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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of variable interest entities |
|  |  |  |  |  | Percentage
|  | Date of |  | Place of |  | of
Name of Branch Offices/Subsidiaries of Mingda |  | Formation |  | Formation |  | Ownership
Tianjin Mingda Jiahe Real Estate Co., Ltd. Yangzhou Branch |  | October 18, 2017 |  | Yangzhou, China |  | N/A
Tianjin Mingdajiahe Real Estate Co., Ltd. Suzhou Branch |  | October 13, 2017 |  | Suzhou, China |  | N/A
Tianjin Mingdajiahe Real Estate Co., Ltd. Chengdu Branch |  | June 24, 2019 |  | Chengdu, China |  | N/A
XiShe (Tianjin) Business Management Co., Ltd. |  | October 20, 2017 |  | Tianjin, China |  | 100%
XiShe (Tianjin) Culture and Media Co., Ltd. |  | July 25, 2018 |  | Tianjin, China |  | 100%
Xishe Xianglin (Tianjin) Business Operation & Management Co., Ltd. |  | March 9, 2018 |  | Tianjin, China |  | 51%
Schedule of basic and diluted loss per share |
|  | December 31, |  | December 31, |  | December 31,
|  | 2019 |  | 2018 |  | 2017
Numerator for earnings per share: |  |  |  |  |  |  |  |  |
Net income (loss) attributable to the Company’s shareholders |  | $ | 453,106 |  | $ | (515,971) |  | $ | 1,167,002
Denominator for basic and diluted earnings per share: |  |  |  |  |  |  |  |  |
Basic weighted average ordinary shares * |  |  | 11,640,661 |  |  | 10,400,408 |  |  | 10,380,000
Per share amount |  |  |  |  |  |  |  |  |
Per share - basic and diluted |  | $ | 0.04 |  | $ | (0.05) |  | $ | 0.11
* Prior to the formation of MDJM, Mingda Tianjin issued 10,380,000 ordinary shares to its shareholders. Each shareholder of Mingda Tianjin was expected to receive MDJM’s share at a one-to-one ratio. On January 26, 2018, MDJM issued 10,380,000 ordinary shares to entities controlled by the shareholders of Mingda Tianjin. All references to numbers of ordinary shares and per share amounts in the accompanying consolidated financial statements have been adjusted to reflect such issuance of shares on a retrospective basis from the earliest period presented.
Schedule of foreign currency translation |
|  | December 31, |  | December 31, |  | December 31,
US$ Exchange Rate |  | 2019 |  | 2018 |  | 2017
At end of the period - RMB |  | 6.9668 |  | 6.8778 |  | 6.5075
Average rate for the period ended - RMB |  | 6.9072 |  | 6.6187 |  | 6.7588

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5728-111685 + Details
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