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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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