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AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Loss from continuing operations $ (313,465) $ (47,352,102)
Net income/(loss) 16,831,221 (78,305,354)
Adjustments to reconcile net income to net cash sourced (used) in operating activities:    
Gain on disposal (41,145,631)  
Write down of assets in discontinued operations 24,049,343  
Gain on acquisition (423,338)  
Write-off of fixed assets 0 16,567,001
Depreciation and amortization expense 793,191 2,110,403
Decrease in accounts and other receivables (6,416,399) 421,806
Decrease /(increase) in inventories 21,548 2,009,657
Decrease/(increase) in advance and prepayments to suppliers (7,657,937) 28,286,858
Increase/(decrease) in accounts and other payables (287,048) (2,403,764)
Increase in deferred tax asset 81,769  
Net cash provided by (used in) operating activities (14,153,281) (360,141)
Cash flows from investing activities    
Decrease/(increase) in restricted cash   1,020,002
Purchase of short-term investments 0 0
Purchase of plant and equipment (490,694) (314,187)
Payment for deposits (1,534) 44,957
Net cash (used in) provided by investing activities (492,228) 750,772
Cash flows from financing activities    
Proceeds from issuance of common stock 15,454,005 0
Proceeds from bank borrowings   30,242
Repayment of bank borrowings   (784,093)
Proceeds from related party receivables 32,977  
Net cash provided by financing activities 15,486,982 (753,851)
Net decrease in cash and cash equivalents 841,473 (363,220)
Effect of foreign currency translation on cash and cash equivalents 131,958 22,659
Cash and cash equivalents-beginning of year 89,212 426,054
Cash and cash equivalents including discontinued operations - end of year   85,493
Cash and cash equivalents-end of year 1,062,643 89,212
Supplementary cash flow information:    
Interest received 369  
Interest paid   1,160,864
Income taxes paid $ 198 $ 563,453