Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of the Parent Company

25. Condensed Financial Information of the Parent Company

Balance Sheets

	December 31,
	2020		2019
ASSETS
Current assets
Cash and cash equivalents	$	56,666	$	70,201
Prepaid expenses and other receivables		2,461		1,166
Amount due from subsidiaries		93,665		86,006
Dividend receivables		3,195		3,195
Total current assets		155,987		160,568
Investment in subsidiaries		609,057		149,087
Total assets	$	765,044	$	309,655
LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables	$	4,236	$	1,544
Amount due to subsidiaries		3,193		8,964
Dividend payable		11,143		5,128
Total current liabilities		18,572		15,636
Total liabilities	$	18,572	$	15,636
EQUITY
Preferred stock		15		15
Authorized 50,000,000 shares at par value of $0.001 each
Issued and outstanding: 14,630,813 (2019 – 14,630,813)
Common stock		99		99
Authorized: 100,000,000 shares at par value of $0.001 each
Issued and outstanding: 99,294,743 (2019 – 98,903,243)
Additional paid-in capital		531,815		207,962
Accumulated other comprehensive income (loss)		19,925		(4,321	)
Retained earnings		194,618		90,264
Total shareholders' equity		746,472		294,019
Total liabilities and equity	$	765,044	$	309,655

Statements of Comprehensive Income

	For the year ended December 31
	2020			2019			2018
Selling, general and administrative expenses		7,013			7,750			15,615
Total operating expenses		7,013			7,750			15,615
Loss from operations		(7,013	)		(7,750	)		(15,615	)
Other expenses		(23	)		(16	)		(13	)
Interest income		532			871			798
Equity earnings of subsidiaries, net of tax		116,873			51,824			36,612
Net income		110,369			44,929			21,782
Preferred stock dividends		(6,015	)		(5,128	)		—
Net income attributable to common shareholders		104,354			39,801			21,782
Net income		110,369			44,929			21,782
Foreign currency translation adjustments		24,246			(2,222	)		(9,174	)
Total comprehensive income	$	134,615		$	42,707		$	12,608

Statements of Cash Flows

	For the year ended December 31
	2020			2019			2018
Cash flows used in operating activities
Net income	$	110,369		$	44,929		$	21,782
Adjustments to reconcile net loss to net cash provided by (used in)    operating activities:
- Share-based compensation		3,003			3,003			445
- Equity in earnings of subsidiaries		(116,873	)		(51,824	)		(36,612	)
Changes in:
- Amount due from subsidiaries		(7,659	)		(3,425	)		(7,624	)
- Prepaid expenses and other receivables		(1,295	)		172			(861	)
- Dividend receivables		—			—			18,085
- Amount due to subsidiaries		(5,771	)		(7,584	)		2,602
- Accrued expenses and other payables		2,692			(119	)		(276	)
Net cash used in operating activities		(15,534	)		(14,848	)		(2,459	)
Cash flows provided by financing activities
- Proceeds from issuance of common stock, net of share issuance costs		1,999			—			85,304
- Proceeds from shares subscribed		—			—			64
Net cash provided by financing activities		1,999			—			85,368
Increase (decrease) in cash and cash equivalents		(13,535	)		(14,848	)		82,909
Cash and cash equivalents, beginning of year		70,201			85,049			2,140
Cash and cash equivalents, end of year	$	56,666		$	70,201		$	85,049

(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 20). 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 17 and 23).