PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION [Abstract]

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

NOTE 25 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Rule 4-08(e)(3) of Regulation S-X of the SEC and concluded that it was applicable for the Company to disclose the financial information for ACM only. Certain information and footnote disclosures generally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The footnote disclosure contains supplemental information relating to the operations of ACM separately.

ACM’s subsidiaries did not pay any dividends to ACM during the periods presented.

ACM did not have significant capital or other commitments, long-term obligations, or guarantees as of December 31, 2021 or 2020.

The following represents condensed unconsolidated financial information of ACM only as of December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019:

CONDENSED BALANCE SHEET

	December 31,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	29,536	$	30,188
Accounts receivable		16		-
Due from intercompany		-		-
Other receivable		48		5
Prepaid expenses		594		359
Total current assets		30,194		30,552
Deferred tax assets		13,166		11,076
Investment in unconsolidated subsidiaries		637,961		102,455
Total assets		681,321		144,083
Liabilities and Stockholders’ Equity
Accounts payable		875		1,278
Other payable		404		255
Income taxes payable		254		31
FIN-48 payable		2,282		83
Deferred tax liability		1,302		1,286
Total liabilities		5,117		2,933
Total stockholders’ equity		676,204		141,150
Total liabilities and stockholders equity	$	681,321	$	144,083

CONDENSED STATEMENT OF OPERATIONS

	Year Ended December 31,
	2021			2020			2019
Revenue	$	16		$	1,776		$	10,683
Cost of revenue		-			(1,707	)		(10,036	)
Gross profit		16			69			647
Operating expenses:
Sales and marketing expenses		(2,443	)		(1,361	)		(490	)
General and administrative expenses		(5,116	)		(5,010	)		(3,639	)
Research and development expenses		-			-			(476	)
Loss from operations		(7,543	)		(6,302	)		(3,958	)
Equity in earnings of unconsolidated subsidiaries		43,866			36,273			22,510
Change in fair value of financial liability		-			(11,964	)		-
Interest income, net		54			90			231
Interest expense, net		-			-			(67	)
Other income, net		1,380			683			178
Income before income taxes		37,757			18,780			18,894
Income tax expense		-			-			-
Net income	$	37,757		$	18,780		$	18,894

CONDENSED STATEMENT OF CASH FLOWS

	Year Ended December 31,
	2021			2020			2019
Net cash used in operating activities	$	(5,902	)	$	(290	)	$	(7,957	)
Net cash provided by investing activities		-			-			-
Net cash provided by financing activities		5,250			2,745			23,347
Net increase (decrease) in cash and cash equivalents		(652	)		2,455			15,390
Cash and cash equivalents, beginning of year		30,188			27,733			13,161
Effect of exchange rate changes on cash and cash equivalents		-			-			(818	)
Cash and cash equivalents, end of year	$	29,536		$	30,188		$	27,733