GOING CONCERN (Tables)

9 Months Ended

Sep. 30, 2021

GOING CONCERN

Carrying value of the assets and liabilities

	September 30,		December 31,
	2021		2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	5,897,115	$	3,922,665
Restricted cash		53,241,711		9,144,610
Prepayment and other current assets, net		212,868		71,876
Intercompany receivables		1,439,513		1,379,393
Amount due from related parties		6,303,970		6,225,134
Loan receivables		2,172,766		2,609,748
Total current assets		69,267,943		23,353,426
NON-CURRENT ASSETS
Property and equipment, net		113,481		231,939
Deferred tax assets, net		138,501		125,190
Operating lease right-of-use assets		51,953		59,790
Total non-current assets		303,935		416,919
TOTAL ASSETS	$	69,571,878	$	23,770,345
CURRENT LIABILITIES
Accrued expenses and other payables	$	614,128	$	436,674
Customer deposits		53,241,711		9,144,610
Intercompany payables		16,328,379		14,829,608
Operating lease liabilities - current		12,381		11,517
Tax payable		11,009		20,003
Total current liabilities		70,207,608		24,442,412
NON-CURRENT LIABILITIES
Operating lease liability - non-current		27,932		40,610
TOTAL LIABILITIES	$	70,235,540	$	24,483,022