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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities    
Net loss $ (26,078,325) $ (8,600,724)
Net loss from discontinued operations 326,531 2,464,044
Net loss from continuing operations (25,751,794) (6,136,680)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Forgiveness of other loans (316,096) 0
Depreciation and amortization 61,932 36,486
Inventories write down 24,006,489 3,605,748
Amortization of operating lease right-of-use assets 685,882 474,291
Deferred tax benefit (117,952) 436,449
Stock compensation expense 157,439 369,247
Changes in bad debt allowance 1,259 (220,853)
Changes in operating assets and liabilities:    
Accounts receivable (125,957) 66,423,276
Advance to suppliers 27,363,289 (18,199,695)
Inventories (27,096,344) (26,959,301)
Operating lease liabilities (606,185) (440,507)
Other current assets (203,927) (88,607)
Accounts payable 325,867 (3,728,008)
Advance from customers 231,846 (18,859)
Accrued liabilities and other payables 24,393 (498,457)
Taxes payable (715,413) (984,627)
Net Cash (Used in) Provided by Continuing Operations (2,075,272) 14,069,903
Net Cash Provided by Discontinued Operations 0 815,343
Net Cash (Used in) Provided by Operating Activities (2,075,272) 14,885,246
Cash Flows From Investing Activities    
Cash received from sales of subsidiary, net of cash disposed of 1,037,800  
Purchase of property and equipment (365,043) (25,902)
Net Cash Provided by (Used in) Continuing Operations 672,757 (25,902)
Net Cash Provided by (Used in) Investing Activities 672,757 (25,902)
Cash Flows From Financing Activities    
Proceeds from line of credit and bank loan 0 17,512,205
Repayment to line of credit and bank loan 0 (23,760,366)
Proceeds from other loans 466,096 0
Repurchase of treasury stock 0 (616,193)
Net Cash Provided by (Used in) Continuing Operations 466,096 (6,864,354)
Net Cash Provided by Discontinued Operations 0 0
Net Cash Provided by (Used in) Financing Activities 466,096 (6,864,354)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 795,805 0
Net (decrease) increase in cash and cash equivalents (140,614) 7,994,990
Cash and cash equivalents, beginning of year 8,885,398 890,408
Cash and cash equivalents, ending of year 8,744,784 8,885,398
Cash paid during the years for:    
Income tax payments 62,765 799,220
Interest expense 8,113 64,286
Non-cash financing activities:    
Operating lease assets obtained in exchange for operating lease obligation 0 0
Cash paid during the years for:    
Income tax payments 0 0
Interest expense 0 0
Analysis of cash and cash equivalents    
Included in cash and cash equivalents per consolidated balance sheets 8,744,784 7,423,198
Included in assets of discontinued operations $ 0 $ 1,462,200