XML 37 R83.htm IDEA: XBRL DOCUMENT v3.20.1
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Details 2) - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net income $ 9,073,954 $ 7,919,408 $ 5,124,973
Changes in operating assets and liabilities:      
Other receivables 642,904 28,615 73,345
Other payables and accrued liabilities 3,215,946 161,038 (39,412)
Net cash used in operating activities 12,309,246 (414,604) 6,989,680
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment 2,218,838 44,905 53,737
Net cash used in investing activities (19,111,780) 10,801,986 (15,814,920)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from initial public offering, net of issuance costs 7,417,077
Underwriter’s partial exercise of over-allotment option, net of issuance costs 524,944
Other payables - related party (40,634) 31,721 26,192
Net cash used in investing activities 10,596,581 (426,221) 10,167,330
EFFECT OF EXCHANGE RATE ON CASH (144,969) (501,935) 72,267
NET CHANGES IN CASH AND CASH EQUIVALENTS 3,649,078 9,459,226 1,414,357
Cash and cash equivalents, beginning of year 11,829,509 2,370,283 955,926
Cash and cash equivalents, end of year 15,478,587 11,829,509 2,370,283
Supplemental cash flow information:      
Cash and cash equivalents 11,829,509 2,370,283  
Restricted cash 5,000,000
Parent Company      
Net income 9,073,954 7,919,408 5,124,973
Adjustments to reconcile net income to cash used in operating activities:      
Equity income of subsidiaries and VIEs (10,747,395) (7,919,408) (5,124,973)
Changes in operating assets and liabilities:      
Other receivables (600,000)
Other payables and accrued liabilities 1,570,183
Net cash used in operating activities (703,258)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (2,162,449)
Net cash used in investing activities (2,162,449)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from initial public offering, net of issuance costs 7,417,077
Underwriter’s partial exercise of over-allotment option, net of issuance costs 524,944
Other payables - related party 269
Net cash used in investing activities 7,942,290
EFFECT OF EXCHANGE RATE ON CASH
NET CHANGES IN CASH AND CASH EQUIVALENTS 5,076,583
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year 5,076,583
Supplemental cash flow information:      
Cash and cash equivalents
Restricted cash 5,000,000
Cash and cash equivalents, end of year $ 5,076,583