XML 48 R33.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of the Parent Company

26. Condensed Financial Information of the Parent Company

Balance Sheets

 

 

 

 

December 31,

 

 

 

 

2022

 

 

2021

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

104,926

 

 

$

126,159

 

 

Prepaid expenses and other receivables

 

 

490

 

 

 

1,666

 

 

Amount due from subsidiaries

 

 

31,019

 

 

 

30,979

 

 

Dividends receivable

 

 

3,195

 

 

 

3,195

 

 

Total current assets

 

 

139,630

 

 

 

161,999

 

 

Investment in subsidiaries

 

 

8,813,550

 

 

 

9,202,040

 

 

Total assets

 

$

8,953,180

 

 

$

9,364,039

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accrued expenses and other payables

 

$

4,617

 

 

$

15,779

 

 

Amount due to subsidiaries

 

 

4,035

 

 

 

3,700

 

 

Dividend payable

 

 

23,107

 

 

 

17,125

 

 

Total current liabilities

 

 

31,759

 

 

 

36,604

 

 

Total liabilities

 

$

31,759

 

 

$

36,604

 

 

EQUITY

 

 

 

 

 

 

 

Preferred stock

 

 

15

 

 

 

15

 

 

Authorized 50,000,000 shares at par value of $0.001 each

 

 

 

 

 

 

 

Issued and outstanding: 14,630,813 (2021 – 14,630,813)

 

 

 

 

 

 

 

Common stock

 

 

100

 

 

 

100

 

 

Authorized: 100,000,000 shares at par value of $0.001 each

 

 

 

 

 

 

 

Issued and outstanding: 99,502,243 (2021 – 99,502,243)

 

 

 

 

 

 

 

Additional paid-in capital

 

 

540,582

 

 

 

547,691

 

 

Subscriptions receivable

 

 

—

 

 

 

(7,109

)

 

Accumulated other comprehensive income (loss)

 

 

(383,276

)

 

 

130,622

 

 

Retained earnings

 

 

8,764,000

 

 

 

8,656,116

 

 

Total shareholders' equity

 

 

8,921,421

 

 

 

9,327,435

 

 

Total liabilities and equity

 

$

8,953,180

 

 

$

9,364,039

 

 

Statements of Comprehensive Income (Loss)

 

 

 

 

For the year ended December 31

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

Selling, general and administrative expenses

 

 

9,362

 

 

 

15,148

 

 

 

7,013

 

 

Total operating expenses

 

 

9,362

 

 

 

15,148

 

 

 

7,013

 

 

Loss from operations

 

 

(9,362

)

 

 

(15,148

)

 

 

(7,013

)

 

Other income (expenses)

 

 

(40

)

 

 

94

 

 

 

(23

)

 

Interest income

 

 

768

 

 

 

248

 

 

 

532

 

 

Equity earnings of subsidiaries, net of tax

 

 

122,500

 

 

 

8,482,286

 

 

 

116,873

 

 

Net income

 

 

113,866

 

 

 

8,467,480

 

 

 

110,369

 

 

Preferred stock dividends

 

 

(5,982

)

 

 

(5,982

)

 

 

(6,015

)

 

Net income attributable to common shareholders

 

 

107,884

 

 

 

8,461,498

 

 

 

104,354

 

 

Net income

 

 

113,866

 

 

 

8,467,480

 

 

 

110,369

 

 

Foreign currency translation adjustments

 

 

(513,898

)

 

 

110,697

 

 

 

24,246

 

 

Total comprehensive (loss) / income

 

$

(400,032

)

 

$

8,578,177

 

 

$

134,615

 

 

 

Statements of Cash Flows

 

 

 

 

For the year ended December 31

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

Operating activities

 

 

 

 

 

 

 

 

 

 

Net income

 

$

113,866

 

 

$

8,467,480

 

 

$

110,369

 

 

Adjustments to reconcile net loss to net cash provided by (used in)
   operating activities:

 

 

 

 

 

 

 

 

 

 

- Share-based compensation

 

 

—

 

 

 

7,735

 

 

 

3,003

 

 

- Equity in earnings of subsidiaries

 

 

(122,500

)

 

 

(8,482,286

)

 

 

(116,873

)

 

Changes in:

 

 

 

 

 

 

 

 

 

 

- Amount due from subsidiaries

 

 

(40

)

 

 

62,686

 

 

 

(7,659

)

 

- Prepaid expenses and other receivables

 

 

1,176

 

 

 

795

 

 

 

(1,295

)

 

- Amount due to subsidiaries

 

 

(2,573

)

 

 

507

 

 

 

(5,771

)

 

- Accrued expenses and other payables

 

 

(11,162

)

 

 

11,544

 

 

 

2,692

 

 

Net cash (used in) provided by operating activities

 

 

(21,233

)

 

 

68,461

 

 

 

(15,534

)

 

Financing activities

 

 

 

 

 

 

 

 

 

 

- Proceeds from issuance of common stock, net of share issuance costs

 

 

—

 

 

 

1,032

 

 

 

1,999

 

 

Net cash provided by financing activities

 

 

—

 

 

 

1,032

 

 

 

1,999

 

 

(Decrease) increase in cash and cash equivalents

 

 

(21,233

)

 

 

69,493

 

 

 

(13,535

)

 

Cash and cash equivalents, beginning of year

 

 

126,159

 

 

 

56,666

 

 

 

70,201

 

 

Cash and cash equivalents, end of year

 

$

104,926

 

 

$

126,159

 

 

$

56,666

 

 

(a) Basis of presentation

The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the Company used the equity method to account for investment in its subsidiaries.

The Company records its investment in its subsidiaries under the equity method of accounting. Such investment is presented on the balance sheets as “Investment in subsidiaries” and share of their income (loss) as “Equity earnings (losses) of subsidiaries” in the statements of comprehensive income (loss).

Each of the Company’s PRC subsidiaries has restrictions on its ability to pay dividends to the Company under PRC laws and regulations (Note 21). The subsidiaries did not pay any dividends to the Company for the years presented.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements.

(b) Commitments

The Company does not have any significant commitments or long-term obligations as of any of the periods presented, except for those disclosed in the consolidated financial statements (notes 18 and 24).