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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS    
Cash $ 152,011,887 $ 107,804,013
Accounts receivable, net 308,677
VAT receivable 189,622
Prepaid expenses 34,872 55,420
Other receivables 880,612 35,687
Total current assets 153,116,993 108,203,797
NON-CURRENT ASSETS    
Long term deposit 17,192 16,799
Operating lease right-of-use assets, net 132,549
Fixed assets, net 5,728  
Asset subject to buyback 28,916,924
Total non-current assets 155,469 28,933,723
TOTAL ASSETS 153,272,462 137,137,520
CURRENT LIABILITIES    
Accounts payable 77,854 76,074
Taxes payable 3,075,233 3,145,612
Accrued interest on notes 333,443 18,968
Notes payable, net of unamortized OID of $225,605 and $144,355, respectively 6,741,444 3,005,645
Accrued liabilities and other payables 632,808 726,696
Operating lease liability 67,920
Due to related parties 27,357 28,440
Payable for purchase 10% equity interest of Zhonghong 470,537  
Interest payable on entrusted loans 379,323 10,144,228
Entrusted loan payable-net 12,077,105 21,896,744
Total current liabilities 23,883,024 39,042,407
NONCURRENT LIABILITIES    
Income tax payable 4,566,625 5,174,625
Operating lease liability 64,628  
Long term payable   459,777
Entrusted loan payable   306,518
Total noncurrent liabilities 4,631,253 5,940,920
Total liabilities 28,514,277 44,983,327
CONTINGENCIES AND COMMITMENTS (NOTE 15 & 16)
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 7,044,408 and 3,177,050 shares issued and outstanding as of December 31, 2021 and 2020, respectively 7,044 3,177
Additional paid in capital 161,531,565 119,748,999
Statutory reserve 15,180,067 15,155,042
Accumulated other comprehensive income 3,321,189 273,440
Accumulated deficit (55,281,680) (43,026,465)
Total Company stockholders’ equity 124,758,185 92,154,193
TOTAL LIABILITIES AND EQUITY $ 153,272,462 $ 137,137,520