Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations [Text Block]

16. Discontinued Operations

As of December 31, 2018, the Company has reclassified the results of operations and the financial position of Luotian Lorain and Shandong Greenpia as discontinued operations. Selected details regarding those discontinued operations are provided below. As of December 31, 2017, the Company has reclassified the results of operations and the financial position of Shandong Lorain, Dongguan Lorain, and the Minerve Group as discontinued operations. Selected details regarding those discontinued operations are provided below.

		For the years ended December 31,
Results of Operations		2018		2017
Sales	$	2,072,253	$	331,050
Cost of sales		1,305,382		382,788
Gross profit		475,177		(51,738
Operating expenses		632,640		28,829,757
Other expenses		(24,232,157)		(2,071,757	)
Loss before Taxes		(24,097,926)		(30,953,252	)
Taxes		(48,583)		-
Net loss	$	(24,049,343)	$	(30,953,252	)

		For the years ended December 31，
Other Income (Expenses)		2018			2017
Other income	$	-		$	608,198
Write-off of accounts receivable and other current assets		(1,266,022)			-
Write-off of inventory		(6,338,588)			-
Impairment of property and equipment and land use rights		(9,877,127)			(2,127,694	)
Other		(6,750,420)			(552,261	)
	$	(24,232,157)		$	(2,071,757	)
		As of December 31,
Financial Position		2018			2017
Current Assets	$	-		$	790,550
Non-Current Assets		-			896,099
Total Assets	$	-		$	1,686,649
Current Liabilities	$	8,607,813		$	9,610,994
Total Long-Term Liabilities		-			-
Total Liabilities	$	8,607,813		$	9,610,994
Net Assets	$	(8,607,813	)	$	(7,924,345
Total Liabilities & Net Assets	$	(8,607,813	)	$	1,686,649

		As of December 31,
Financial Position		2018			2017
Current Assets	$	-		$	790,550
Non-Current Assets		-			896,099
Total Assets	$	-		$	1,686,649
Current Liabilities	$	8,607,813		$	9,610,994
Total Long-Term Liabilities		-			-
Total Liabilities	$	8,607,813		$	9,610,994
Net Assets	$	(8,607,813	)	$	(7,924,345
Total Liabilities & Net Assets	$	(8,607,813	)	$	1,686,649

Plant and equipment		2018		2017
At Cost:
Buildings	$	-	$	2,537,134
Machinery and equipment		-		4,721,021
Office equipment		-		-
Motor vehicles		-		300,916
	$	-	$	7,559,071
Less: Accumulated depreciation		-		(7,559,071	)
	$	-	$	-

Intangible assets		2018		2017
At Cost:
Land use rights		-		1,210,297
Software		-		109,664
Patent		-		1,449
	$	-	$	1,321,410
Less: Accumulated amortization		-		(425,311	)
	$	-	$	896,099