) |  |  | - |  |  |  | - |
CASH FLOWS FROM FINANCING |  |  |  |  |  |  |  |  |  |  |  |
ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from initial public offering, net of issuance costs |  |  | 7,417,077 |  |  |  | - |  |  |  | - |
Underwriter’s partial exercise of over-allotment option, |  |  |  |  |  |  |  |  |  |  |  |
net of issuance costs |  |  | 524,944 |  |  |  | - |  |  |  | - |
Other payables – related party |  |  | 269 |  |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | 7,942,290 |  |  |  | - |  |  |  | - |
EFFECT OF EXCHANGE RATE ON CASH |  |  | - |  |  |  | - |  |  |  | - |
NET CHANGES IN CASH AND CASH EQUIVALENTS |  |  | 5,076,583 |  |  |  | - |  |  |  | - |
CASH AND CASH EQUIVALENTS, Beginning of year |  |  | - |  |  |  | - |  |  |  | - |
CASH AND CASH EQUIVALENTS, end of year |  | $ | 5,076,583 |  |  | $ | - |  |  | $ | - |
SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 76,583 |  |  | $ | - |  |  | $ | - |
Restricted cash |  |  | 5,000,000 |  |  |  | - |  |  |  | - |
CASH AND CASH EQUIVALENTS, end of year |  | $ | 5,076,583 |  |  | $ | - |  |  | $ | - |

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