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Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash $ 136,216,292 $ 152,011,887
VAT receivable 170,283 189,622
Prepaid expenses 35,253 34,872
Other receivables 876,987 880,612
Total current assets 137,298,815 153,116,993
NON-CURRENT ASSETS    
Long term deposit 15,438 17,192
Operating lease right-of-use assets, net 75,673 132,549
Fixed assets, net 5,144 5,728
Total non-current assets 96,255 155,469
TOTAL ASSETS 137,395,070 153,272,462
CURRENT LIABILITIES    
Accounts payable 69,914 77,854
Taxes payable 3,053,180 3,075,233
Accrued interest on notes 245,514 333,443
Notes payable, net of unamortized OID of $62,500 and $225,605, respectively 5,666,477 6,741,444
Accrued liabilities and other payables 567,190 632,808
Operating lease liability 60,234 67,920
Due to related parties 24,743 27,357
Payable for purchase of 10% equity interest of Zhonghong 422,547 470,537
Interest payable on entrusted loans 340,636 379,323
Entrusted loan payable 10,845,376 12,077,105
Total current liabilities 21,295,811 23,883,024
NONCURRENT LIABILITIES    
Income tax payable 4,566,625 4,566,625
Operating lease liability 64,628
Total noncurrent liabilities 4,566,625 4,631,253
Total liabilities 25,862,436 28,514,277
CONTINGENCIES AND COMMITMENTS
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value; 100,000,000 shares authorized, 7,358,052 and 7,044,408 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 7,358 7,044
Additional paid in capital 163,549,358 161,531,565
Statutory reserve 15,166,584 15,180,067
Accumulated other comprehensive income (loss) (10,808,563) 3,321,189
Accumulated deficit (56,382,103) (55,281,680)
Total Company stockholders’ equity 111,532,634 124,758,185
TOTAL LIABILITIES AND EQUITY $ 137,395,070 $ 153,272,462