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Restatement (Tables) | 9 Months Ended
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Sep. 30, 2018
Restatement [Abstract] |
Schedule of restatement on consolidated balance sheet |
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Accounts receivable |  | $ | 11,629,259 |  |  | $ | 16,042,004 |  |  | $ | 4,412,745 |
Current portion of investment in sales-type leases, net |  |  | 12,689,105 |  |  |  | 10,304,074 |  |  |  | (2,385,031 | )
Interest receivable on sales type leases |  |  | 9,315,463 |  |  |  | 8,784,273 |  |  |  | (531,190 | )
Other receivables |  |  | 5,417,891 |  |  |  | 1,350,886 |  |  |  | (4,067,005 | )
Investment in sales-type leases net (Non-current) |  |  | 89,537,233 |  |  |  | 38,969,098 |  |  |  | (50,568,135 | )
Total Assets |  | $ | 277,916,146 |  |  | $ | 224,777,530 |  |  | $ | (53,138,616 | )
Deferred tax liability, net |  | $ | 6,937,015 |  |  | $ | 525,434 |  |  | $ | (6,411,581 | )
Total Liabilities |  |  | 88,565,394 |  |  |  | 82,153,813 |  |  |  | (6,411,581 | )
Statutory reserve |  |  | 14,777,497 |  |  |  | 14,525,712 |  |  |  | (251,785 | )
Accumulated other comprehensive income |  |  | (8,923,637 | ) |  |  | (7,230,147 | ) |  |  | 1,693,490 |
Retained earnings |  |  | 72,408,280 |  |  |  | 24,239,540 |  |  |  | (48,168,740 | )
Total Company stockholders’ equity |  |  | 190,067,263 |  |  |  | 143,340,228 |  |  |  | (46,727,035 | )
Total liabilities and equity |  | $ | 277,916,146 |  |  | $ | 224,777,530 |  |  | $ | (53,138,616 | )
Schedule of restatement on consolidated statement of income and comprehensive income | The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 3,948,505 |  |  | $ | 3,948,505 |
Interest income on sales-type leases |  |  | 3,527,278 |  |  |  | 2,771,452 |  |  |  | (755,826 | )
Total operating income |  |  | 3,527,278 |  |  |  | 6,719,957 |  |  |  | 3,192,679 |
General and administrative expenses |  |  | 4,011,563 |  |  |  | 7,427,803 |  |  |  | 3,416,240 |
Loss from operations |  |  | (484,285 | ) |  |  | (707,846 | ) |  |  | (223,561 | )
Loss before income tax |  |  | (4,404,828 | ) |  |  | (4,628,389 | ) |  |  | (223,561 | )
Income tax expense (benefit) |  |  | (3,067 | ) |  |  | (272,998 | ) |  |  | (269,931 | )
Net loss attributable to China Recycling Energy Corporation |  |  | (4,128,526 | ) |  |  | (4,082,156 | ) |  |  | 46,370 |
Foreign currency translation loss |  |  | (10,558,264 | ) |  |  | (8,090,700 | ) |  |  | 2,467,564 |
Comprehensive loss attributable to China Recycling Energy Corporation |  | $ | (14,686,790 | ) |  | $ | (12,172,856 | ) |  | $ | 2,513,934 |
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the nine months ended September 30, 2017:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 4,989,076 |  |  | $ | 4,989,076 |
Interest income on sales-type leases |  |  | 6,062,347 |  |  |  | 4,984,389 |  |  |  | (1,077,958 | )
Total operating income |  |  | 6,062,347 |  |  |  | 9,973,465 |  |  |  | 3,911,118 |
General and administrative expenses |  |  | 581,308 |  |  |  | 3,916,910 |  |  |  | 3,335,602 |
Income from operations |  |  | 5,481,039 |  |  |  | 6,056,555 |  |  |  | 575,516 |
Income before income tax |  |  | 1,610,959 |  |  |  | 2,186,475 |  |  |  | 575,516 |
Income tax expense |  |  | 1,179,602 |  |  |  | 953,161 |  |  |  | (226,441 | )
Net income attributable to China Recycling Energy Corporation |  |  | 703,040 |  |  |  | 1,504,997 |  |  |  | 801,957 |
Foreign currency translation gain |  |  | 8,923,161 |  |  |  | 6,772,559 |  |  |  | (2,150,602 | )
Comprehensive income attributable to China Recycling Energy Corporation |  | $ | 9,626,201 |  |  | $ | 8,277,556 |  |  | $ | (1,348,645 | )
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 1,144,237 |  |  | $ | 1,144,237 |
Interest income on sales-type leases |  |  | 780,270 |  |  |  | 506,971 |  |  |  | (273,299 | )
Total operating income |  |  | 780,270 |  |  |  | 1,651,208 |  |  |  | 870,938 |
General and administrative expenses |  |  | 2,679,771 |  |  |  | 3,735,397 |  |  |  | 1,055,626 |
Loss from operations |  |  | (1,899,501 | ) |  |  | (2,084,189 | ) |  |  | (184,688 | )
|  |  |  |  |  |  |  |  |  |  | - |
Loss before income tax |  |  | (2,977,518 | ) |  |  | (3,162,206 | ) |  |  | (184,688 | )
Income tax benefit |  |  | (496,557 | ) |  |  | (540,916 | ) |  |  | (44,359 | )
|  |  |  |  |  |  |  |  |  |  | - |
Net loss attributable to China Recycling Energy Corporation |  |  | (2,394,909 | ) |  |  | (2,535,238 | ) |  |  | (140,329 | )
Foreign currency translation loss |  |  | (7,971,221 | ) |  |  | (6,110,231 | ) |  |  | 1,860,990 |
Comprehensive loss attributable to China Recycling Energy Corporation |  | $ | (10,366,130 | ) |  | $ | (8,645,469 | ) |  | $ | 1,720,661 |
The following table presents the effects of the restatement on the accompanying consolidated statement of income and comprehensive income for the three months ended September 30, 2017:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Contingent rental income |  | $ | - |  |  | $ | 1,679,804 |  |  | $ | 1,679,804 |
Interest income on sales-type leases |  |  | 1,731,336 |  |  |  | 1,656,806 |  |  |  | (74,530 | )
Total operating income |  |  | 1,731,336 |  |  |  | 3,336,610 |  |  |  | 1,605,274 |
General and administrative expenses |  |  | 242,007 |  |  |  | 1,382,160 |  |  |  | 1,140,153 |
Income from operations |  |  | 1,489,329 |  |  |  | 1,954,450 |  |  |  | 465,121 |
Income before income tax |  |  | 263,316 |  |  |  | 728,437 |  |  |  | 465,121 |
Income tax expense |  |  | 397,636 |  |  |  | 342,166 |  |  |  | (55,470 | )
Net income (loss) attributable to China Recycling Energy Corporation |  |  | (40,892 | ) |  |  | 479,699 |  |  |  | 520,591 |
Foreign currency translation gain |  |  | 4,290,726 |  |  |  | 3,288,107 |  |  |  | (1,002,619 | )
Comprehensive income attributable to China Recycling Energy Corporation |  | $ | 4,249,834 |  |  | $ | 3,767,806 |  |  | $ | (482,028 | )
Schedule of restatement on consolidated statement of cash flows | The following table presents the effects of the restatement on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2018:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Loss including noncontrolling interest |  | $ | (4,401,761 | ) |  | $ | (4,355,391 | ) |  | $ | 46,370 |
Changes in deferred tax |  |  | (1,319,933 | ) |  |  | (1,589,864 | ) |  |  | (269,931 | )
Interest receivable on sales type leases |  |  | 61,491 |  |  |  | 367,877 |  |  |  | 306,386 |
Collection of principal on sales type leases |  |  | 2,764,228 |  |  |  | 2,453,103 |  |  |  | (311,125 | )
Accounts receivable |  |  | 1,116,286 |  |  |  | (1,020,973 | ) |  |  | (2,137,259 | )
Other receivables |  |  | (2,615,525 | ) |  |  | (249,966 | ) |  |  | 2,365,559 |
Net cash provided by operating activities |  | $ | 3,394,289 |  |  | $ | 3,394,289 |  |  | $ | - |
The following table presents the effects of the restatement on the accompanying consolidated statement of cash flows for the nine months ended September 30, 2017:
|  | As Previously Reported |  |  | Restated |  |  | Net Adjustment |
Income including noncontrolling interest |  | $ | 431,357 |  |  | $ | 1,233,314 |  |  | $ | 801,957 |
Changes in deferred tax |  |  | 130,260 |  |  |  | (96,181 | ) |  |  | (226,441 | )
Interest receivable on sales type leases |  |  | (3,142,199 | ) |  |  | (2,949,234 | ) |  |  | 192,965 |
Collection of principal on sales type leases |  |  | 1,819,850 |  |  |  | 1,296,199 |  |  |  | (523,651 | )
Accounts receivable |  |  | - |  |  |  | (1,644,994 | ) |  |  | (1,644,994 | )
Other receivables |  |  | (3,167,054 | ) |  |  | (1,766,890 | ) |  |  | 1,400,164 |
Net cash used in operating activities |  | $ | (887,898 | ) |  | $ | (887,898 | ) |  | $ | - |

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