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CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT - USD ($)
Paid in capital
Preferred shares
Series Angel equity interest with preferential rights
Preferred shares
Angle preferred shares
Ordinary shares
Class A ordinary shares
Ordinary shares
Class B ordinary shares
Additional paid in capital
Class A ordinary shares
Additional paid in capital
Statutory Reserves
Accumulated other comprehensive (loss)/income
Accumulated deficit
Non controlling interests
Redeemable non-controlling interest of sponsored fund
Class A ordinary shares
Class B ordinary shares
Total
Beginning balance at Dec. 31, 2016 $ 357,338 $ 496,584         $ 6,942,155   $ (1,431,921) $ (15,673,525) $ 110,816       $ (9,198,553)
Changes in equity                              
Share based compensation             349,700               349,700
Foreign currency translation adjustment                 1,638,655   (18,020)       1,620,635
Net loss                   (7,510,049) (417,445)       (7,927,494)
Return of capital to a limited partnership (note1) [1]                     (140,229)       (140,229)
Ending balance at Dec. 31, 2017 357,338 496,584         7,291,855   206,734 (23,183,574) (464,878)       (15,295,941)
Changes in equity                              
Reorganization effect (note 2) [2] $ (357,338) $ (496,584) $ 4,197 $ 332 $ 4,106   845,287                
Reorganization effect (note 2) (in shares) [2]     419,736,104 33,170,968 410,643,948                    
Issuance of ordinary shares       $ 25 $ 1,079 $ 178,429             $ 178,454 $ 1,079  
Issuance of ordinary shares (In shares)       2,480,000 107,863,347                    
Class B ordinary shares converted into Class A ordinary shares       $ 1,809 $ (1,809)                    
Class B ordinary shares converted into Class A ordinary shares (in shares)       180,895,573 (180,895,573)                    
Share based compensation             34,204,761               34,204,761
Foreign currency translation adjustment                 (1,014,579)   78,967       (935,612)
Investment in sponsored fund from noncontrolling shareholders                       $ 2,204,940      
Unrealized gain on availableforsale investments                 262,857           262,857
Net loss                   (43,207,732) (1,085,823)       (44,293,555)
Ending balance at Dec. 31, 2018     $ 4,197 $ 2,166 $ 3,376   42,520,332   (544,988) (66,391,306) (1,471,734) 2,204,940     (25,877,957)
Ending balance (in shares) at Dec. 31, 2018     419,736,104 216,546,541 337,611,722                    
Changes in equity                              
Issuance of Class A ordinary shares upon initial public offering, net of offering costs of US$3,462,099       $ 2,373     114,763,528               114,765,901
Issuance of Class A ordinary shares upon initial public offering, net of offering costs of US$3,462,099 (in shares)       237,375,000                      
Conversion of convertible preferred shares to Class A ordinary shares upon initial public offering     $ (4,197) $ 12,295     122,692,824               122,700,922
Conversion of convertible preferred shares to Class A ordinary shares upon initial public offering (in shares)     (419,736,104) 1,229,518,986                      
Issuance of Class A ordinary shares in relation to the acquisition of Marsco Investment Corporation       $ 85     2,999,915               3,000,000
Issuance of Class A ordinary shares in relation to the acquisition of Marsco Investment Corporation (in shares)       8,508,390                      
Issuance of Class A ordinary shares upon settlement of share-based awards       $ 853     200,157               201,010
Issuance of Class A ordinary shares upon settlement of share-based awards (in shares)       85,269,532                      
Share based compensation             4,062,600               4,062,600
Provision of statutory reserve               $ 724,008   (724,008)          
Foreign currency translation adjustment                 (321,433)           (321,433)
Investment in sponsored fund from noncontrolling shareholders                       239,609      
Net loss                   (6,589,431)   639,573     (6,589,431)
Acquisition of additional equity interest from non-controlling shareholders             (1,471,734)       $ 1,471,734        
Ending balance at Dec. 31, 2019       $ 17,772 $ 3,376   $ 285,767,622 $ 724,008 $ (866,421) $ (73,704,745)   $ 3,084,122     $ 211,941,612
Ending balance (in shares) at Dec. 31, 2019       1,777,218,449 337,611,722                    
[1] In August 2016, a subsidiary of the Group established a limited partnership, which was dissolved in November 2017.
[2] Represents the reorganization transactions to redomicile the Company’s business from the People’s Republic of China (the “PRC”) to the Cayman Islands as described in Note 1.