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VARIABLE INTEREST ENTITY (“VIE”) (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The carrying amount of the VIE’s consolidated assets and liabilities are as follows:

		December 31,				December 31,
		2019				2018
Current assets		$	37,040,733			$	25,659,179
Property and equipment, net			162,374				208,869
Other non-current assets			13,773,550				9,602,816
Total assets			50,976,657				35,470,864
Total liabilities			(12,494,955	)			(7,214,819	)
Net assets		$	38,481,702			$	28,256,045

		December 31,				December 31,
		2019				2018
Current liabilities:
Short-term loans - banks		$	5,819,787			$	3,125,681
Current maturities of long-term loans – third party			77,493				75,469
Accounts payable			293,985				1,402,972
Other payables and accrued liabilities			2,058,626				438,299
Other payables – related party			21,072				62,368
Operating lease liability - current			313,460				-
Customer deposits			-				76,274
Taxes payable			3,525,153				1,941,770
Total current liabilities			12,109,576				7,122,833
Operating lease liabilities			372,051				-
Long-term loans – third party			13,328				91,986
Total liabilities		$	12,494,955			$	7,214,819

The summarized operating results of the VIE’s are as follows:

		Year ended				Year ended				Year ended
		December 31,				December 31,				December 31,
		2019				2018				2017
Revenues		$	23,834,129			$	18,531,178			$	14,144,894
Gross profit		$	16,302,329			$	12,422,502			$	8,844,807
Income from operations		$	11,153,956			$	8,317,465			$	5,944,458
Net income		$	10,747,395			$	7,919,408			$	5,124,973

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- References

No definition available.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6759159-111685

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-URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6228884-111685

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