REDEEMABLE NON-CONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2021

REDEEMABLE NON-CONTROLLING INTERESTS [Abstract]

REDEEMABLE NON-CONTROLLING INTERESTS

NOTE 19 – REDEEMABLE NON-CONTROLLING INTERESTS

The Company recorded initial carrying amount of redeemable non-controlling interests at fair value on the date of issuance, and presented in temporary equity on the consolidated balance sheets initially.

As the non-controlling interests would be redeemable at a fixed purchase price, it is classified as common-share non-controlling interests redeemable at other than fair value. The Company applied the entire adjustment method (income classification) for subsequent measurement in accordance with Financial Accounting Standards Board (the “FASB”) Accounting Standards Classification (“ASC”) ASC 480-10-S99.

During the second quarter of 2020, the redemption feature of the private placement funding terminated and the aggregate proceeds of the funding therefore were reclassified from redeemable non-controlling interests to non-controlling interests. At September 30, 2020, the balance of redeemable non-controlling interest was nil.

The components of the change in the redeemable non-controlling interests for the year ended December 31, 2020 are presented in the following table:

Balance at December 31, 2019	$	60,162
Net income attributable to redeemable non-controlling interests		643
Effect of foreign currency translation gain attributable to redeemable non-controlling interests		(847	)
Reclassification of redeemable non-controlling interest		(59,958	)
Balance at December 31, 2020	$	-