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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash $ 2,105,625 $ 223,507
Restricted cash 9,500,000  
Accounts receivable, net 5,343,716 10,884,302
Prepayments 1,059,335 1,933,764
Other receivables 11,448,022 429,972
Amount due from related parties 741,340 1,954,517
Total Current Assets 30,198,038 15,426,062
PROPERTY AND EQUIPMENT, NET 3,448,109 4,595,206
OTHER ASSETS    
Deferred tax assets 31,852 19,559
Deposits 261,992 344,973
Total other assets 293,844 364,532
Total assets 33,939,991 20,385,800
CURRENT LIABILITIES:    
Short-term bank borrowings 6,551,724 2,606,567
Accounts payable 1,415,591 1,565,668
Other payables and accrued liabilities 531,120 626,389
Amount due to related parties 993,846 739,963
Tax payable 2,722,409 2,205,611
Current maturities of long-term bank borrowings 1,120,400
Current portion of capital lease and financing obligations 51,135 711,421
Current maturities of loans from other financial institutions 235,487 265,281
Total current liabilities 12,501,312 9,841,300
OTHER LIABILITIES    
Long-term loans from other financial institutions 136,400 355,927
Long-term portion of capital lease and financing obligations 27,989 161,943
Total other liabilities 164,389 517,870
Total liabilities 12,665,701 10,359,170
COMMITMENTS AND CONTINGENCIES
Ordinary shares: $0.001 par value, 50,000,000 shares authorized, 12,354,040 and 9,000,000 shares issued and outstanding as of December 31, 2020 and 2019, respectively [1] 12,354 9,000
Share subscription receivables (847,086) (847,086)
Additional paid-in capital 13,824,820 4,115,638
Statutory reserves 877,886 760,475
Retained earnings 6,905,718 6,240,833
Accumulated other comprehensive (loss) income 500,598 (252,230)
Total shareholders’ equity 21,274,290 10,026,630
Total liabilities and shareholders’ equity $ 33,939,991 $ 20,385,800
[1] Giving retroactive effect to the re-denomination and nominal issuance of shares effected on February 12, 2020, and the surrender and cancellation of shares effected on May 21, 2020.