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SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule I - Parent Only Financial Information - Condensed Balance Sheets |
Parent |  | As of December 31,
|  | 2021 |  | 2020
Current Assets |  |  |  |  |  |  |  |
Prepayments and deposits |  | $ | — |  |  | $ | — |
Total Current Assets |  |  | — |  |  |  | — |
Non-Current Assets |  |  |  |  |  |  |  |
Interests in subsidiaries |  |  | 224,559,060 |  |  |  | 214,505,860 |
Amounts due from group companies |  |  | 63,039,564 |  |  |  | 62,987,953 |
Total non-current assets |  |  | 287,598,624 |  |  |  | 277,493,813 |
Total Assets |  | $ | 287,598,624 |  |  | $ | 277,493,813 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Other payables and accrued expenses |  | $ | 216,940 |  |  | $ | 326,839 |
Amounts due to related party |  |  | 599,766 |  |  |  | — |
Amounts due to group companies |  |  | 142,701 |  |  |  | 142,701 |
Total Current Liability |  |  | 959,407 |  |  |  | 469,540 |
Total Liabilities |  | $ | 959,407 |  |  | $ | 469,540 |
Stockholders’ Equity |  |  |  |  |  |  |  |
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding |  | $ | — |  |  | $ | — |
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 10,517,754 and 10,043,307 shares issued; and 10,471,924 and 9,997,477 shares outstanding as of December 31, 2021 and December 31, 2020 |  |  | 24,376 |  |  |  | 24,139 |
Treasury stock; 45,830 and 45,830 shares as of December 31, 2021 and December 31, 2020 at cost |  |  | (510,329 | ) |  |  | (510,329 | )
Additional paid-in capital |  |  | 100,569,159 |  |  |  | 97,435,316 |
Retained earnings unappropriated |  |  | 150,463,638 |  |  |  | 151,388,356 |
Retained earnings appropriated |  |  | 24,233,544 |  |  |  | 24,233,544 |
Cumulative translation adjustment |  |  | 11,858,829 |  |  |  | 4,453,247 |
Total Stockholders’ Equity |  |  | 286,639,217 |  |  |  | 277,024,273 |
Total Liabilities and Stockholders’ Equity |  | $ | 287,598,624 |  |  | $ | 277,493,813 |
Schedule I - Parent Only Financial Information - Condensed Statements of Comprehensive Loss |
|  | Years Ended December 31,
|  | 2021 |  | 2020
OPERATING EXPENSES |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | (3,572,334 | ) |  | $ | (2,922,671 | )
TOTAL OPERATING EXPENSES |  |  | (3,572,334 | ) |  |  | (2,922,671 | )
OTHER EXPENSES |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | (367 | )
TOTAL OTHER EXPENSES |  |  | — |  |  |  | (367 | )
TOTAL EXPENSES |  |  | (3,572,334 | ) |  |  | (2,923,038 | )
Equity in net income (loss) of subsidiaries |  |  | 2,647,616 |  |  |  | (5,497,004 | )
LOSS BEFORE INCOME TAXES |  |  | (924,718 | ) |  |  | (8,420,044 | )
INCOME TAXES |  |  | — |  |  |  | — |
NET LOSS |  | $ | (924,718 | ) |  | $ | (8,420,044 | )
Schedule I - Parent Only Financial Information - Condensed Statements of Cash Flows |
|  | Years Ended December 31,
|  | 2021 |  | 2020
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |
Net Loss |  | $ | (924,718 | ) |  | $ | (8,420,044 | )
Adjustments to reconcile net Loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity Loss in unconsolidated subsidiaries |  |  | 2,647,616 |  |  |  | 5,497,004 |
Stock-based compensation expense-options |  |  | 3,134,080 |  |  |  | 2,350,250 |
Shares issued from treasury stock for services |  |  | — |  |  |  | — |
Changes in assets and liabilities: |  |  |  |  |  |  |  |
Other payables and accrued expenses |  |  | (109,901 | ) |  |  | 14,508 |
Net cash used in operating activities |  |  | (548,155 | ) |  |  | (558,282 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Advances from group companies |  |  | 548,155 |  |  |  | 558,282 |
Net cash provided by financing activities |  |  | 548,155 |  |  |  | 558,282 |
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | — |  |  |  | — |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR |  |  | — |  |  |  | — |
CASH AND CASH EQUIVALENTS - END OF YEAR |  | $ | — |  |  | $ | — |

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