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RESTRICTED NET ASSETS OR PARENT COMPANY'S CONDENSED FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
RESTRICTED NET ASSETS OR PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION  
Schedule of condensed balance sheet

MDJM LTD

CONDENSED BALANCE SHEETS

As of December 31,

 

 

 

 

 

 

 

 

 

    

2019

    

2018

Assets

 

 

  

 

 

  

Cash

 

$

4,995,834

 

$

5,626,079

Prepaid expense

 

 

1,532

 

 

 —

Current Assets

 

 

4,997,366

 

 

5,626,079

Investment in subsidiaries

 

 

4,621,653

 

 

4,144,076

Total Assets

 

$

9,619,019

 

$

9,770,155

 

 

 

  

 

 

  

Liabilities and Equity

 

 

  

 

 

  

Current liabilities

 

$

550

 

$

 —

Due to subsidiaries

 

 

940,734

 

 

1,565,174

Total liabilities

 

 

941,284

 

 

1,565,174

Equity:

 

 

 

 

 

 

Ordinary shares: 50,000,000 shares authorized, par value: $0.001 per share, 11,640,820 and 11,621,459 shares issued and outstanding as of December 31, 2019 and 2018, respectively

 

 

11,641

 

 

11,621

Additional paid in capital

 

 

6,734,681

 

 

6,664,295

Statutory reserve

 

 

262,954

 

 

232,542

Retained earnings

 

 

1,948,804

 

 

1,526,110

Accumulated other comprehensive loss

 

 

(280,345)

 

 

(229,587)

Total MDJM Ltd stockholders’ equity

 

 

8,677,753

 

 

8,204,981

Total Liabilities and Equity

 

$

9,619,019

 

$

9,770,155

 

Summary of condensed statements of operations

MDJM LTD 

CONDENSED STATEMENTS OF OPERATIONS AND COMPEREHENAIVE INCOME (LOSS)

For the Years Ended December 31,

 

 

 

 

 

 

 

 

 

    

2019

    

2018

 

 

 

 

 

 

 

Revenue

 

$

 —

 

$

 —

Share of profit (loss) in subsidiaries

 

 

453,106

 

 

(515,971)

Start-up fees

 

 

 —

 

 

42,574

Other general and administrative expenses

 

 

101,948

 

 

 —

Total Operating Expenses

 

 

101,948

 

 

42,574

Income (loss) from operations

 

 

351,158

 

 

(558,545)

Interest income

 

 

26,719

 

 

 —

Net Income / (Loss)

 

$

377,877

 

$

(558,545)

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(50,758)

 

 

(169,521)

Comprehensive income (loss)

 

$

327,119

 

$

(728,066)

*There were no operating activities in 2017 as MDJMLTD was incorporated in January 2018.

 

Schedule of statemeny of cash flows

 

MDJM LTD

CONDENSED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

    

For the Years Ended December 31

 

 

2019

 

2018

Net Cash Used in Operating Activities

 

$

(76,211)

 

$

(42,574)

Net Cash (Used in) Provided by Investing Activities

 

 

(624,440)

 

 

1,565,174

Net Cash Provided by Financing Activities

 

 

70,406

 

 

4,103,479

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(630,245)

 

 

5,626,079

Cash and cash equivalents - beginning of the year

 

 

5,626,079

 

 

 —

Cash and cash equivalents - end of the year

 

$

4,995,834

 

$

5,626,079  

 

*There were no operating activities in 2017 as MDJM LTD was incorporated in January 2018.