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VARIABLE INTEREST ENTITY ('VIE') (Tables)

12 Months Ended

Dec. 31, 2020

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,
		2020				2019
Current assets		$	48,484,286			$	37,040,733
Property and equipment, net			115,500				162,374
Other non-current assets			20,621,925				13,773,550
Total assets			69,221,711				50,976,657
Total liabilities			(12,728,123	)			(12,494,955	)
Net assets		$	56,493,588			$	38,481,702

		December 31,				December 31,
		2020				2019
Current liabilities:
Short-term loans - banks		$	2,130,301			$	5,819,787
Current maturities of long-term loans – third party			14,117				77,493
Accounts payable			935,588				293,985
Other payables and accrued liabilities			1,580,787				2,058,626
Other payables – related party			22,529				21,072
Operating lease liability - current			300,468				313,460
Customer deposits			941,877				-
Taxes payable			6,802,454				3,525,153
Total current liabilities			12,728,123				12,109,576
Operating lease liabilities			-				372,051
Long-term loans – third party			-				13,328
Total liabilities		$	12,728,123			$	12,494,955

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

		Year ended				Year ended				Year ended
		December 31,				December 31,				December 31,
		2020				2019				2018
Revenues		$	30,191,069			$	23,834,129			$	18,531,178
Gross profit		$	13,984,246			$	16,302,329			$	12,422,502
Income from operations		$	10,874,269			$	11,153,956			$	8,317,465
Net income		$	9,831,118			$	10,747,395			$	7,919,408
Non-controlling interest		$	1,242,324				-				-
Net income attributable to VIE’s		$	8,588,794			$	10,747,395			$	7,919,408

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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
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