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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 882,770 $ 1,519,666
Restricted cash 214,144
Accounts receivable, net 4,264,257 4,926,081
Accounts receivable-related parties, net 2,919,215 8,733,263
Advances to suppliers 3,202,313 1,064,901
Inventories, net 254,678 302,938
Loan receivable - related party 519,331 397,041
Other current assets 173,026 2,087,946
TOTAL CURRENT ASSETS 12,429,734 19,031,836
Non-current accounts receivable, net 1,839,230 1,648,109
Non-current accounts receivable-related parties, net 1,323,196 3,793,949
Property, equipment and software, net 10,851,899 11,835,516
Intangible assets, net 1,496
Long-term investments 30,592
Other assets, non-current net 4,302,000 4,304,640
TOTAL ASSETS 30,776,651 40,615,546
CURRENT LIABILITIES    
Short-term bank loans 6,210,176 6,584,664
Accounts payable 14,857,436 12,586,696
Accounts payable-related parties 69,585 65,276
Advances from customers 315,924 421,700
Advances from customers-related parties 161,063 140,938
Amounts due to related parties 137,664 129,139
Accrued payroll and benefits 231,598 193,912
Other payables and accrued expenses 6,636,097 4,897,672
Income tax payable 70,653
Convertible note payable, net of debt discounts 1,180,908 916,511
TOTAL CURRENT LIABILITIES 29,800,451 26,007,161
Commitments and Contingencies
EQUITY    
Ordinary shares, 2020 and 2019: par $0; authorized capital 100,000,000 shares; shares issued and outstanding, 2020: 8,486,956 shares; 2019: 7,000,027 shares*; [1] 131,247,787 126,257,156
Additional paid-in capital 15,643,404 16,461,333
Reserve 14,044,269 14,044,269
Accumulated deficit (192,212,544) (174,517,769)
Accumulated other comprehensive income 23,612,413 23,022,845
Total equity of the Company (7,664,671) 5,267,834
Non-controlling interest 8,640,871 9,340,551
TOTAL EQUITY 976,200 14,608,385
TOTAL LIABILITIES AND EQUITY $ 30,776,651 $ 40,615,546
[1] On July 30, 2020, the Company implemented a one-for-six reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.