0001213900-19-025010.txt : 20191129 0001213900-19-025010.hdr.sgml : 20191129 20191129062217 ACCESSION NUMBER: 0001213900-19-025010 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191129 DATE AS OF CHANGE: 20191129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SHARING ECONOMY INTERNATIONAL INC. CENTRAL INDEX KEY: 0000819926 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550] IRS NUMBER: 900648920 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34591 FILM NUMBER: 191259750 BUSINESS ADDRESS: STREET 1: NO. 9 YANYU MIDDLE ROAD QIANZHOU VILLAGE STREET 2: HUISHAN DISTRICT, WUXI CITY CITY: JIANGSU PROVINCE, STATE: F4 ZIP: 00000 BUSINESS PHONE: (86) 51083397559 MAIL ADDRESS: STREET 1: NO. 9 YANYU MIDDLE ROAD QIANZHOU VILLAGE STREET 2: HUISHAN DISTRICT, WUXI CITY CITY: JIANGSU PROVINCE, STATE: F4 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: Cleantech Solutions International, Inc., DATE OF NAME CHANGE: 20110621 FORMER COMPANY: FORMER CONFORMED NAME: China Wind Systems, Inc DATE OF NAME CHANGE: 20071221 FORMER COMPANY: FORMER CONFORMED NAME: MALEX INC DATE OF NAME CHANGE: 19920703 10-Q/A 1 f10q0919a1_sharingeconomy.htm AMENDMENT NO. 1 QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

(Amendment No. 1)

 

(Mark One)

  ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

 

COMMISSION FILE NUMBER: 001-34591

 

SHARING ECONOMY INTERNATIONAL INC.

(Exact name of Registrant as specified in its charter)

 

NEVADA   90-0648920
 (State or other jurisdiction of
incorporation of organization)
  (I.R.S. Employer
Identification No.)

 

No. 9 Yanyu Middle Road

Qianzhou Village, Huishan District, Wuxi City

Jiangsu Province, China 214181

(Address of principal executive offices)

 

(86) 51083397559

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer Accelerated filer
Non-accelerated filer  Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange
on which registered
         

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 9,278,106 shares of common stock are issued and outstanding as of November 13, 2019.

 

 

 

 

 

EXPLANATORY NOTE

 

This Amendment No. 1 (“Amendment No. 1”) to the Quarterly Report on Form 10-Q of Sharing Economy International, Inc. for the fiscal quarter ended September 30, 2019 as filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2019 (the “Original 10-Q”) is being filed to amend and restate the Original 10-Q.

 

 

 

 

SHARING ECONOMY INTERNATIONAL INC. AND SUBSIDIARIES

FORM 10-Q

September 30, 2019

 

TABLE OF CONTENTS

 

    Page No.
  PART I. - FINANCIAL INFORMATION  
     
Item 1. Financial Statements 1
  Condensed Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018 1
  Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited) 2
  Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited) 3
  Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (Unaudited) 4
  Notes to Unaudited Condensed Consolidated Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21
Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
Item 4. Controls and Procedures 35
     
   PART II - OTHER INFORMATION  
     
Item 5. Exhibits 37

 

i

 

 

FORWARD LOOKING STATEMENTS

 

This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements.

 

Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings “Risks Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K, in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q and information contained in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.

 

We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. You can also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330 FREE. Our SEC filings are available through our website at http://www.seii.com/investor-relations/sec-filings.

 

We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

 

ii

 

  

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

SHARING ECONOMY INTERNATIONAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30,   December 31, 
   2019   2018 
   (Unaudited)    (Audited) 
ASSETS        
         
CURRENT ASSETS:        
Cash and cash equivalents  $92,864   $781,740 
Restricted cash   94,881    77,473 
Notes receivable   147,136    149,757 
Accounts receivable, net of allowance for doubtful accounts   475,942    4,327,980 
Inventories, net of inventory reserve   2,052,312    6,414,305 
Advances to suppliers   -    565,295 
Receivable from sale of subsidiary   -    2,791,590 
Prepaid license fee - related party, net   165,957    663,830 
Prepaid expenses and other   1,627,660    5,235,113 
Assets of discontinued operations   205,657    209,926 
           
Total current assets   4,862,409    21,217,009 
           
OTHER ASSETS:          
Property and equipment, net   6,045,537    21,563,420 
Intangible assets, net   3,316,483    3,562,513 
           
Total other assets   9,362,020    25,125,933 
           
Total assets  $14,224,429   $46,342,942 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
CURRENT LIABILITIES:          
Short-term bank loans  $1,554,247   $2,182,960 
Bank acceptance notes payable   91,084    72,698 
Convertible note payable   838,571    710,504 
Accounts payable   2,464,001    4,254,598 
Accrued expenses   433,638    779,948 
Advances from customers   -    1,073,797 
Due to related parties   1,745,444    1,257,505 
Income taxes payable   57,889    60,065 
Liabilities of discontinued operations   258,974    268,532 
           
Total current liabilities   7,443,848    10,660,607 
           
LONG-TERM LIABILITIES:          
Long-term loan   119,574    244,910 
           
Total liabilities   7,563,422    10,905,517 
           
STOCKHOLDERS’ EQUITY:          
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 and 0 issued and outstanding at September 30, 2019 and December 31, 2018, respectively)   -    - 
Common stock ($0.001 par value; 12,500,000 shares authorized; 9,278,106 and 7,449,123 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)   9,278    7,449 
Additional paid-in capital   58,301,021    58,452,131 

Accumulated deficit

   (55,594,946)   (27,492,559)
Statutory reserve   2,352,592    2,352,592 
Accumulated other comprehensive income - foreign currency translation adjustment   2,440,621    2,657,614 
Total stockholder’s equity   7,508,566    35,977,227 
           
Non-controlling interest   (847,559)   (539,802)
           
Total stockholders’ equity   6,661,007    35,437,425 
           
Total liabilities and stockholders’ equity  $14,224,429   $46,342,942 

 

See notes to unaudited condensed consolidated financial statements.

1

 

 

SHARING ECONOMY INTERNATIONAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2019   2018   2019   2018 
                 
REVENUES  $1,677,364   $2,517,201   $5,244,065   $7,655,321 
                     
COST OF REVENUES   1,874,420    4,244,853    10,106,431    10,462,225 
                     
GROSS LOSS   (197,056)   (1,727,652)   (4,862,366)   (2,806,904)
                     
OPERATING EXPENSES:                    
Depreciation and amortization   107,050    273,555    482,857    862,303 
Selling, general and administrative   801,600    5,441,960    4,778,058    12,863,537 
Research and development   83,809    165,183    269,641    403,611 
Bad debt expense   (48,889)   (30,000)   4,307,234    1,285,990 
Impairment loss   (151,595)   1,922,674    13,355,958    1,922,674 
                     
Total operating expenses   791,975    7,773,372    23,193,748    17,338,115 
                     
LOSS FROM OPERATIONS   (989,031)   (9,501,024)   (28,056,114)   (20,145,019)
                     
OTHER INCOME (EXPENSE):                    
Interest income   58    6,324    856    15,402 
Interest expense   (173,276)   (118,894)   (345,083)   (241,708)
Loss on equity method investment   -    (8,892,458)   -    (9,038,303)
Foreign currency transaction gain (loss)   (122)   247    (1,612)   (1,666)
Other (loss) income   49,496    (67,529)   (7,828)   (68,254)
                     
Total other expense, net   (123,844)   (9,072,310)   (353,667)   (9,334,529)
                     
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES   (1,112,875)   (18,573,334)   (28,409,781)   (29,479,548)
                     
PROVISIONS FOR INCOME TAXES:                    
Current   -    -    -    - 
Deferred   -    -    -    - 
                     
Total income taxes provision   -    -    -    - 
                     
LOSS FROM CONTINUING OPERATIONS   (1,112,875)   (18,573,334)   (28,409,781)   (29,479,548)
                     
DISCONTINUED OPERATIONS:                    
Gain (loss) from discontinued operations, net of income taxes   -    (385)   -    16,486 
                     
GAIN (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES   -    (385)   -    16,486 
                     
NET LOSS   (1,112,875)   (18,573,719)   (28,409,781)   (29,463,062)
                     
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST   (44,647)   (377,258)   (307,394)   (683,411)
                     
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS  $(1,068,228)  $(18,196,461)   (28,102,387)   (28,779,651)
                     
COMPREHENSIVE LOSS:                    
Net loss  $(1,112,875)  $(18,573,719)   (28,409,781)   (29,463,062)
Unrealized foreign currency translation loss   (534,749)   (1,471,792)   (217,356)   (2,374,185)
                     
Comprehensive loss  $(1,647,624)  $(20,045,511)   (28,627,137)   (31,837,247)
                     
Net loss attributable to non-controlling interest  $(44,647)  $(377,258)   (307,394)   (683,411)
Unrealized foreign currency translation gain from non-controlling interest   -    -    (363)   - 
                     
Comprehensive loss attributable to common stockholders  $(1,602,977)  $(19,668,253)   (28,319,380)   (31,153,836)
                     
NET LOSS PER COMMON SHARE:                    
Continuing operations - basic and diluted  $(0.12)  $(2.56)   (3.17)   (8.00)
Discontinued operations - basic and diluted   -    -    -    0.01 
                     
Net loss per common share - basic and diluted  $(0.12)  $(2.56)   (3.17)   (7.99)
                     
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:                    
Basic and diluted   9,278,106    7,100,416    8,866,755    3,598,265 

  

See notes to unaudited condensed consolidated financial statements.

2

 

   

SHARING ECONOMY INTERNATIONAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Three and Nine Months Ended September 30, 2019 and 2018

(Unaudited)

  

   Common Stock   Additional           Accumulated
Other
   Non-   Total 
   Number of       Paid-in   Retained   Statutory   Comprehensive   controlling   Stockholders’ 
   Shares   Amount   Capital   Earnings   Reserve   Income   Interest   Equity 
                                 
Balance, July 1, 2019   9,278,106   $9,278   $58,301,021   $(54,526,718)  $2,352,592   $2,975,370   $(802,912)  $8,308,631 
                                         
Net loss   -    -    -    (1,068,228)   -    -    (44,647)   (1,112,875)
                                         
Foreign currency translation adjustment   -    -    -    -    -    (534,749)   -    (534,749)
                                         
Balance, September 30, 2019   9,278,106   $9,278   $58,301,021   $(55,594,946)  $2,352,592   $2,440,621   $(847,559)  $6,661,007 

 

   Common Stock   Additional           Accumulated
Other
   Non-   Total 
   Number of       Paid-in   Retained   Statutory   Comprehensive   controlling   Stockholders’ 
   Shares   Amount   Capital   Earnings   Reserve   Income   Interest   Equity 
                                 
Balance, July 1, 2018   6,037,791   $6,038   $55,597,267   $3,041,539   $2,352,592   $4,021,436   $120,489   $65,139,361 
                                         
Common stock issued for services to consultants and service providers   86,623    86    43,746    -    -    -    -    43,832 
                                         
Common stock issued for services to employees and directors   1,376,890    1,377    5,198,339    -    -    -    -    5,199,716 
                                         
Share of reserve arising from acquisition of non-wholly owned subsidiaries   -    -    -    -    -    -    1,087    1,087 
                                         
Net loss   -    -    -    (18,196,461)   -    -    (377,258)   (18,573,719)
                                         
Foreign currency translation adjustment   -    -    -    -    -    (1,471,792)   -    (1,471,792)
                                         
Balance, September 30, 2018   7,501,304   $7,501   $60,839,352   $(15,154,922)  $2,352,592   $2,549,644   $(255,682)  $50,338,485 

 

   Common Stock   Additional           Accumulated
Other
   Non-   Total 
   Number of       Paid-in   Retained   Statutory   Comprehensive   controlling   Stockholders’ 
   Shares   Amount   Capital   Earnings   Reserve   Income   Interest   Equity 
                                 
Balance, January 1, 2019   7,449,123   $7,449   $58,452,131   $(27,492,559)  $2,352,592   $2,657,614   $(539,802)  $35,437,425 
                                         
Common stock issued for cash   690,000    690    199,410    -    -    -    -    200,100 
                                         
Common stock issued for services to consultants and service providers   1,349,347    1,349    287,620    -    -    -    -    288,969 
                                         
Common stock surrendered for services from consultants and service providers   (562,501)   (562)   (947,386)   -    -    -    -    (947,948)
                                         
Common stock issued upon conversion of debt   266,667    267    49,733    -    -    -    -    50,000 
                                         
Common stock issued for donation   85,470    85    259,513    -    -    -    -    259,598 
                                         
Net loss   -    -    -    (28,102,387)   -    -    (307,394)   (28,409,781)
                                         
Foreign currency translation adjustment   -    -    -    -    -    (216,993)   (363)   

(217,356

)
                                         
Balance, September 30, 2019   9,278,106   $9,278   $58,301,021   $(55,594,946)  $2,352,592   $2,440,621   $(847,559)  $6,661,007 

 

   Common Stock   Additional           Accumulated
Other
   Non-   Total 
   Number of       Paid-in   Retained   Statutory   Comprehensive   controlling   Stockholders’ 
   Shares   Amount   Capital   Earnings   Reserve   Income   Interest   Equity 
                                 
Balance, January 1, 2018   2,527,720   $2,528   $40,241,172   $13,624,729   $2,352,592   $4,923,829   $24,230   $61,169,080 
                                         
Common stock issued for cash   69,676    70    256,340    -    -    -    -    256,410 
                                         
Common stock issued for services to consultants and service providers   2,650,774    2,650    11,634,111    -    -    -    -    11,636,761 
                                         
Common stock issued for services to employees and directors   1,627,960    1,628    6,021,035    -    -    -    -    6,022,663 
                                         
Common stock issued upon conversion of debt   200,100    200    670,135    -    -    -    -    670,335 
                                         
Common stock issued for acquisition of majority-owned subsidiaries   425,074    425    2,016,559    -    -    -    -    2,016,984 
                                         
Share of reserve arising from acquisition of non-wholly owned subsidiaries   -    -    -    -    -    -    403,499    403,499 
                                         
Net loss   -    -    -    (28,779,651)   -    -    (683,411)   (29,463,062)
                                         
Foreign currency translation adjustment   -    -    -    -    -    (2,374,185)   -    (2,374,185)
                                         
Balance, September 30, 2018   7,501,304   $7,501   $60,839,352   $(15,154,922)  $2,352,592   $2,549,644   $(255,682)  $50,338,485 

  

See notes to unaudited condensed consolidated financial statements.

 

3

 

   

SHARING ECONOMY INTERNATIONAL INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

  

   For the Nine Months Ended 
   September 30, 
   2019   2018 
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss  $(28,409,781)  $(29,463,062)
Adjustments to reconcile net loss from operations to net cash provided by (used in) operating activities:          
Depreciation   2,097,816    3,080,857 
Amortization of intangible assets   140,325    299,373 
Bad debt allowance   4,307,234    1,285,990 
Bad debt recovery - discontinued operations   -    (16,899)
Impairment loss of intangible asset   -    1,922,674 
Impairment loss of property and equipment   13,355,958    - 
Loss on equity method investment   -    9,038,303 
Stock-based employment compensation   933    879,258 
Stock-based professional fees   2,710,195    9,132,385 
Stock-based donation   259,598    241,860 
Amortization of debt discount   162,170    115,836 
Amortization of license fee   497,872    210,213 
Write-off of inventory   3,609,828    - 
Changes in operating assets and liabilities:          
Notes receivable   (2,915)   382,776 
Accounts receivable   2,336,569    2,449,872 
Inventories   685,905    (1,011,749)
Prepaid and other current assets   423,275    (1,021,180)
Advances to suppliers   566,687    720,730 
Assets of discontinued operations   (3,467)   200,197 
Accounts payable   (1,717,029)   (434,324)
Accrued expenses   (333,637)   142,124 
Advances from customers   (1,076,442)   (1,226,059)
Liabilities of discontinued operations   175    (132,916)
           
Net cash used in operating activities   (388,731)   (3,203,741)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment   (99,941)   (74,466)
Proceed received from acquisition   -    2,341 
           
Net cash used in investing activities   (99,941)   (72,125)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceed from convertible note   -    900,000 
Offering costs paid   -    (195,018)
Proceeds from bank loan   874,521    1,856,198 
Repayments of bank loan   (1,505,383)   (1,303,941)
Increase (decrease) in bank acceptance notes payable   21,863    (268,458)
Advance from related party   519,543    1,810,815 
Repayment of related party advances   (31,604)   - 
Proceeds from sale of common stock, net   200,100    256,410 
           
Net cash provided by financing activities   79,040    3,056,006 
           
Effect of exchange rate changes   (261,836)   (274,378)
           
Net change in cash, cash equivalents and restricted cash   (671,468)   (494,238)
           
Cash, cash equivalents and restricted cash - beginning of period   859,213    1,292,428 
           
Cash, cash equivalents and restricted cash - end of period  $187,745   $798,190 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid in continuing operations for:          
Interest  $345,083   $241,708
Income taxes  $-   $- 
           
Cash paid in discontinued operations for:          
Interest  $-   $- 
Income taxes  $-   $- 
           
NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Stock issued for future services to consultants and vendors  $111,280   $

6,335,098

 
Stock issued for future services to employees and directors  $-   $496,654 
Stock issued for repayment of convertible note  $-   $670,335 
Stock issued for convertible note  $-   $- 
Stock issued for acquisition of non-wholly owned subsidiaries  $-   $976,984 
Stock issued for redemption of convertible note and accrued interest  $50,000   $- 
Stock issued for prepayment of license fee – related party  $-   $829,787 
Stock issued for prepayment of rental & management fee   -   $1,048,659 
           
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH          
Cash and cash equivalents at beginning of period  $781,740   $1,019,437 
Restricted cash at beginning of period   77,473    272,991 
Total cash, cash equivalents and restricted cash at beginning of period  $

859,213

   $1,292,428 
           
Cash and cash equivalents at end of period  $92,864   $707,101 
Restricted cash at end of period   94,881    91,089 
Total cash, cash equivalents and restricted cash at end of period  $187,745   $798,190 

  

See notes to unaudited condensed consolidated financial statements.

 

4

 

 

SHARING ECONOMY INTERNATIONAL INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019

(Unaudited) 

 

NOTE 1 – BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

 

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2018 and footnotes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on April 16, 2019. The consolidated balance sheet as of December 31, 2018 contained herein has been derived from the audited consolidated financial statements as of December 31, 2018, but does not include all disclosures required by the generally accepted accounting principles in the U.S. (“U.S. GAAP”).

 

NOTE 2 – DESCRIPTION OF BUSINESS AND ORGANIZATION

 

Sharing Economy International Inc. (the “Company”) was incorporated in Delaware on June 24, 1987 under the name of Malex, Inc. On December 18, 2007, the Company’s corporate name was changed to China Wind Systems, Inc. and on June 13, 2011, the Company changed its corporate name to Cleantech Solutions International, Inc. On August 7, 2012, the Company was converted into a Nevada corporation. On January 8, 2018, the Company changed its corporate name to Sharing Economy International Inc. 

 

Through its affiliated companies, the Company manufactures and sells textile dyeing and finishing machines. The Company is the sole owner of Fulland Limited (“Fulland”), a Cayman Island limited liability company, which was organized on May 9, 2007. Fulland owns 100% of the capital stock of Green Power Environment Technology (Shanghai) Co., Ltd. (“Green Power”) and, until December 30, 2016, Fulland owned 100% of Wuxi Fulland Wind Energy Equipment Co., Ltd. (“Fulland Wind”). Green Power is and Fulland Wind was a wholly foreign-owned enterprise (“WFOE”) organized under the laws of the People’s Republic of China (“PRC” or “China”). Green Power is a party to a series of contractual arrangements, as fully described below, dated October 12, 2007 with Wuxi Huayang Heavy Industries, Co., Ltd. (“Heavy Industries”), formerly known as Wuxi Huayang Electrical Power Equipment Co., Ltd., and Wuxi Huayang Dyeing Machinery Co., Ltd. (“Dyeing”), both of which are limited liability companies organized under the laws of, and based in, the PRC. Heavy Industries and Dyeing are sometimes collectively referred to as the “Huayang Companies.”

 

Dyeing, which was formed on August 17, 1995, produces and sells a variety of high and low temperature dyeing and finishing machinery for the textile industry. The Company refers to this segment as the dyeing and finishing equipment segment. On December 26, 2016, Dyeing and an unrelated individual formed Wuxi Shengxin New Energy Engineering Co., Ltd. (“Shengxin”), a limited liability company organized under the laws of the PRC in which Dyeing has a 30% equity interest and the unrelated third party holds a 70% interest, pursuant to an agreement dated December 23, 2016. Shengxin intends to develop, construct and maintain photovoltaic power generation projects, known as solar farms, in China, mainly in the provinces of GuiZhou and YunNan. In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. In September 2018, due to significant doubt about the status of this project and recoverability of the Company’s investment, the Company fully impaired the value of its investment in Shengxin (see Note 5).

 

Fulland Wind was formed on August 27, 2008. In 2009, the Company began to produce and sell forged products through Fulland Wind. Through Fulland Wind, the Company manufactured and sold forged products, including wind products such as shafts, rolled rings, gear rims, gearboxes, bearings and other components and finished products and assemblies for the wind power and other industries, including large-scale equipment used in the manufacturing process for the various industries. The Company referred to this segment of its business as the forged rolled rings and related components segment. On December 30, 2016, Fulland sold the stock of Fulland Wind.

 

Beginning in February 2015, Heavy Industries began to produce equipment for the petroleum and chemical industries. The Company referred to this segment of its business as the petroleum and chemical equipment segment. Because of a significant decline in revenues from this segment, the Company determined it would not continue to operate in this segment and accordingly, the petroleum and chemical equipment segment is reflected as discontinued operations for all periods presented (See Note 5). As a result of the discontinuation of the petroleum and chemical equipment business, the Company’s business primarily consists of the dyeing and finishing equipment business as its primary continuing operations since December 31, 2016.

 

5

 

  

The Company’s latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. In connection with the new business initiatives, the Company formed or acquired the following subsidiaries:

 

  Vantage Ultimate Limited (“Vantage”), a company incorporated under the laws of British Virgin Islands on February 1, 2017 and is wholly-owned by the Company.
  Sharing Economy Investment Limited (“Sharing Economy”), a company incorporated under the laws of British Virgin Islands on May 18, 2017 and is wholly-owned by Vantage.
  EC Advertising Limited (“EC Advertising”), a company incorporated under the laws of Hong Kong on March 17, 2017 and is wholly-owned by Sharing Economy.
  EC Rental Limited (“EC Rental”), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Vantage.
  EC Assets Management Limited (“EC Assets”), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Vantage.
  Cleantech Solutions Limited (formerly known as EC (Fly Car) Limited), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Sharing Economy.
  Global Bike Share (Mobile App) Limited, a company incorporated under the laws of British Virgin Islands on May 23, 2017 and is wholly-owned by Sharing Economy.
  EC Power (Global) Technology Limited (“EC Power”), a company incorporated under the laws of British Virgin Islands on May 26, 2017 and is wholly-owned by EC Rental.
  EC Power (HK) Company Limited, a company incorporated under the laws of Hong Kong on June 23, 2017 and is wholly-owned by EC Power.
  EC Manpower Limited, a company incorporated under the laws of Hong Kong on July 3, 2017 and is wholly-owned by Vantage.
  EC Technology & Innovations Limited (“EC Technology”), a company incorporated under the laws of British Virgin Islands on September 1, 2017 and is wholly-owned by Vantage.
  Inspirit Studio Limited (“Inspirit Studios”), a company incorporated under the laws of Hong Kong on August 24, 2015, and 51% of its shareholding was acquired by EC Technology on December 8, 2017.
  EC Creative Limited (“EC Creative”), a company incorporated under the laws of British Virgin Islands on January 9, 2018 and is wholly-owned by Vantage.
  3D Discovery Co. Limited (“3D Discovery”), a company incorporated under the laws of Hong Kong on February 24, 2015, and 60% of its shareholdings was acquired by EC Technology on January 19, 2018.
  Sharing Film International Limited, a company incorporated under the laws of Hong Kong on January 22, 2018 and is wholly-owned by EC Creative.
  AnyWorkspace Limited (“AnyWorkspace”), a company incorporated under the laws of Hong Kong on November 12, 2015, and 80% of its shareholding was acquired by Sharing Economy on January 30, 2018.
  Xiamen Great Media Company Limited (“Xiamen Great Media”), a company incorporated under the laws of the PRC on September 5, 2018 and is wholly-owned by EC Advertising.

  

NOTE 3 – GOING CONCERN UNCERTAINTIES

 

These unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company had a loss from continuing operations of approximately $28,410,000 for the nine months ended September 30, 2019. The net cash used in operations was approximately $389,000 for the nine months ended September 30, 2019. Additionally, during the nine months ended September 30, 2019, revenues, substantially all of which are derived from the manufacture and sales of textile dyeing and finishing equipment, decreased by 31.5% as compared to the nine months ended September 30, 2018. Management believes that its capital resources are not currently adequate to continue operating and maintaining its business strategy for twelve months from the date of this report. The Company may seek to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity and from bank loans, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail or cease operations.

 

Management believes that these matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

6

 

 

NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   

Listing status

 

On November 26, 2018, Sharing Economy International Inc. (the “Company”) received a staff determination notice from The Nasdaq Stock Market (“Nasdaq”) informing the Company that as a result of its failure to comply with Nasdaq’s shareholder approval requirements set forth in Listing Rule 5635(c) (the “Rule”), the staff determined to deny the Company’s request for continued listing based on a plan of compliance submitted on October 26, 2018. The Company’s common stock was delisted from Nasdaq at the open of trading on December 5, 2018. The Company’s common stock is currently trading on the OTC Markets under the symbol “SEII”.

 

Principles of consolidation

 

The Company’s unaudited condensed consolidated financial statements include the financial statements of its wholly-owned and majority owned subsidiaries, as well as the financial statements of the Huayang Companies, including Dyeing, which conducts the Company’s continuing operations, and Heavy Industries, which operated discontinued operations. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

On December 30, 2016, the Company sold and transferred its 100% interest in Fulland Wind to an unrelated party. Additionally, the Company’s management decided to discontinue its petroleum and chemical equipment segment due to significant declines in revenues and the loss of its major customers. As such, petroleum and chemical segment’s assets and liabilities have been classified on the consolidated balance sheets as assets and liabilities of discontinued operations as of September 30, 2019 and December 31, 2018. The operating results of the petroleum and chemical segment have been classified as discontinued operations in our consolidated statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements are related to the Company’s continuing operations.

 

Pursuant to Accounting Standards Codification (“ASC”) Topic 810, the Huayang Companies are considered variable interest entities (“VIE”), and the Company is the primary beneficiary. The Company’s relationships with the Huayang Companies and their shareholders are governed by a series of contractual arrangements between Green Power, the Company’s wholly foreign-owned enterprise in the PRC, and each of the Huayang Companies, which are the operating companies of the Company in the PRC. Under PRC laws, each of Green Power, Dyeing and Heavy Industries is an independent legal entity and none of them is exposed to liabilities incurred by the other parties. The contractual arrangements constitute valid and binding obligations of the parties of such agreements. Each of the contractual arrangements and the rights and obligations of the parties thereto are enforceable and valid in accordance with the laws of the PRC.

 

Because of the contractual arrangements, the Company has a pecuniary interest in the Huayang Companies that requires the Company to consolidate the Huayang Companies in its financial statements as if they are wholly-owned subsidiaries of the Company.

  

Use of estimates

 

The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the nine months ended September 30, 2019 and 2018 include the allowance for doubtful accounts on accounts and other receivables, the allowance for inventory reserve, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets, valuation of deferred tax assets, and the value of stock-based compensation.

 

7

 

  

Cash and cash equivalents

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company maintains with various financial institutions mainly in the PRC, Hong Kong and the U.S. As of September 30, 2019 and December 31, 2018, cash balances held in PRC and Hong Kong banks of $92,864 and $774,316, respectively, are uninsured.

 

Fair value of financial instruments

 

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, notes receivable, accounts receivable, inventories, advances to suppliers, receivable from sale of subsidiary, prepaid expenses and other, short-term bank loans, bank acceptance notes payable, convertible note payable, accounts payable, accrued expenses, advances from customers, amounts due to related parties, and income taxes payable approximate their fair market value based on the short-term maturity of these instruments .

 

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.

 

Concentrations of credit risk

 

The Company’s operations are carried out in the PRC and Hong Kong. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and Hong Kong, and by the general state of the economies in the PRC and Hong Kong. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Substantially all of the Company’s cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A significant portion of the Company’s sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. 

 

8

 

 

Accounts receivable

 

Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer’s historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. At September 30, 2019 and December 31, 2018, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $10,632,575 and $9,527,060, respectively. 

 

For the nine months ended September 30, 2019 and 2018, bad debt expense amounted to $4,307,234, and $1,285,990, respectively.

  

Inventories

 

Inventories, consisting of raw materials, work-in-process and finished goods related to the Company’s products are stated at the lower of cost or market utilizing the weighted average method. A reserve is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company recorded an inventory reserve of $4,643,524 and $1,212,706 as of September 30, 2019 and December 31, 2018, respectively.

 

Property and equipment

 

Property and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statements of operations in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Impairment loss has been recorded in current period

 

For the three months ended September 30, 2019 and 2018, depreciation expense amounted to $709,120 and $979,203, respectively, of which $598,502 and $705,648, respectively, was included in cost of revenues, and the remainder was included in operating expenses.

 

For the nine months ended September 30, 2019 and 2018, depreciation expense amounted to $2,097,816 and $3,080,857, respectively, of which $1,614,959 and $2,218,554, respectively, was included in cost of revenues, and the remainder was included in operating expenses.

  

As of September 30, 2019, the Company conducted an impairment assessment on property and equipment. Accordingly, the Company recorded an impairment loss of $13,355,958 on certain equipment and buildings for the nine months ended September 30, 2019. For the nine months ended September 30, 2018, the impairment loss was $0. 

  

Equity method investment

  

Investments in which the Company has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long-term assets on the consolidated balance sheets. Under this method of accounting, the Company’s share of the net earnings or losses of the investee is presented under other income (expense) on the consolidated statements of operations. The Company evaluates its equity method investment whenever events or changes in circumstance indicate that the carrying amounts of such investment may be impaired. A loss would be recorded if a decline in the value of an equity method investment is determined to be other than temporary (see Note 7).

 

Stock-based compensation

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718, which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board (“FASB”) also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Additionally, effective January 1, 2017, the Company adopted the Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur and the cumulative impact of this change did not have any effect on the Company’s consolidated financial statements and related disclosures.

 

9

 

  

In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU No. 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC 606. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption.

 

Employee benefits

 

The Company’s operations and employees are all located in the PRC and Hong Kong. The Company makes mandatory contributions to the PRC and Hong Kong governments’ health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws and law of Mandatory Provident Fund in Hong Kong. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $180,256 and $196,299 for the nine months ended September 30, 2019 and 2018, respectively.

  

Foreign currency translation

 

The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company’s operating subsidiaries is the Chinese Renminbi (“RMB”) or Hong Kong dollars (HKD). For the subsidiaries and affiliates, whose functional currencies are the RMB or HKD, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive loss. The cumulative translation adjustment and effect of exchange rate changes on cash for the nine months ended September 30, 2019 and 2018 was $(261,836) and $(274,378), respectively.

 

The Company did not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.

 

For operating subsidiaries and VIEs located in the People’s Republic of China (“PRC”), asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187 RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate.

 

Loss per share of common stock

 

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company did not have any common stock equivalents or potentially dilutive common stock outstanding during the three and nine months ended September 30, 2019 and 2018. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact. 

  

10

 

    

The following table presents a reconciliation of basic and diluted net loss per share:

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2019   2018   2019   2018 
Net loss for basic and diluted attributable to common shareholders  $(1,068,228)  $(18,196,461)  $(28,102,387)  $(28,779,651)
From continuing operations   (1,068,228)   (18,196,076)   (28,102,387)   (28,796,137)
From discontinued operations   -    (385)   -    16,486 
                     
Weighted average common stock outstanding – basic and diluted   9,278,106    7,100,416    8,866,755    3,598,265 
                     
Net loss per share of common stock                    
From continuing operations – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(8.00)
From discontinued operations – basic and diluted   -    (0.00)   -    0.01 
Net loss per common share – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(7.99)

 

Comprehensive loss

 

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended September 30, 2019 and 2018 included net loss and unrealized (loss) gain from foreign currency translation adjustments. 

  

Reclassification

 

Certain reclassifications have been made in prior period’s consolidated financial statements to conform to the current year’s financial presentation. The reclassifications have no effect on previously reported net loss.

 

Recent accounting pronouncements

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. In addition, the Company elected the land easement transition practical expedient and did not reassess whether an existing or expired land easement is a lease or contains a lease if it has not historically been accounted for as a lease. The adoption did not impact the Company’s previously reported consolidated financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019. 

 

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment. ASU 2018-07 aligns the accounting for share based payments granted to non-employees with that of share based payments granted to employees. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.

 

11

 

 

NOTE 5 – DISCONTINUED OPERATIONS

 

Pursuant to an agreement dated December 23, 2016, the Company, through its wholly-owned subsidiary Fulland, sold the stock of Fulland Wind to a third party for a sales price of RMB 48 million (approximately $6.9 million). The Company’s forging and related components business was conducted through Fulland Wind. The purchase price is payable in three installments. The Company received the first installment of RMB 14,400,000 (approximately $2.1 million) on December 28, 2016, and received the second installment of RMB 14,400,000 (approximately $2.1 million) on April 10, 2017. The Company delivered Fulland Wind’s business license, seals, books and records, business contracts and personnel roster to the third party buyer on December 30, 2016, effectively the sale date. If the equity transfer registration formalities are completed within one year without any third party claims on the equity transfer, a final payment of RMB 19,200,000 (approximately $2.7 million) was due 25 working days after the expiration of such period. Pursuant to extension agreement dated December 31, 2018, the Company agreed the above third party buyer could paid off the final payment of RMB 19,200,000 (approximately $2.7 million) by December 31, 2019. During the nine months ended September 30, 2019, the Company believed that the final payment of RMB 19,200,000 (approximately $2.7 million) is uncollectible and the write off of such receivable is included in bad debt expense.

 

Additionally, in December 2016, the Company’s management decided to discontinue its petroleum and chemical equipment segment under Heavy Industries due to significant decline in revenues and the loss of its major customers. Accordingly, the petroleum and chemical equipment segment business is treated as a discontinued operation.

 

The results of operations from petroleum and chemical equipment segment of Heavy Industries for the three and nine months ended September 30, 2019 and 2018 have been classified to the loss from discontinued operations line on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss presented herein.

 

The assets and liabilities classified as discontinued operations in the Company’s consolidated financial statements as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and 2018 is set forth below.  

 

   September 30,
2019
   December 31,
2018
 
   (unaudited)   (audited) 
Assets:    
Current assets:        
Accounts receivable, net  $9,246   $9,593 
Prepaid expenses and other   196,411    200,333 
Total current assets   205,657    209,926 
Total assets  $205,657   $209,926 
Liabilities:          
Current liabilities:          
Accounts payable  $233,938   $242,555 
Advances from customers   -    - 
Accrued expenses and other liabilities   25,036    25,977 
Total current liabilities   258,974    268,532 
Total liabilities  $258,974   $268,532 

 

The summarized operating result of discontinued operations included in the Company’s unaudited condensed consolidated statements of operations is as follows: 

 

   Three months ended
September 30,
   Nine months ended
September 30,
 
   2019   2018   2019   2018 
Revenues  $-   $-   $-   $- 
Operating (expense) income:                    
Other operating income – bad debt recovery   -    (385)   -    16,486 
Total operating (loss) income   -    (385)   -    16,486 
(Loss) income from operations   -    (385)   -    16,486 
Other income, net   -    -    -    - 
(Loss) income from discontinued operations, net of income taxes  $-   $(385)  $-   $16,486 

 

12

 

  

NOTE 6 – INVENTORIES

 

As of September 30, 2019 and December 31, 2018, inventories consisted of the following: 

 

   September 30,
2019
   December 31, 2018 
Raw materials  $769,294   $1,207,334 
Work-in-process   379,747    872,376 
Finished goods   5,546,795    5,547,301 
    6,695,836    7,627,011 
Less: inventory reserve   (4,643,524)   (1,212,706)
   $2,052,312   $6,414,305 

 

The Company establishes a reserve to mark down its inventories for estimated unmarketable inventories equal to the difference between the cost of inventories and the estimated net realizable value based on assumptions about the usability of the inventories, future demand and market conditions. For the nine months ended September 30, 2019 and 2018, the Company increased its inventory reserve for $3,430,818 and $0, respectively.

  

NOTE 7 – EQUITY METHOD INVESTMENT

 

On December 26, 2016, Dyeing and Xue Miao, an unrelated individual, formed Shengxin pursuant to an agreement dated December 23, 2016. The agreement sets forth general terms relating to the proposed business, but does not set forth specific funding obligations for either party. Dyeing has agreed to invest RMB 60,000,000 (approximately $8.9 million) and had invested RMB 59.8 million (approximately $8.9 million as of September 30, 2019), for which it received a 30% interest, and Mr. Xue has a commitment to invest RMB 140,000,000 (approximately $20.9 million), of which Mr. Xue has contributed RMB 60,000,000 (approximately $8.9 million), for which Mr. Xue received a 70% interest in Shengxin. Shengxin’s registered capital is RMB 200 million (approximately $29.8 million). Mr. Xue had advised Dyeing that he anticipated that he will fund the remaining RMB 80,000,000 (approximately $11.9 million) of his commitment during 2018. Since Mr. Xue did not make this payment by the end of 2017, Dyeing has the right to amend the contract, and both parties may adjust each side’s equity interest to reflect the amount of capital each side has actually invested.

 

In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB 40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. Accordingly, there is no guarantee that the Chinese government will invest in new solar farm or provide the subsidies needed to fund projects. In September 2018, due to significant doubt about the status of this project and recoverability of our investment, the Company fully impaired the value of the investment in Shengxin.

 

For the three months ended September 30, 2019 and 2018, the Company recorded a loss on equity method investment of $0 and $8,892,458, respectively. For the nine months ended September 30, 2019 and 2018, the Company recorded a loss on equity method investment of $0 and $9,038,303, respectively.

  

13

 

 

NOTE 8 – INTANGIBLE ASSETS

 

As of September 30, 2019 and December 31, 2018, intangible assets consisted of the following:

 

   Useful life   September 30, 2019   December 31, 2018 
Land use rights  45 - 50 years   $3,783,611   $3,925,789 
Other intangible assets  3 - 5 years    843,218    845,180 
Goodwill  -    27,353    27,421 
        4,654,182    4,798,390 
Less: accumulated amortization       (1,337,699)   (1,235,877)
       $3,316,483   $3,562,513 

 

Amortization of intangible assets attributable to future periods is as follows:

 

Year ending September 30:  Amount 
2020  $352,034 
2021   307,588 
2022   100,648 
2023   94,710 
2024   82,836 
Thereafter   2,351,314 
   $3,289,130 

 

There is no private ownership of land in the PRC. Land is owned by the government and the government grants land use rights for specified terms. The Company’s land use rights have terms of 45 and 50 years and expire on January 1, 2053 and October 30, 2053. The Company amortizes the land use rights over the term of the respective land use right.

 

In January 2018, in connection with the acquisition of 3D Discovery, the Company acquired their technologies valued at $754,159. The technology of 3D Discovery covers a 3D virtual tour solution for the property industry. The Company amortizes this technology over a term of three years.

 

For the three months ended September 30, 2019 and 2018, amortization of intangible assets amounted to $30,062 and $99,177, respectively.

 

For the nine months ended September 30, 2019 and 2018, amortization of intangible assets amounted to $140,325 and $299,373, respectively.

 

14

 

 

NOTE 9 – SHORT-TERM BANK LOANS

 

Short-term bank loans represent amounts due to various banks that are due within one year. These loans can be renewed with these banks upon maturities. As of September 30, 2019 and December 31, 2018, short-term bank loans consisted of the following: 

 

   September 30,
2019
   December 31,
2018
 
Loan from Bank of China, due on November 20, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company’s CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company’s CEO  $-   $363,488 
Loan from Bank of China, due on November 25, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company’s CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company’s CEO   350,324    363,488 
Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company   -    654,279 
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company   630,583    - 
Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company   -    581,582 
Loan from Bank of Communication, due on September 20, 2020 with annual interest rate of 3.915%, secured by certain assets of the Company   420,390    - 
Current portion of loan from Zhongli International Finance Corporation, credit line of RMB 4,500,000 (approximately $630,583), with a security deposit of RMB 900,000 (approximately $126,117) which will be returned in 36 months, monthly installment of RMB 210,000 (approximately $29,427) in the 1st – 12th month; RMB 138,000 (approximately $19,338) in the 13th - 24th month; RMB 98,000 (approximately $13,733) in the 25th – 36th month; secured by certain assets of the Company *     152,950    220,123 
Total short-term bank loans  $1,554,247   $2,182,960 

 

*Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively.

 

Minimum 36-month installments for the loan from Zhongli International Finance Corporation under the loan agreement are as follows:

 

12-month periods ending September 30,  Amount 
2020  $232,055 
2021   164,792 
2022   - 
Total minimum loan payments   396,847 
Less: amount representing interest   (56,103)
Less: security deposit due   (68,220)
Present value of net minimum loan payment   272,524 
Less: current portion   (152,950)
Long-term portion  $119,574 

 

Interest related to the bank loans, which was $35,605 and $26,892 for the three months ended September 30, 2019 and 2018, and $116,597 and $88,372 for the nine months ended September 30, 2019 and 2018, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

 

15

 

  

NOTE 10 – CONVERTIBLE NOTE PAYABLE

 

Securities purchase agreement and related convertible note and warrants

 

On May 2, 2018, pursuant to a securities purchase agreement, the Company closed a private placement of securities with Iliad Research and Trading, L.P. (the “Investor”) pursuant to which the Investor purchased a Convertible Promissory Note (the “Iliad Note”) in the original principal amount of $900,000, convertible into shares of common stock of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in the Iliad Note, and a two year Warrant to purchase 134,328 shares of Common Stock at an exercise price of $7.18 per share (the “Warrant”). In connection with the Iliad Note, the Company paid an original issue discount of $150,000 and paid issuance costs of $45,018 which will be reflected as a debt discount and amortized over the Iliad Note term. The Iliad Note bears interest at 10% per annum, is unsecured, and is due on the date that is fifteen months from May 2, 2018 . The warrants shall expire on the last calendar day of the month in which the second anniversary of the Issue Date occurs. On November 8, 2018, the Company converted an aggregate of $27,811 and $47,189 outstanding principal and interest of the Iliad Note, respectively, into a total of 36,621 shares of its common stock. On January 11, 2019, the Company converted an aggregate of $34,103 and $15,897 outstanding principal and interest of the Iliad Note, respectively, into 266,667 shares of its common stock.

 

The Investor has the right at any time after May 2, 2018 until the outstanding balance has been paid in full to convert all or any part of the outstanding balance into shares of common stock of the Company at conversion price of $6.70 per share (the “Lender Conversion Price”). The Lender Conversion Price is subject to certain adjustments set forth in the Iliad Note. The conversion price for each Redemption Conversion (the “Redemption Conversion Price”) shall be the lesser of (a) the Lender Conversion Price, and (b) the Market Price; provided, however, in no event shall the Redemption Conversion Price be less than $2.00 per share (“Conversion Price Floor”) unless the Company waive the Conversion Price Floor.

 

This debt instrument includes embedded components including a put option. The Company evaluated these embedded components to determine whether they are embedded derivatives within the scope of ASC 815 that should be separately carried at fair value. ASC 815-15-25-1 provides guidance on when an embedded component should be separated from its host instrument and accounted for separately as a derivative. Based on this analysis, the Company believes that the put option is clearly and closely related to the debt instrument and does not meet the definition of a derivative. Accordingly, in connection with this Iliad Note, the Company recorded a debt discount for (a) the original issue discount of $150,000 (b) the relative fair value of the warrants issued of $152,490 and (c) legal fees and other fees paid in connection with the Iliad Note aggregating $45,018. There is no beneficial conversion feature on this Iliad Note. The debt discount shall be accreted on a straight line basis over the term of this Iliad Note.

 

The convertible note payable has been extended longer period agreed by both parties.

 

As of September 30, 2019 and December 31, 2018, convertible debt consisted of the following:

 

   September 30,
2019
   December 31,
2018
 
Principal  $838,571   $872,674 
Unamortized discount   -    (162,170)
Convertible debt, net  $838,571   $710,504 

  

For the nine months ended September 30, 2019, amortization of debt discount and interest expenses amounted to $162,170 and $67,500, respectively.

 

For the nine months ended September 30, 2018, amortization of debt discount and interest expenses amounted to $115,836 and $37,500, respectively.

 

As of September 30, 2019 and December 31, 2018, accrued interest amounted to $63,603 and $13,187, respectively.

 

16

 

  

NOTE 11– RELATED PARTY TRANSACTIONS

 

License Agreement with ECrent Capital Holdings Limited

 

On June 11, 2017, the Company entered into an Exclusivity Agreement (the “Exclusivity Agreement”) with ECrent Capital Holdings Limited (“ECrent”) the terms of which became effective on the same day. Pursuant to the Exclusivity Agreement, the Company and ECrent agreed to engage in exclusive discussions regarding a potential acquisition by the Company of ECrent and/or any of its subsidiaries or otherwise all or part of ECrent’s business and potential business cooperation between the two companies (collectively, the “Potential Transactions”) for a period of three months commencing from the date of the Exclusivity Agreement (the “Exclusive Period”). Ms. Deborah Yuen, an former affiliate of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited), which is a major shareholder of the Company, controlled ECrent. ECrent agreed that, during the Exclusive Period, neither ECrent nor its agents, representatives or advisors will contact, solicit, discuss or negotiate with any third party with respect to any transaction relating to a transfer or pledge of securities of ECrent and/or its subsidiaries, a sale of ECrent’s business, a business cooperation or any other matters that may adversely affect the Potential Transactions or the parties’ discussion related thereto. The exclusivity period has been further extended to a period of 18 months commencing from June 20, 2018 pursuant to three amendment agreements dated September 11, 2017, January 23, 2018 and June 20, 2018. On January 25, 2019, Sharing Economy International, Inc. terminated the Exclusivity Agreement entered into with ECrent Capital Holdings Limited on June 11, 2017, as amended.

  

On May 8, 2018, amended on May 24, 2018 and amended on August 30, 2018, Sharing Economy entered into a License Agreement (the “Agreement”) with ECrent. In accordance with the terms of the Amendment, ECrent shall grant the Company an exclusive license to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in Taiwan, Thailand, India, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Cambodia, Japan, and Korea until December 31, 2019. In consideration for the license, the Company granted ECrent 250,000 shares of common stock (the “Consideration Shares”), at an issue price of $1,040,000, or $4.16 per share, (based on the quoted market price of the Company’s common stock on the amended Agreement date of May 24, 2018). Pursuant to the terms of the Agreement, ECrent shall provide a guarantee on revenue and profit of $13,000,000 and $2,522,000, respectively. The Consideration Shares shall be reduced on a pro rata basis if there is a shortfall in the guaranteed revenue and/or profit. In connection with this agreement, during the three and nine months ended September 30, 2019, the Company recorded license fee expense of $165,958 and $497,872, respectively, which is included in cost of sales, and as of September 30, 2019, recorded a prepaid license fee – related party of $165,957 which will be amortized over the remaining license period.

 

Due to related parties

 

Mr. Chan Tin Chi owns 99% of the issued and outstanding ordinary shares of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited). From time to time, during 2018 and 2019, the Company receive advances from Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited, who is the major shareholder of the Company, for working capital purposes. These advances are non-interest bearing and are payable on demand. During the nine months ended September 30, 2019 and 2018, the Company received advances from Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited for working capital totaled $519,543 and $580,046, respectively, and repaid to Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited a total of $31,604  and $0, respectively. At September 30, 2019 and December 31, 2018, amounts due to Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited amounted to $1,745,444 and $1,257,505, respectively.

 

Bank loans guaranteed by related parties

 

The Company obtains two bank loans from Bank of China, due on November 20, 2019 and November 25, 2019, respectively. These loans are guaranteed by Jianhua Wu, CEO, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company’s CEO (see Note 9).

 

17

 

  

NOTE 12 – STOCKHOLDERS’ EQUITY

 

Common stock issued for cash

 

In March 2019, pursuant to a stock purchase agreement, the Company sold 690,000 shares of common stock to an investor at a purchase price of $0.29 per share for net cash proceed a total of $200,100. The Company did not engage a placement agent with respect to these sales.

 

Common stock issued for services and common stock surrendered

 

During the nine months ended September 30, 2019, pursuant to consulting and service agreements, the Company issued an aggregate of 1,349,347 shares of common stock to twenty four consultants and vendors for the services rendered and to be rendered. These shares were valued at the fair market value on the grant date using the reported closing share price on the date of grant. At the end of each financial reporting period prior to issuance of these shares, the fair value of these shares is measured using the fair value of the Company’s common stock at reporting date. During the nine months ended September 30, 2019, the fair value of the above mentioned shares issued and the change in value of the shares to be issued was $288,969. The Company recognizes stock-based professional fees over the period during which the services are rendered by such consultant or vendor. For the nine months ended September 30, 2019, the Company recorded stock-based consulting and service fees to service provider and employees of $2,710,195. In connection with the issuance/future issuance of shares to consultants and vendors, the Company recorded prepaid expenses of $1,026,124 which will be amortized over the remaining service period.

 

During the nine months ended September 30, 2019, the Company terminated the consulting agreements of eleven consultants. The consultants surrendered an aggregate of 562,501 shares issued in prior periods. In addition, the Company also mutually agreed or terminated the consulting and service agreements of three consultants and vendors. Both parties forgo their respective rights as stated in the agreements; and the Company has no obligation to issue in aggregate of 223,135 shares in effect. As a result of the above mentioned transactions, the Company reversed the fair value of $947,948 recognized in stockholders’ equity in prior periods.

 

Common stock issued for debt conversion

 

In January 2019, the Company issued 266,667 shares of its common stock upon conversion of debt (note 10).

 

Shares issued for donation

 

In February 2019, the Company issued 85,470 shares as donation to Hong Kong Baptist University (“HKBU”). The Foundation would use the funds raised from the donation to support the delivery of education, operation, facilities enhancement and study of the Academy of Film of HKBU. These shares were valued at $259,598, or $3.04 per share. In connection with this donation, during the nine months ended September 30, 2019, the Company recorded donation expense of $259,598, which is included in operating expenses.

 

18

 

 

NOTE 13 – SEGMENT INFORMATION

 

During the three and nine months ended September 30, 2019 and 2018, the Company operated in two reportable business segments - (1) the manufacture of textile dyeing and finishing equipment segment, and (2) the Sharing Economy Segment which targets the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. The Company’s reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations. During the three and nine months ended September 30, 2019 and 2018, the Company’s dyeing and finishing equipment operations were conducted in the PRC. The Sharing Economy Segment is based in Hong Kong.

  

Information with respect to these reportable business segments for the three and nine months ended September 30, 2019 and 2018 was as follows:

 

    For the Three Months ended
September 30,
    For the Nine Months ended
September 30,
 
    2019     2018     2019     2018  
Revenues:                        
Dyeing and finishing equipment   $ 1,676,831     $ 2,444,437     $ 5,216,740     $ 7,499,362  
Sharing economy     533       72,764       27,325       155,959  
      1,677,364       2,517,201       5,244,065       7,655,321  
Depreciation:                                
Dyeing and finishing equipment     696,819       974,745       2,081,089       3,067,647  
Sharing economy     12,301       4,458       16,727       13,210  
      709,120       979,203       2,097,816       3,080,857  
Interest expense                                
Dyeing and finishing equipment     35,605       26,892       116,597       88,372  
Sharing economy     137,668       92,002       228,483       153,336  
Other     3       -       3       -  
      173,276       118,894       345,083       241,708  
Net loss                                
Dyeing and finishing equipment     (311,457 )     (13,293,023 )     (23,833,748 )     (17,364,755 )
Sharing economy     (261,178 )     (4,319,404 )     (1,374,469 )     (8,049,373 )
Discontinued segments     -       (385 )     -       16,486  
Other     (540,240 )     (960,907 )     (3,201,564 )     (4,065,420 )
    $ (1,112,875 )   $ (18,573,719 )   $ (28,409,781 )   $ (29,463,062 )

 

19

 

 

NOTE 14 – CONCENTRATIONS

 

Customers

 

Five customers accounted for approximately 80% (34%, 16%, 14%, 8% and 8%) of the Company’s revenues for the three months ended September 30, 2019.

 

Five customers accounted for approximately 43% (11%, 10%, 8%, 7% and 7%) of the Company’s revenues for the nine months ended September 30, 2019.

 

The total outstanding accounts receivable balance of Customer A, B, C, D, and E are $260,079, $168,154, $70,064, $472,233 and $29,427 respectively as of September 30, 2019.

  

Suppliers

 

Three suppliers accounted for approximately 73% (46%,16%, 11%) of the Company’s inventories purchases for the three months ended September 30, 2019.

 

Two suppliers accounted for approximately 40% (20% and 20%) of the Company’s inventories purchases for the nine months ended September 30, 2019.

 

The total outstanding accounts payable balance of Supplier A, B and C are $278,918, $69,604 and $310,659 respectively as of September 30, 2019.

 

NOTE 15 – COMMITMENT AND CONTINGENCIES

 

Litigation:

 

On April 25, 2019, ECPower (HK) Company Limited (“EC Power”), a subsidiary of SEII, filed a claim against The Dairy Farm Limited (“Dairy Farm”) in respect of the cooperation agreement between the two parties for the battery rental business at 7-Eleven outlets in Hong Kong during the period from September 2017 to February 2018. The claim is for a total compensation of HK$1,395,000 (approximately $178,846) which comprises of (i) HK$45,000 (approximately $5,769) as compensation for interest and administration cost incurred as a result of Dairy Farm’s delay in payment of EC Power’s share of the rental income, and (ii) HK$1,350,000 (approximately $173,077) as compensation for Dairy Farm’s early termination of the cooperation agreement without any valid proof of fault on the part of EC Power.

 

From time to time the Company may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Company’s financial position or results of operations.

 

NOTE 16 – RESTRICTED NET ASSETS

 

Regulations in the PRC permit payments of dividends by the Company’s PRC subsidiary and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Subject to certain cumulative limit, a statutory reserve fund requires annual appropriations of at least 10% of after-tax profit, if any, of the relevant PRC VIEs and subsidiary. Heavy Industries and Dyeing had reached the cumulative limit as of December 31, 2018. The statutory reserve funds are not distributable as cash dividends. As a result of these PRC laws and regulations, the Company’s PRC VIEs and its PRC subsidiary are restricted in their abilities to transfer a portion of their net assets to the Company. Foreign exchange and other regulations in PRC may further restrict the Company’s PRC VIEs and its subsidiary from transferring funds to the Company in the form of loans and/or advances.

 

As of September 30, 2019 and December 31, 2018, substantially all of the Company’s net assets are attributable to the PRC VIEs and its subsidiary located in the PRC. Accordingly, the Company’s restricted net assets (liabilities) as of September 30, 2019 and December 31, 2018 were approximately ($5,145,000) and $21,923,000, respectively.

  

NOTE 17 – SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “ Subsequent Events ”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2019 up through the filing date the Company issued the unaudited condensed consolidated financial statements. During the period, the Company had the following material subsequent events:On November 4, 2019, the Company held its 2019 annual meeting of stockholders. The matters voted upon were the election of directors, approval of an amendment to the Company’s 2016 Long-Term Inventive Plan, and approval to increase the number of authorized shares.

 

20

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Overview

 

Historically, our primary operations involved the design, manufacture and distribution of a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. Our products feature a high degree of both automation and mechanical-electrical integration. Our products are used in dyeing yarns such as pure cotton, cotton-polyester, terylene, polyester wool, poly-acrylic fiber, nylon, cotton ramie, and wool yarn. We are continuing to seek to utilize our expertise in manufacturing precision products to meet demand in new and existing end markets.

 

We design and produce airflow dyeing machines, which use air instead of water. Water is used in the traditional dyeing process. We believe that our air-flow technology, which is designed to enable users to meet the stricter environmental standards, results in reduced input costs, fewer wrinkles, less damage to the textile, and reduced emissions. Historically, the Chinese government’s mandate to phase out older machinery in China’s textile industry that does not meet the new environmental standards has benefitted us. However, in recent years, challenging economic conditions, increases in raw materials prices and the Chinese government’s more aggressive stance toward shutting down factories, including textile manufacturers, that are not compliant with emission standards, have adversely impacted our dyeing and finishing businesses. Due to rising production costs, many other textile manufacturers are closing or relocating to other countries outside of China in Southeast Asia.

 

In an effort to improve our product offering and appeal to textile manufacturers outside of our current customer base in China, we have developed prototypes of next generation dyeing and finishing equipment utilizing a patent we purchased in August 2016 that covers ozone-ultrasonic textile dyeing equipment. Due to the challenging conditions facing our customers, increasing raw materials prices and labor costs, we have not recorded any revenues from this patent and believe it is unlikely to yield significant value to the Company. As a result, we recorded a $1.9 million impairment loss on this asset during the third quarter of 2018.

 

We are also diversifying our manufacturing operations to target other industries outside of the textile industry and are constructing a mobile phone cover production line. As of the date of this annual report, the line is nearly completed and we expect to begin production in the first half of 2019. We are actively exploring other new ventures and opportunities that could contribute to our business in the future. We expect our revenue from dyeing and finishing equipment segment will remain at or about its current quarterly level in the near future, although declines are possible.

 

21

 

 

On December 26, 2016, Dyeing and Xue Miao, an unrelated individual, formed Shengxin, in which Dyeing has a 30% equity interest and the unrelated third party holds a 70% interest, pursuant to an agreement dated December 23, 2016. Shengxin intends to develop, construct and maintain photovoltaic power generation projects, known as solar farms, in China, mainly in the provinces of GuiZhou and YunNan. In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. Accordingly, there is no guarantee that the Chinese government will invest in new solar farm or provide the subsidies needed to fund projects.

 

Our investment in Shengxin is subject to a high degree of risk. We cannot give any assurance that Shengxin will be able to obtain any permits, raise any required funding, develop and operate or sell any solar farms or operate profitably or that Dyeing will have the resources to provide any funds that may be required in order to fund any solar farm projects for which Shengxin may obtain permits. There may be a significant delay between the time funds are advanced for any project and the realization of revenue or cash flow from any project. In September 2018, due to significant doubt about the status of this project and recoverability of the Company’s investment, we fully impaired the value of its investment in Shengxin in the amount of approximately $8.7 million (equivalent to RMB 59.8 million).

 

Through December 30, 2016, we operated in the forged rolled rings and related components segment, in which we manufactured and sold precision forged rolled rings, shafts, flanges, and other forged components for the energy industry including wind power and other industries, On December 30, 2016, we sold the stock in Fulland Wind, the subsidiary that operated our forged rolled rings and related components business, to a non-affiliated third party.

 

Additionally, during 2016, we operated a petroleum and chemical equipment segment, in which we manufactured and sold petroleum and chemical equipment. Because of a significant decline in revenues from this segment, we determined that we would not continue to operate in this segment and accordingly, the petroleum and chemical equipment segment is reflected as discontinued operations for all periods presented.

 

Recently, difficult economic conditions, limited availability of credit in China and trade tensions with the US presented numerous challenges for our business. As a result, we experienced softer demand for our low-emission airflow dyeing machines as many of our potential customers already upgraded to newer models and we believe that much of our remaining potential customer base does not have the ability to make significant capital expenditures at this time. As a result, if we are to sell our products to the smaller textile manufacturers, it may be necessary for us to design and market a cheaper machine that meets the Chinese government requirements or reduce prices which would impact both revenues and gross margin.

 

Our ability to expand our operations and increase our revenue is largely affected by the PRC government’s policy on such matters as the availability of credit, which affects all of our operations, and its policies relating to the textile industry, environmental issues and alternative energy as well as the competitiveness of Chinese textile manufacturers at a time when consumers are looking for lower prices and manufacturers are looking to produce in a country that has lower labor costs than China, all of which affects the market for our dyeing and finishing equipment. Our business is also affected by general economic conditions and we cannot assure you that we will be able to increase our revenues in the near future, if at all. For example, tariffs levied on Chinese textile manufacturers by the US have a negative impact on our customers and limit their ability to purchase equipment from us. Because of the nature of our products, our customers’ projections of future economic conditions are an integral part of their decisions as to whether to purchase capital equipment at this time or defer such purchases until a future date.

 

Given the headwinds affecting our manufacturing business, we continued to pursue what we believe are high growth opportunities for the Company, particularly our new business divisions focused on the development of sharing economy platforms and related rental businesses within the company. These initiatives are still in an early stage and are dependent in large part on availability of capital to fund their future growth. We did not generate significant revenues from our sharing economy business initiatives in 2018 or during the nine months ended September 30, 2019.

  

22

 

 

Recent developments

 

Inspirit Studio


During the period, BuddiGo, the sharing economy mobile platform developed by Inspirit Studio Limited (“Inspirit Studio”), continuously promoted its service to the local market in Hong Kong. BuddiGo offers a wide range of errand services. Currently, about 80 percent of the orders received are for on-demand urgent delivery of items such as documents, flowers and cakes. Food delivery services are also available. During the period from September 2018 to September 30, 2019, over 1,200 individuals have officially registered as sell-side buddies, who completed over 600 delivery orders from September 2018 to September 30, 2019, majority orders were happened in the third quarter of year 2018. In addition, BuddiGo has signed up with a number of local business partners to provide ongoing delivery services for these clients. BuddiGo’s goal is to connect with the community and deliver localized content featuring BuddiGo’s core features and advantages. BuddiGo is actively seeking strategic investors or collaborative parties who are enthusiastic about its business model and can help achieve its business targets and expand into different countries.

 

AnyWorkspace Limited

 

Anyworkspace, our coworking business unit, is focused on enlarging its exposure to the general public. AnyWorkspace started showing positive traction in India as space providers from New Delhi and Gurgaon have signed partnership agreements with us. We are currently revamping AnyWorkspace’s corporate website, www.anyworkspace.com. AnyWorkspace will also focus on digital marketing activities for its market expansion plans when there is available cash flow or funds from investors. 

 

Given the existing coworking spaces providers marketing their available spaces and managing individual online business platform themselves, we expect our current global online platform will take years to materialize its worldwide customer base. Therefore, the intangible asset amounted to $0.6 million (equivalent to HK$4.97 million) representing the online platform acquired has been fully impaired in the last quarter of 2018.

 

3D Discovery Co. Limited

 

3D Discovery, an IT service provider that develops virtual tours for the real estate, hospitality and interior design industries. 3D Discovery’s space capturing and modeling technology is already used by some of Hong Kong’s leading property agencies to provide their clients with a truly immersive, first-hand experience of a physical space while saving them time and money. According to Goldman Sachs, the Real Estate virtual reality (“VR”) industry is predicted to reach $2.6 billion in 2025, supported by a potential user base of over 1.4 million registered real estate agents in some of the world’s largest markets. Apart from its existing profitable operations, 3D Discovery is developing a mobile app, Autocap, which allows users to create an interactive virtual tour of a physical space by using a mobile phone camera.

 

3D Discovery successfully completed a number of projects during the year. First, its “3D Virtual Tours in Hong Kong” generated about 1,371,000 impressions in 2018. In addition, 3D Discovery partnered with Midland Realty, one of the largest real estate agencies in Hong Kong, to establish the “Creation 200 3D Virtual Tours.”.

 

EC Advertising Limited

 

Following the acquisition of BuddiGo, AnyWorkspace and 3D Discovery by the Company during the period between late 2017 and the first half year of 2018, EC Advertising Limited (“EC Advertising”) has been developing opportunities for these three platforms to attract advertisers.

 

During the period, we established a wholly-owned subsidiary in Xiamen, Fujian Province of Mainland China, which is intended to cover our advertising business in this region. We started meeting with a number of potential clients there and anticipate that this advertising company will confirm with them several marketing campaigns. In order to maximize our exposure to the potential clients in Mainland China, we are developing a strategic media plan which will cover major cities in Mainland China such as Beijing, Shanghai, Guangzhou and Shenzhen. Major banks, real estate developers and consumer products manufacturers and retailers are our target clients. More importantly, our presence in Mainland China can facilitate the rollout of franchise programs of our business units, which is one of the revenue drivers for the Company.

 

23

 

 

ECrent Platform Business

 

Asia Region:

 

In 2018, our subsidiary SEIL entered into a license agreement with ECRENT, regarding the grant of an exclusive and sublicensable license from ECRENT to SEII to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in Taiwan, Thailand, India, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Cambodia, Japan, and Korea. According to the latest amendment, ECRENT will guarantee that the operation of its related websites, mobile applications and business services will contribute revenue of $13,000,000 (increased from $10,000,000 according to the previously amended agreement) and gross profit of $2,522,000 (up from $1,940,000 as stated on the previously amended agreement) from the closing date of the License Agreement through December 31, 2019 (extended from September 30, 2019 per the previously amended agreement).

 

In August 2018, SEIL has entered into a License Agreement with PTI Corporation (“PTI”), that sublicenses SEIL’s exclusive license with ECRENT to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in South Korea. In return, PTI shall pay to SEIL $230,000 (“Consideration”). The License Agreement will be effective on September 1, 2018 through December 31, 2019. In addition, if the aggregate revenue during the period exceeds the Consideration, SEIL shall receive 30% of the difference between the aggregate revenue and the Consideration. During the third quarter of 2018, PTI commenced prelaunch activities to develop the platform.

 

Europe Region:

 

In August 2018, our subsidiary SEIL entered into a License Agreement with ECRENT regarding the grant of an exclusive and sublicensable license from ECRENT to SEII to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in United Kingdom, Germany, France, Poland, Switzerland, Netherlands, Denmark, Russia, Italy, Spain, Portugal and Greece. In return, SEII shall issue to ECRENT 360,000 shares of restricted common stock. Closing of this transaction was conditioned on various conditions, including receipt of all necessary regulatory approvals. On October 9, 2018, the agreement was terminated by the parties, who have agreed to forego their respective rights under the agreement.

 

Going forward, we will continue targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models.

 

Inventory and Raw Materials

 

A major element of our cost of revenues is raw materials, principally steel as well as other metals. These metals are subject to price fluctuations, and recently these fluctuations have been significant. In times of increasing prices, we need to try to establish the price at which we purchase raw materials in order to avoid increases in costs which we cannot recoup through increases in sales prices. Similarly, in times of decreasing prices, we may have purchased metals at prices which are high in terms of the price at which we can sell our products, which also can impair our margins. Two major suppliers provided approximately 40% of our purchases of inventories for the nine months ended September 30, 2019. Four major suppliers provided 76% of our purchases of inventories for the nine months ended September 30, 2018.

 

Critical Accounting Policies and Estimates

 

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We continually evaluate our estimates, including those related to bad debts, inventories, recovery of long-lived assets, income taxes and the valuation of equity transactions.

 

We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of the consolidated financial statements.

  

24

 

 

Variable Interest Entities

 

Pursuant to ASC Topic 810 and related subtopics related to the consolidation of variable interest entities, we are required to include in our consolidated financial statements the financial statements of variable interest entities (“VIEs”). The accounting standards require a VIE to be consolidated by a company if that company is subject to a majority of the risk of loss for the VIE or is entitled to receive a majority of the VIE’s residual returns. VIEs are those entities in which we, through contractual arrangements, bear the risk of, and enjoy the rewards normally associated with ownership of the entity, and therefore we are the primary beneficiary of the entity.

 

Dyeing and Heavy Industries are considered VIEs, and we are the primary beneficiary. On November 13, 2007, we entered into agreements with the Dyeing pursuant to which we shall receive 100% of Dyeing’s net income. In accordance with these agreements, Dyeing shall pay consulting fees equal to 100% of its net income to our wholly-owned subsidiary, Green Power, and Green Power shall supply the technology and administrative services needed to service Dyeing.

 

The accounts of the Dyeing and Heavy Industries are consolidated in the accompanying financial statements. As a VIE, Dyeing and Heavy Industries’s sales are included in our total sales, its income from operations is consolidated with ours, and our net income includes all of the Huayang Companies’ net income, and their assets and liabilities are included in our consolidated balance sheets. The VIEs do not have any non-controlling interest and, accordingly, we did not subtract any net income in calculating the net income attributable to us. Because of the contractual arrangements, we have pecuniary interest in Dyeing that require consolidation of the Dyeing’s financial statements with our financial statements.

 

Accounts Receivable

 

We have a policy of reserving for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts receivable. We periodically review our accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible are charged to the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

  

As a basis for estimating the likelihood of collection has been established, we consider a number of factors when determining reserves for uncollectable accounts. We believe that we use a reasonably reliable methodology to estimate the collectability of our accounts receivable. We review our allowances for doubtful accounts on at least a quarterly basis. We also consider whether the historical economic conditions are comparable to current economic conditions. If the financial condition of our customers or other parties that we have business relations with were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

 

Inventories

 

Inventories, consisting of raw materials, work-in-process and finished goods, are stated at the lower of cost or net realizable value utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, we will record additional reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. We review inventory quantities on hand and on order and record, on a quarterly basis, a provision for excess and obsolete inventory, if necessary. If the results of the review determine that a write-down is necessary, we recognize a loss in the period in which the loss is identified, whether or not the inventory is retained. Our inventory reserves establish a new cost basis for inventory and are not reversed until we sell or dispose of the related inventory. Such provisions are established based on historical usage, adjusted for known changes in demands for such products, or the estimated forecast of product demand and production requirements.

 

25

 

 

Property and Equipment

 

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using straight-line method over the estimated useful lives of the assets. The estimated useful lives of the assets are as follows:

 

    Useful Life
Building and building improvements   5 – 20 Years
Manufacturing equipment   5 – 10 Years
Office equipment and furniture   5 Years
Vehicles   5 Years

 

The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statements of income and comprehensive income in the year of disposition.

 

We examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. We recognize an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. 

 

Stock-based Compensation

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if the award is non-forfeitable. The Accounting Standards Codification also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Additionally, effective January 1, 2017, the Company adopted the Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur and the cumulative impact of this change did not have any effect on the Company’s consolidated financial statements and related disclosures.

 

Through September 30, 2018, pursuant to ASC 505-50 – “Equity-Based Payments to Non-Employees”, all share-based payments to non-employees, including grants of stock options, were recognized in the consolidated financial statements as compensation expense over the service period of the consulting arrangement or until performance conditions are expected to be met. The Company periodically reassessed the fair value of non-employee share based payments until service conditions are met, which generally aligns with the vesting period of the equity instrument, and the Company adjusts the expense recognized in the consolidated financial statements accordingly. In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU No. 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC 606. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption.

 

26

 

   

Currency Exchange Rates

 

Our functional currency is the U.S. dollar, and the functional currency of our operating subsidiaries and VIEs is the RMB and Hong Kong Dollar. Substantially all of our sales are denominated in RMB. As a result, changes in the relative values of U.S. dollars and RMB affect our reported levels of revenues and profitability as the results of our operations are translated into U.S. dollars for reporting purposes. In particular, fluctuations in currency exchange rates could have a significant impact on our financial stability due to a mismatch among various foreign currency-denominated sales and costs. Fluctuations in exchange rates between the U.S. dollar and RMB affect our gross and net profit margins and could result in foreign exchange and operating losses.

 

Our exposure to foreign exchange risk primarily relates to currency gains or losses resulting from timing differences between signing of sales contracts and settling of these contracts. Furthermore, we translate monetary assets and liabilities denominated in other currencies into RMB, the functional currency of our operating subsidiary. Our results of operations and cash flow are translated at average exchange rates during the period, and assets and liabilities are translated at the unified exchange rate at the end of the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in our statement of shareholders’ equity. We have not used any forward contracts, currency options or borrowings to hedge our exposure to foreign currency exchange risk. We cannot predict the impact of future exchange rate fluctuations on our results of operations and may incur net foreign currency losses in the future.

  

Our financial statements are expressed in U.S. dollars, which is the functional currency of our parent company. The functional currency of our operating subsidiaries and affiliates is RMB and the Hong Kong dollar. To the extent we hold assets denominated in U.S. dollars, any appreciation of the RMB or HKD against the U.S. dollar could result in a charge in our statement of operations and a reduction in the value of our U.S. dollar denominated assets. On the other hand, a decline in the value of RMB or HKD against the U.S. dollar could reduce the U.S. dollar equivalent amounts of our financial results.

 

Recent Accounting Pronouncements  

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. In addition, the Company elected the land easement transition practical expedient and did not reassess whether an existing or expired land easement is a lease or contains a lease if it has not historically been accounted for as a lease. The adoption did not impact the Company’s previously reported consolidated financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019. 

 

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment. ASU 2018-07 aligns the accounting for share based payments granted to non-employees with that of share based payments granted to employees. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.

 

27

 

 

RESULTS OF OPERATIONS

 

Three months ended September 30, 2019 and 2018

 

The following table sets forth the results of our operations for the three and nine months ended September 30, 2019 and 2018 indicated as a percentage of revenues (dollars in thousands):

 

    Three Months ended September 30,  
    2019     2018  
    Dollars     Percentage     Dollars     Percentage  
Revenues   $ 1,677       100.0 %   $ 2,517       100.0 %
Cost of revenues     1,874       111.7 %     4,245       168.6 %
Gross loss     (197 )     (11.7 )%     (1,728 )     (68.6 )%
Operating expenses     792       47.3 %     7,773       308.8 %
Loss from operations     (989 )     (59.0 )%     (9,501 )     (377.4 )%
Other expense, net     (124 )     (7.4 )%     (9,072 )     (360.4 )%
Loss from continuing operations before provision for income taxes     (1,113 )     (66.4 )%     (18,573 )     (737.8 )%
Provision for income taxes     -       - %     -       - %
Loss from continuing operations     (1,113 )     (66.4 )%     (18,573 )     (737.8 )%
Loss from discontinued operations, net of income taxes     -       - %     (1 )     (0.0 )%
Net loss     (1,113 )     (66.4 )%     (18,574 )     (737.8 )%
Other comprehensive loss:                                
Foreign currency translation adjustment     (535 )     (31.9 )%     (1,472 )     (58.5 )%
Comprehensive loss   $ (1,648 )     (98.3 )%   $ (20,046 )     (796.3 )%

 

    Nine Months ended September 30,  
    2019     2018  
    Dollars     Percentage     Dollars     Percentage  
Revenues   $ 5,244       100.0 %   $ 7,655       100.0 %
Cost of revenues     10,106       192.7 %     10,462       136.7 %
Gross loss     (4,862 )     (92.7 )%     (2,807 )     (36.7 )%
Operating expenses     23,194       442.3 %     17,338       226.5 %
Loss from operations     (28,056 )     (535.0 )%     (20,145 )     (263.2 )%
Other expense, net     (354 )     (6.8 )%     (9,335 )     (121.9 )%
Loss from continuing operations before provision for income taxes     (28,410 )     (541.8 )%     (29,480 )     (385.1 )%
Provision for income taxes     -       -       -       - %
Loss from continuing operations     (28,410 )     (541.8 )%     (29,480 )     (385.1 )%
Gain from discontinued operations, net of income taxes     -       -       17       0.2 %
Net loss     (28,410 )     (541.8 )%     (29,463 )     (384.9 )%
Other comprehensive loss:                                
Foreign currency translation adjustment     (217 )     (4.1 )%     (2,374 )     (31.0 )%
Comprehensive loss   $ (28,627 )     (545.9 )%   $ (31,837 )     (415.9 )%

 

Revenues. For the three months ended September 30, 2019, revenues from the sale of dyeing and finishing equipment decreased by approximately $840,000, or 33.4%, as compared to the three months ended September 30, 2018. For the nine months ended September 30, 2019, revenues from the sale of dyeing and finishing equipment decreased by approximately $2,411,000, or 31.5%, as compared to the nine months ended September 30, 2018. We experienced an anticipated slowdown in sales of our low-emission airflow dyeing machines as many customers had replaced older dyeing equipment with our low-emission airflow dyeing machine, and we believe that orders for new low-emission airflow dyeing machines have slowed down in 2018 and 2017 because the remaining potential customer base included many companies that did not have the ability to make the significant capital expenditures necessary to upgrade their equipment. Additionally, the textile industry in China has been facing significant headwinds recently. Difficult economic conditions, a continuing decline in oil prices and limited availability of credit in China, presented numerous challenges for our dyeing machine business. Additionally, apparel factories and other factories have been shut down throughout the last year by China’s environmental bureau, which has been cutting electricity and gas supply to determine compliance with China’s environmental laws. Accordingly, our revenues decreased in the 2019 period as compared to the 2018 period. We expect that our revenues from dyeing and finishing equipment segment will remain at or about its current level in the near future, although declines are possible.

 

During the three and nine months ended September 30, 2019, we recognized revenues from our sharing economy business of $533 and $27,325 compared to approximately $73,000 and $156,000 for the three and nine months ended September 30, 2018, respectively.

 

28

 

 

Cost of revenues. Cost of revenues includes the cost of raw materials, labor, depreciation and other fixed and variable overhead costs. For the three months ended September 30, 2019, cost of revenues was approximately $1,874,000 as compared to approximately $4,245,000 for the three months ended September 30, 2018, a decrease of $2,371,000, or 55.9%. For the nine months ended September 30, 2019, cost of revenues was approximately $10,106,000 as compared to approximately $10,462,000 for the nine months ended September 30, 2018, a decrease of $356,000, or 3.4%.

 

 Gross loss and gross margin. Our gross loss was approximately $(197,000) for the three months ended September 30, 2019 as compared to gross loss of approximately $(1,728,000) for the three months ended September 30, 2018, representing gross margins of (11.7%) and (68.6%), respectively, an increase period over period. Our gross loss was approximately $(4,862,000) for the nine months ended September 30, 2019 as compared to gross loss of approximately $(2,807,000) for the nine months ended September 30, 2018, representing gross margins of (92.7)% and (36.7)%, respectively, a decrease period over period. The decrease in our gross margin for the nine months ended September 30, 2019 was primarily attributed to the reduced scale of operations resulting from lower revenues, which is reflected in the allocation of fixed costs, mainly consisting of depreciation, to cost of revenues, an increase in labor and raw material costs, and the increase in impairment loss on inventory.

 

Operating expenses. For the three months ended September 30, 2019, operating expenses were approximately $792,000 as compared to approximately $7,773,000 for the three months ended September 30, 2018, a decrease of approximately $6,981,000, or 89.8%. For the nine months ended September 30, 2019, operating expenses were approximately $23,194,000 as compared to approximately $17,338,000 for the nine months ended September 30, 2018, an increase of $5,856,000, or 33.8%. Changes in operating expenses consisted of the following:

 

Depreciation. Depreciation was approximately $709,000 and $979,000 for the three months ended September 30, 2019 and 2018, respectively. Depreciation was approximately $2,098,000 and $3,081,000 for the nine months ended September 30, 2019 and 2018, respectively.

 

29

 

  

Selling, general and administrative expenses. Selling, general and administrative expenses totaled approximately $802,000 and $4,778,000 for the three and nine months ended September 30, 2019, as compared to approximately $5,442,000 and $12,864,000 for the three and nine months ended September 30, 2018, a decrease of approximately $4,640,000, or 85.3% and $8,086,000, or 62.9%. Selling, general and administrative expenses for the three and nine months ended September 30, 2019 and 2018 consisted of the following (dollars in thousands):

 

    Three Months ended
September 30,
    Nine Months ended
September 30,
 
    2019     2018     2019     2018  
Professional fees   $ 517     $ 4,612     $ 3,370     $ 10,042  
Payroll and related benefits     171       182       587       1,591  
Travel and entertainment     23       48       130       156  
Shipping     28       22       42       44  
Other     63       578       649       1,031  
Total   $ 802     $ 5,442     $ 4,778     $ 12,864  

 

  Professional fees for the three and nine months ended September 30, 2019 decreased by approximately $4,095,000 and $6,672,000, or 88.8% and 66.4%, as compared to the three and nine months ended September 30, 2018, respectively. The decrease was primarily attributable to a decrease in stock-based consulting and service fees incurred and paid to individuals and companies which performed consulting and service.
  Payroll and related benefits for the three and nine months ended September 30, 2019 decreased by approximately $11,000 and $1,004,000, or 6.0% and 63.1%, as compared to the three and nine months ended September 30, 2018, respectively. The decrease was mainly attributable to a decrease in employee salaries and related benefits due to the decrease in executive management in Hong Kong during the three and nine months ended September 30, 2019 as compared to the comparable period in 2018, respectively.
  Travel and entertainment expense for the three months ended September 30, 2019 decreased by approximately $25,000 and $26,000, or 52.1% and 16.7%, as compared to the three and nine months ended September 30, 2018. The decrease in the three and nine months ended September 30, 2019 was primarily attributable to the cost control in travel and entertainment expense.
  Shipping expense for the three months ended September 30, 2019 increased by approximately $6,000 or 27.3%, as compared to the three months ended September 30, 2018. The increase for the three months ended September 30, 2019 was mainly attributable to the increase in shipping cost, as compared to the three months ended September 30, 2018. Shipping expense for the nine months ended September 30, 2019 decreased by approximately $2,000 or 4.5%, as compared to the nine months ended September 30, 2018.  The decrease for the nine months ended September 30, 2019 was mainly attributable to the decrease in our revenues resulting in a decrease in shipping, as compared to the nine months ended September 30, 2018.
  Other selling, general and administrative expenses for the three and nine months ended September 30, 2019 decreased by approximately $515,000 and $382,000, or 89.1% and 37.1%, as compared to the three and nine months ended September 30, 2018, respectively. The decrease in the three and nine months ended September 30, 2019 was primarily attributable to a decrease in advertising and promotion expenses during the three and nine months ended September 30, 2019 as compared to the comparable period in 2018, respectively.

  

Research and development expenses. Research and development expenses were approximately $84,000 and $270,000 for the three and nine months ended September 30, 2019, as compared to approximately $165,000 and $404,000 for the three and nine months ended September 30, 2018, respectively.

 

Bad debt expense. Bad debt expense was approximately $(49,000) for the three months ended September 30, 2019, as compared to approximately $(30,000) for the three months ended September 30, 2018, a decrease of approximately $19,000. Bad debt expense was approximately $4,307,000 for the nine months ended September 30, 2019, as compared to approximately $1,286,000 for the nine months ended September 30, 2018, an increase of approximately $3,021,000, respectively. Based on our periodic review of accounts receivable balances, we adjusted the allowance for doubtful accounts after considering management’s evaluation of the collectability of individual receivable balances, including the analysis of subsequent collections, the customers’ collection history, the write off of uncollectible receivables against the existing reserve, and recent economic events. The increase in bad debt expense, was primarily attributable to the write off of receivable from sale of subsidiary.

 

30

 

 

Impairment expense.  At September 30, 2019, the Company conducted an impairment assessment on property and equipment based on the guidelines established in ASC Topic 360. Upon completion of the impairment analysis, the Company recorded impairment charges of approximately $13,356,000 for the nine months ended September 30, 2019.

 

Loss from operations. As a result of the factors described above, for the three and nine months ended September 30, 2019, loss from operations amounted to approximately $989,000 and $28,056,000, as compared to approximately $9,501,000 and $20,145,000 for the three and nine months ended September 30, 2018, respectively.

 

Other income (expense). Other income (expense) includes interest income, interest expense, foreign currency transaction gain (loss), loss on equity method investment, and other loss. For the three and nine months ended September 30, 2019, total other expense, net, amounted to approximately $124,000 and $354,000 as compared to approximately $9,072,000 and $9,335,000 for the three and nine months ended September 30, 2018, a decrease of approximately $8,948,000 and $8,981,000, or 98.6% and 96.2% respectively. The decrease in other expense, net, was primarily attributable to losses incurred in the three and nine months ended September 30, 2019 related to our equity method investment.

 

Income tax provision. Income tax expense was $0 for the three and nine months ended September 30, 2019 and 2018.

 

Loss from continuing operations. As a result of the foregoing, our loss from continuing operations was $1,113,000, or $(0.12) per share (basic and diluted), for the three months ended September 30, 2019, as compared with loss from continuing operations of approximately $18,573,000, or $(2.56) per share (basic and diluted), for the three months ended September 30, 2018, a change of $17,460,000, or 94.0%. Our loss from continuing operations was approximately $28,410,000, or $(3.17) per share (basic and diluted), for the nine months ended September 30, 2019, as compared with loss from continuing operations of approximately $29,480,000, or $(7.99) per share (basic and diluted), for the nine months ended September 30, 2018, a change of approximately $1,070,000, or 3.6%.

 

Loss from discontinued operations, net of income taxes. Our loss from discontinued operations was $0, or $(0.00) per share (basic and diluted), for the three months ended September 30, 2019, as compared with a loss from discontinued operations of $385, or $(0.00) per share (basic and diluted), for the three months ended September 30, 2018, a change of $385. Our gain from discontinued operations was $0, or $0.00 per share (basic and diluted), for the nine months ended September 30, 2019, as compared with a gain from discontinued operations of approximately $17,000 or $0.01 per share (basic and diluted), for the nine months ended September 30, 2018, a change of approximately $17,000.

 

The summarized operating result of discontinued operations included our consolidated statements of operations is as follows:

 

   Three Months ended
September 30,
   Nine Months ended
September 30,
 
   2019   2018   2019   2018 
Revenues  $-   $-   $-   $- 
Gain from operations – bad debt recovery   -    (385)   -    16,486 
Other expense, net   -    -    -    - 
Gain from discontinued operations before income taxes   -    (385)   -    16,486 
Income taxes   -    -    -    - 
Gain (loss) from discontinued operations, net of income taxes   -    (385)   -    16,486 
Gain on disposal of discontinued operations   -    -    -    - 
Gain (loss) from discontinued operations, net of income taxes  $-    (385)  $-   $16,486 

 

Net loss. As a result of the foregoing, our net loss was approximately $1,113,000, or $(0.12) per share (basic and diluted), for the three months ended September 30, 2019, as compared to a net loss of approximately $18,574,000, or $(2.56) per share (basic and diluted), for the three months ended September 30, 2018, a change of approximately $17,461,000, or 94.0%. Our net loss was approximately $28,410,000, or $(3.17) per share (basic and diluted), for the nine months ended September 30, 2019, as compared to a net loss of approximately $29,463,000, or $(7.99) per share (basic and diluted), for the nine months ended September 30, 2018, a change of approximately $1,053,000, or 3.6%.

 

Foreign currency translation gain (loss). The functional currency of our subsidiaries and variable interest entities operating in the PRC is the Chinese Yuan or Renminbi (“RMB”). The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations. As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation gain (loss) of approximately $(535,000) and $(217,000) for the three and nine months ended September 30, 2019, as compared to a foreign currency translation (loss) of approximately $(1,472,000) and $(2,374,000) for the three and nine months ended September 30, 2018, respectively. This non-cash gain (loss) had the effect of decreasing (increasing) our reported comprehensive loss.

  

Comprehensive loss. As a result of our foreign currency translation loss, we had comprehensive loss for the three months ended September 30, 2019 of approximately $1,648,000, compared to comprehensive loss of approximately $20,046,000 for the three months ended September 30, 2018. We had comprehensive loss for the nine months ended September 30, 2019 of approximately $28,627,000, compared to comprehensive loss of approximately $31,837,000 for the nine months ended September 30, 2018.

 

31

 

 

Liquidity and Capital Resources

 

Liquidity is the ability of a company to generate funds to support its current and future operations, satisfy its obligations and otherwise operate on an ongoing basis. At September 30, 2019 and December 31, 2018, we had cash balances of approximately $93,000 and $782,000, respectively. These funds are located in financial institutions located in Hong Kong, China and United States.

 

The following table sets forth a summary of changes in our working capital from December 31, 2018 to September 30, 2019 (dollars in thousands):

 

   September 30,
2019
   December 31,
2018
   Change in Working Capital   Percentage Change 
Working capital:                
Total current assets  $4,862   $21,217   $(16,355)   (77.1)%
Total current liabilities   7,443    10,661    (3,218)   (30.2)%
Working capital  $(2,581)  $10,556   $(13,137)   (124.5)%

 

Our working capital decreased by approximately $13,137,000 to approximately ($2,581,000) at September 30, 2019 from approximately $10,556,000 at December 31, 2018. This decrease in working capital is primarily attributable to:

 

  A decrease in assets of discontinued operations related to the sale of our subsidiary of approximately $4,000;
  An increase in due to related parties of approximately $488,000;
  An increase in bank acceptance notes payable of approximately $18,000;
  An increase in convertible note payable of approximately $128,000;
  A decrease in receivable from sale of subsidiary of approximately $2,792,000;
  A decrease in accounts receivable, net of allowance for doubtful accounts of approximately $3,852,000;
  A decrease in advances to suppliers of approximately $565,000;
  A decrease in cash and cash equivalent of approximately $689,000;
  A decrease in notes receivable of approximately $3,000;
  A decrease in inventories, net of inventory reserve of approximately $4,362,000;
  A decrease in prepaid license fee – related party, net of approximately $498,000;
  A decrease in prepaid expenses and other current assets of approximately $3,607,000;

 

Offset by:

 

  A decrease in liabilities of discontinued operations related to the sale of our subsidiary of approximately $10,000;
  An increase in restricted cash of approximately $17,000;
  A decrease in short-term bank loans of approximately $629,000;
  A decrease in accounts payable of approximately $1,791,000;
  A decrease in accrued expenses of approximately $346,000; and
  A decrease in advances from customers of approximately $1,074,000.

 

32

 

 

Because the exchange rate conversion is different for the consolidated balance sheets and the consolidated statements of cash flows, the changes in assets and liabilities reflected on the consolidated statements of cash flows are not necessarily identical with the comparable changes reflected on the consolidated balance sheets.

 

Net cash flow used in operating activities was approximately $389,000 for the nine months ended September 30, 2019 as compared to net cash flow used in operating activities of $3,204,000 for the ninea months ended September 30, 2018, a decrease of approximately $2,815,000.

 

  Net cash flow used in operating activities for the nine months ended September 30, 2019 primarily reflected our net loss of approximately $28,410,000, and add-back of non-cash items primarily consisting of depreciation of approximately $2,098,000, amortization of intangible assets of approximately $140,000, allowance for doubtful accounts of approximately $4,307,000, impairment loss of property and equipment of approximately 13,356,000, stock-based employment compensation of approximately $1,000, stock-based professional fees of approximately $2,710,000, stock-based donation of approximately $260,000, amortization of debt discount of approximately $162,000, amortization of license fee of approximately $498,000, inventory reserve of approximately $3,610,000 and changes in operating assets and liabilities primarily consisting of an increase in assets of discontinued operations of approximately $3,000, a decrease in accrued expenses of approximately $334,000 and a decrease in advances from customers of approximately $1,076,000, a decrease in notes receivable of approximately $3,000  and a decrease in accounts payable of approximately $1,717,000, offset by a decrease in accounts receivable of approximately $2,337,000, a decrease in inventories of approximately $686,000, a decrease in prepaid and other current assets of $423,000, a decrease in advances to suppliers of approximately $567,000 and an increase in liabilities of discontinued operations of $175.

 

  Net cash flow used in operating activities for the nine months ended September 30, 2018 primarily reflected our net loss of $29,463,000, and add-back of non-cash items primarily consisting of depreciation of $3,081,000, amortization of intangible assets of $299,000, stock-based compensation and fees for consultants of $9,132,000, stock-based employment compensation of $879,000, stock-based donation of $242,000 a non-cash bad debt allowance of $1,286,000, a non-cash bad debt recovery of $17,000, impairment loss on intangible asset of $1,923,000, loss on equity method investment of $9,038,000, amortization of debt discount of $116,000, and amortization of license fee $210,000, and changes in operating assets and liabilities primarily consisting of an increase in inventories of $1,012,000, an increase in prepaid and other current assets of $1,021,000, a decrease of accounts payable of $434,000, a decrease of advances from customers of $1,226,000 and a decrease in liabilities of discontinued operations of $133,000, offset by a decrease in notes receivable of $383,000, a decrease in accounts receivable of $2,450,000, a decrease in advances to suppliers of $721,000, a decrease in assets of discontinued operations of $200,000, and an increase in accrued expenses of $142,000.

 

Net cash flow used in investing activities was approximately $100,000 for the nine months ended September 30, 2019 as compared to net cash flow used in investing activities of approximately $72,000 for the nine months ended September 30, 2018. For the nine months ended September 30, 2019, net cash flow used in purchase of property and equipment of approximately $100,000. For the nine months ended September 30, 2018, net cash flow used in purchase of property and equipment of approximately $74,000, offset by cash received from the purchase subsidiary operations of approximately $2,000.

 

Net cash flow provided by financing activities was approximately $79,000 for the nine months ended September 30, 2019 as compared to approximately $3,056,000 for the nine months ended September 30, 2018. During the nine months ended September 30, 2019, we received proceeds from bank loans of approximately $875,000, proceeds for the increase in bank acceptance notes payable of approximately $22,000, advance from related party of approximately $520,000 and proceeds from sale of common stock of approximately $200,100, offset by repayments for bank loans of approximately $1,505,000 and payments for the decrease in related party advances of approximately $32,000. During the nine months ended September 30, 2018, we received proceeds from convertible note of $900,000 and deducted offering costs paid by $195,000, we also received proceeds from bank loan of $1,856,000, advance from related party of $1,811,000 and proceeds from sale of common stock of $256,000, offset by repayments for bank loan of $1,304,000 and payments for the decrease in bank acceptance notes payable of $268,000.

 

We have historically funded our capital expenditures through cash flow provided by operations and bank loans. We intend to fund the cost by obtaining financing mainly from local banking institutions with which we have done business in the past. We believe that the relationships with local banks are in good standing and we have not encountered difficulties in obtaining needed borrowings from local banks.  

 

33

 

 

Contractual Obligations and Off-Balance Sheet Arrangements

 

Contractual Obligations

 

We have certain fixed contractual obligations and commitments that include future estimated payments. Changes in our business needs, cancellation provisions, changing interest rates, and other factors may result in actual payments differing from the estimates. We cannot provide certainty regarding the timing and amounts of payments. We have presented below a summary of the most significant assumptions used in our determination of amounts presented in the tables, in order to assist in the review of this information within the context of our consolidated financial position, results of operations, and cash flows. The following tables summarize our contractual obligations as of September 30, 2019 (dollars in thousands), and the effect these obligations are expected to have on our liquidity and cash flows in future periods.

 

   Payments Due by Period 
Contractual obligations:  Total   Less than
1 year
   1-3 years   3-5 years   5 + years 
Bank loans (1)  $1,674   $1,554   $120   $     -   $       - 
Bank acceptance notes payable   91    91    -    -    - 
Total  $1,765   $1,645   $120   $-   $- 

 

(1)Bank loans consisted of short-term bank loans. Historically, we have refinanced these bank loans for an additional term of six months to one year and we expect to continue to refinance these loans upon expiration.

 

34

 

 

Off-balance Sheet Arrangements

 

We have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder’s equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

  

Foreign Currency Exchange Rate Risk

 

We produce and sell almost all of our products in China. Thus, most of our revenues and operating results may be impacted by exchange rate fluctuations between RMB and US dollars. For the nine months ended September 30, 2019 and 2018, we had unrealized foreign currency translation loss of approximately $217,000 and $2,374,000, respectively, because of changes in the exchange rate. 

 

Inflation

 

The effect of inflation on our revenue and operating results was not significant.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

As required by Rule 13a-15 under the Exchange Act, our management, including Jianhua Wu, our chief executive officer, and Wanfen Xu, our chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2019.

 

Disclosure controls and procedures refer to controls and other procedures designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating and implementing possible controls and procedures.

 

Management conducted its evaluation of disclosure controls and procedures under the supervision of our chief executive officer and our chief financial officer. Based on that evaluation, Mr. Wu and Ms. Xu concluded that, because our internal controls over financial reporting are not effective, as described below, our disclosure controls and procedures were not effective as of September 30, 2019.

 

Management’s Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act. Our management is also required to assess and report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”). Our management identified material weaknesses related to (i) Lack of segregation of duties within accounting functions, (ii) Lack of accounting expertise in US GAAP, and (iii) Insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines. Our internal controls over financial reporting were not effective at September 30, 2019.

 

35

 

 

We currently have no plans to expand our company-wide Enterprise Resource Planning (“ERP”) system during 2019 and have not implemented further ERP modules to manage inventory and to expand existing ERP systems to other areas of our factory. Due to our working capital requirements and the lack of local professionals with the necessary experience in implementing the ERP system, we postponed the hiring of professional staff to implement ERP system. We have found that engaging professionals who are based outside of Wuxi is very costly and we have not been able to find qualified personnel in the Wuxi area.

 

Due to our size and nature, particularly in view of the reduced scope of our operations, segregation of all conflicting duties may not always be possible and may not be economically feasible, and we continue to rely on third parties for a significant portion of the preparation of our financial statements. As a result, we have not been able to take steps to improve our internal controls over financial reporting. However, to the extent possible, we will implement procedures to assure that the initiation of transactions, the custody of assets and the recording of transactions will be performed by separate individuals.

 

A material weakness (within the meaning of PCAOB Auditing Standard No. 5) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company’s financial reporting.

 

In light of these material weaknesses, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the nine months ended September 30, 2019 included in this Quarterly Report on Form 10-Q were fairly stated in accordance with the U.S. GAAP. Accordingly, management believes that despite our material weaknesses, our consolidated financial statements for the nine months ended September 30, 2019 are fairly stated, in all material respects, in accordance with the U.S. GAAP.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 

  

36

 

 

PART II - OTHER INFORMATION

 

ITEM 5. EXHIBITS

 

31.1 Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer *
31.2 Rule 13a-14(a)/15d-14(a) certification of Principal Financial Officer *
32.1 Section 1350 certification of Chief Executive Officer and Chief Financial Officer *
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

 

*Filed herein

 

37

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  SHARING ECONOMY INTERNATIONAL INC.
     
Date: November 29, 2019 By: /s/ Jianhua Wu
    Jianhua Wu,
Chief Executive Officer and
    Principal Executive Officer
     
Date: November 29, 2019 By: /s/ Wanfen Xu
    Wanfen Xu,
Chief Financial Officer and
    Principal Accounting Officer

 

 

38

 

EX-31.1 2 f10q0919a1ex31-1_sharing.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Jianhua Wu, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of Sharing Economy International Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

 

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

 

a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Dated: November 29, 2019 By: /s/ Jianhua Wu
   

Jianhua Wu

Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 f10q0919a1ex31-2_sharing.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Wanfen Xu, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q/A of Sharing Economy International Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

 

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

 

a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Dated: November 29, 2019 By: /s/ Wanfen Xu
   

Wanfen Xu

Chief Financial Officer
(Principal Accounting Officer)

EX-32.1 4 f10q0919a1ex32-1_sharing.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Sharing Economy International Inc. (the “Company”) on Form 10-Q/A for the period ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Jianhua Wu, chief executive officer of the Company, and Wanfen Xu, chief financial officer of the Company, certify, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:

 

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 29, 2019 By: /s/ Jianhua Wu
   

Jianhua Wu

Chief Executive Officer

    (Principal Executive Officer) 

 

Date: November 29, 2019 By: /s/ Wanfen Xu
   

Wanfen Xu

Chief Financial Officer

(Principal Accounting Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 5 seii-20190930.xml XBRL INSTANCE FILE 0000819926 2019-01-01 2019-09-30 0000819926 2019-09-30 0000819926 2018-12-31 0000819926 seii:BankOfChinaTwoMember 2019-09-30 0000819926 seii:BankOfWuxiNongshuangMember 2019-09-30 0000819926 seii:BankOfChinaOneMember 2019-09-30 0000819926 seii:BankOfWuxiNongshuangOneMember 2019-09-30 0000819926 seii:BankOfCommunicationMember seii:SeptemberTwoFiveTwoZeroOneNineMember 2019-09-30 0000819926 seii:BankOfCommunicationOneMember 2019-09-30 0000819926 seii:LoanFromZhongliInternationalFinanceCorporationMember 2019-09-30 0000819926 seii:BankOfChinaTwoMember 2018-12-31 0000819926 seii:BankOfWuxiNongshuangMember 2018-12-31 0000819926 seii:BankOfChinaOneMember 2018-12-31 0000819926 seii:BankOfWuxiNongshuangOneMember 2018-12-31 0000819926 seii:BankOfCommunicationMember 2018-12-31 0000819926 seii:BankOfCommunicationOneMember 2018-12-31 0000819926 seii:LoanFromZhongliInternationalFinanceCorporationMember 2018-12-31 0000819926 us-gaap:PreferredClassAMember 2019-09-30 0000819926 us-gaap:PreferredClassAMember 2018-12-31 0000819926 us-gaap:CommonStockMember 2019-09-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000819926 us-gaap:RetainedEarningsMember 2019-09-30 0000819926 seii:StatutoryReserveMember 2019-09-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000819926 us-gaap:NoncontrollingInterestMember 2019-09-30 0000819926 us-gaap:CommonStockMember 2018-12-31 0000819926 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000819926 us-gaap:RetainedEarningsMember 2018-12-31 0000819926 seii:StatutoryReserveMember 2018-12-31 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000819926 us-gaap:NoncontrollingInterestMember 2018-12-31 0000819926 seii:StockPurchaseAgreementsMember us-gaap:InvestorMember 2018-05-02 0000819926 seii:DyeingAndFinishingEquipmentMember 2019-01-01 2019-09-30 0000819926 seii:SharingEconomyMember 2019-01-01 2019-09-30 0000819926 seii:DiscontinuedSegmentsMember 2019-01-01 2019-09-30 0000819926 seii:OtherMember 2019-01-01 2019-09-30 0000819926 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000819926 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0000819926 seii:PurchaseMember seii:SuppliersTwoMember 2019-01-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember 2019-01-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerOneMember 2019-01-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerTwoMember 2019-01-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerThreeMember 2019-01-01 2019-09-30 0000819926 seii:InspiritStudioLimitedMember seii:SubsidiaryOneMember 2017-12-08 0000819926 seii:DiscoveryCoLimitedMember seii:SubsidiaryOneMember 2018-01-19 0000819926 seii:FullandWindMember 2016-12-01 2016-12-23 0000819926 seii:FullandWindMember seii:FirstInstallmentMember 2016-12-01 2016-12-28 0000819926 seii:FullandWindMember seii:ThirdInstallmentMember 2018-01-01 2018-12-31 0000819926 seii:FullandWindMember seii:SecondInstallmentMember 2017-04-01 2017-04-10 0000819926 seii:FullandWindMember seii:ThirdInstallmentMember 2019-01-01 2019-09-30 0000819926 seii:XueMiaoMember 2016-12-26 0000819926 srt:MinimumMember us-gaap:UseRightsMember 2019-01-01 2019-09-30 0000819926 us-gaap:UseRightsMember srt:MaximumMember 2019-01-01 2019-09-30 0000819926 srt:MinimumMember us-gaap:OtherIntangibleAssetsMember 2019-01-01 2019-09-30 0000819926 srt:MaximumMember us-gaap:OtherIntangibleAssetsMember 2019-01-01 2019-09-30 0000819926 us-gaap:UseRightsMember 2019-09-30 0000819926 us-gaap:OtherIntangibleAssetsMember 2019-09-30 0000819926 us-gaap:GoodwillMember 2019-09-30 0000819926 us-gaap:UseRightsMember 2018-12-31 0000819926 us-gaap:OtherIntangibleAssetsMember 2018-12-31 0000819926 us-gaap:GoodwillMember 2018-12-31 0000819926 seii:BankOfChinaTwoMember 2019-01-01 2019-09-30 0000819926 seii:BankOfWuxiNongshuangMember 2019-01-01 2019-09-30 0000819926 seii:BankOfChinaOneMember 2019-01-01 2019-09-30 0000819926 seii:BankOfWuxiNongshuangOneMember 2019-01-01 2019-09-30 0000819926 seii:BankOfCommunicationMember 2019-01-01 2019-09-30 0000819926 seii:BankOfCommunicationOneMember 2019-01-01 2019-09-30 0000819926 seii:OneTwoTwelveMonthMember 2019-01-01 2019-09-30 0000819926 seii:ThirteenToTwentyFourthMonthMember 2019-01-01 2019-09-30 0000819926 seii:TwentyFifthToThirtySixMonthMember 2019-01-01 2019-09-30 0000819926 seii:StockPurchaseAgreementsMember us-gaap:ConvertibleDebtMember 2018-04-15 2018-05-02 0000819926 seii:EcrentCapitalHoldingsLimitedMember 2019-01-01 2019-09-30 0000819926 seii:Ysk1860Co.LimitedMember 2019-01-01 2019-09-30 0000819926 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000819926 2018-07-01 2018-09-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000819926 2019-01-03 2019-01-31 0000819926 seii:ShengxinMember seii:RMBMember 2018-04-30 0000819926 seii:FullandWindMember seii:FirstInstallmentMember seii:RMBMember 2016-12-01 2016-12-28 0000819926 seii:FullandWindMember seii:RMBMember 2016-12-01 2016-12-23 0000819926 seii:FullandWindMember seii:ThirdInstallmentMember seii:RMBMember 2019-01-01 2019-09-30 0000819926 seii:FullandWindMember seii:ThirdInstallmentMember seii:RMBMember 2018-01-01 2018-12-31 0000819926 seii:RMBMember 2018-12-31 0000819926 seii:XueMiaoMember seii:RMBMember 2016-12-26 0000819926 seii:OneTwoTwelveMonthMember seii:RMBMember 2019-01-01 2019-09-30 0000819926 seii:TwentyFifthToThirtySixMonthMember seii:RMBMember 2019-01-01 2019-09-30 0000819926 seii:ThirteenToTwentyFourthMonthMember seii:RMBMember 2019-01-01 2019-09-30 0000819926 seii:StatutoryReserveMember 2019-01-01 2019-09-30 0000819926 seii:StockPurchaseAgreementsMember 2018-11-08 0000819926 seii:StockPurchaseAgreementsMember 2018-11-02 2018-11-08 0000819926 2017-12-31 0000819926 us-gaap:CommonStockMember 2017-12-31 0000819926 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000819926 us-gaap:RetainedEarningsMember 2017-12-31 0000819926 seii:StatutoryReserveMember 2017-12-31 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000819926 us-gaap:NoncontrollingInterestMember 2017-12-31 0000819926 seii:FullandWindMember seii:RMBMember seii:SecondInstallmentMember 2017-04-02 2017-04-10 0000819926 seii:DyeingMember 2019-09-30 0000819926 seii:DyeingMember seii:RMBMember 2019-09-30 0000819926 seii:ShengxinNewEnergyEngineeringMember 2016-12-26 0000819926 seii:ShengxinNewEnergyEngineeringMember seii:RMBMember 2016-12-26 0000819926 seii:ShengxinNewEnergyEngineeringMember 2018-04-30 0000819926 us-gaap:ComputerSoftwareIntangibleAssetMember 2018-01-01 2018-01-31 0000819926 seii:LoanFromZhongliInternationalFinanceCorporationMember seii:RMBMember 2019-09-30 0000819926 seii:StockPurchaseAgreementsMember 2019-01-11 0000819926 seii:StockPurchaseAgreementsMember 2019-01-01 2019-01-11 0000819926 2019-01-01 2019-01-11 0000819926 2019-02-28 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerFourMember 2019-01-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerFiveMember 2019-01-01 2019-09-30 0000819926 seii:SupplierOneMember seii:PurchaseMember 2019-01-01 2019-09-30 0000819926 seii:PurchaseMember 2019-01-01 2019-09-30 0000819926 2018-01-01 2018-09-30 0000819926 seii:Mr.ChanTinChiandChanTinChiFamilyCompanyLimitedMember 2019-01-01 2019-09-30 0000819926 seii:Mr.ChanTinChiandChanTinChiFamilyCompanyLimitedMember 2018-01-01 2018-09-30 0000819926 seii:DyeingAndFinishingEquipmentMember 2018-01-01 2018-09-30 0000819926 seii:SharingEconomyMember 2018-01-01 2018-09-30 0000819926 seii:DyeingAndFinishingEquipmentMember 2018-07-01 2018-09-30 0000819926 seii:DyeingAndFinishingEquipmentMember 2019-07-01 2019-09-30 0000819926 seii:SharingEconomyMember 2019-07-01 2019-09-30 0000819926 seii:SharingEconomyMember 2018-07-01 2018-09-30 0000819926 seii:DiscontinuedSegmentsMember 2018-01-01 2018-09-30 0000819926 seii:DiscontinuedSegmentsMember 2019-07-01 2019-09-30 0000819926 seii:DiscontinuedSegmentsMember 2018-07-01 2018-09-30 0000819926 seii:OtherMember 2018-01-01 2018-09-30 0000819926 seii:OtherMember 2019-07-01 2019-09-30 0000819926 seii:OtherMember 2018-07-01 2018-09-30 0000819926 srt:SubsidiariesMember 2016-12-30 0000819926 seii:SubsidiariesOneMember 2016-12-30 0000819926 seii:SubsidiariesTwoMember 2016-12-26 0000819926 seii:SubsidiariesTwoMember 2016-12-23 0000819926 seii:SubsidiariesThreeMember 2016-01-30 0000819926 us-gaap:ConvertibleDebtMember 2019-01-01 2019-09-30 0000819926 2019-03-31 0000819926 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000819926 us-gaap:CommonStockMember 2018-06-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000819926 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000819926 us-gaap:RetainedEarningsMember 2018-06-30 0000819926 seii:StatutoryReserveMember 2018-01-01 2018-09-30 0000819926 seii:StatutoryReserveMember 2018-06-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000819926 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0000819926 us-gaap:NoncontrollingInterestMember 2018-06-30 0000819926 2018-06-30 0000819926 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000819926 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000819926 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000819926 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000819926 seii:StatutoryReserveMember 2018-07-01 2018-09-30 0000819926 seii:StatutoryReserveMember 2019-07-01 2019-09-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000819926 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000819926 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerOneMember 2019-07-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerTwoMember 2019-07-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerThreeMember 2019-07-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerFourMember 2019-07-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember seii:CustomerFiveMember 2019-07-01 2019-09-30 0000819926 seii:SalesRevenuesGoodNetMember 2019-07-01 2019-09-30 0000819926 seii:PurchaseMember 2019-07-01 2019-09-30 0000819926 seii:SupplierOneMember seii:PurchaseMember 2019-07-01 2019-09-30 0000819926 seii:PurchaseMember seii:SuppliersTwoMember 2019-07-01 2019-09-30 0000819926 seii:PurchaseMember seii:SuppliersThreeMember 2019-07-01 2019-09-30 0000819926 2019-04-01 2019-04-25 0000819926 seii:BankOfChinaTwoMember seii:NovemberTwoZeroTwoZeroOneNineMember 2019-09-30 0000819926 seii:BankOfChinaOneMember seii:NovemberTwoZeroTwoZeroOneNineOneMember 2019-09-30 0000819926 seii:BankOfWuxiNongshuangMember seii:AprilTwoFiveTwoZeroOneEightMember 2019-09-30 0000819926 seii:BankOfWuxiNongshuangOneMember seii:FebruaryTwoTwoTwoZeroOneNineMember 2019-09-30 0000819926 us-gaap:CommonStockMember 2019-03-01 2019-03-31 0000819926 2019-03-01 2019-03-31 0000819926 us-gaap:AccountsReceivableMember seii:CustomerAMember 2019-09-30 0000819926 us-gaap:AccountsReceivableMember seii:CustomerBMember 2019-09-30 0000819926 seii:SuppliersAMember us-gaap:AccountsPayableMember 2019-09-30 0000819926 2019-07-01 2019-09-30 0000819926 seii:BankOfCommunicationOneMember seii:SeptemberTwoZeroTwoZeroOneZeroOneMember 2019-09-30 0000819926 seii:SuppliersBMember us-gaap:AccountsPayableMember 2019-09-30 0000819926 us-gaap:CommonStockMember 2018-09-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000819926 us-gaap:RetainedEarningsMember 2018-09-30 0000819926 seii:StatutoryReserveMember 2018-09-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000819926 us-gaap:NoncontrollingInterestMember 2018-09-30 0000819926 2018-09-30 0000819926 us-gaap:CommonStockMember 2019-06-30 0000819926 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000819926 us-gaap:RetainedEarningsMember 2019-06-30 0000819926 seii:StatutoryReserveMember 2019-06-30 0000819926 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000819926 us-gaap:NoncontrollingInterestMember 2019-06-30 0000819926 2019-06-30 0000819926 2019-11-13 0000819926 us-gaap:AccountsReceivableMember seii:CustomerCMember 2019-09-30 0000819926 us-gaap:AccountsReceivableMember seii:CustomerDMember 2019-09-30 0000819926 us-gaap:AccountsReceivableMember seii:CustomerEMember 2019-09-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:CNY seii:installments seii:Segment seii:Customer seii:Supplier SHARING ECONOMY INTERNATIONAL INC. 0000819926 true --12-31 10-Q/A 2019-09-30 Non-accelerated Filer true false false 5244065 5216740 27325 2517201 7655321 7499362 155959 2444437 1676831 533 72764 1677364 -28409781 -23833748 -1374469 -3201564 -28102387 -307394 -18573719 -29463062 -17364755 -8049373 -13293023 -311457 -261178 -4319404 16486 -385 -4065420 -540240 -960907 -28779651 -683411 -18196461 -1068228 -377258 -44647 -1112875 2097816 2081089 16727 979203 3080857 3067647 13210 974745 696819 12301 4458 709120 -3.17 -2.56 -8.00 -0.12 -0.00 0.01 0.0435 0.10 0.0460 0.0460 0.0587 0.0587 0.03915 2 2 2 2 false Yes 180256 196299 40000000 0.51 0.60 0.70 0.30 1.00 1.00 0.80 -261836 -274378 001-34591 Yes -388731 -3203741 Q3 9246 9593 196411 200333 205657 209926 233938 242555 25036 25977 258974 268532 -385 16486 -385 16486 -385 16486 6900000 2100000 2700000 2100000 2700000 14400000 48000000 19200000 19200000 14400000 3 3 2700000 19200000 10632575 9527060 8900000 60000000 8900000 59800000 40000000 20900000 140000000 8900000 60000000 29800000 200000000 11900000 80000000 2019 92864 774316 Asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187 RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate. NV <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30,<br /> 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 76%">Raw materials</td><td style="width: 1%">&#160;</td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">769,294</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">1,207,334</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">379,747</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">872,376</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,546,795</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,547,301</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">6,695,836</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,627,011</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: inventory reserve</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,643,524</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,212,706</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,052,312</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,414,305</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 7 &#8211; <u>EQUITY METHOD INVESTMENT</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 26, 2016, Dyeing and Xue Miao, an unrelated individual, formed Shengxin pursuant to an agreement dated December 23, 2016. The agreement sets forth general terms relating to the proposed business, but does not set forth specific funding obligations for either party. Dyeing has agreed to invest RMB 60,000,000 (approximately $8.9 million) and had invested RMB 59.8 million (approximately $8.9 million as of September 30, 2019), for which it received a 30% interest, and Mr. Xue has a commitment to invest RMB 140,000,000 (approximately $20.9 million), of which Mr. Xue has contributed RMB 60,000,000 (approximately $8.9 million), for which Mr. Xue received a 70% interest in Shengxin. Shengxin's registered capital is RMB 200 million (approximately $29.8 million). Mr. Xue had advised Dyeing that he anticipated that he will fund the remaining RMB 80,000,000 (approximately $11.9 million) of his commitment during 2018. Since Mr. Xue did not make this payment by the end of 2017, Dyeing has the right to amend the contract, and both parties may adjust each side's equity interest to reflect the amount of capital each side has actually invested.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB 40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. Accordingly, there is no guarantee that the Chinese government will invest in new solar farm or provide the subsidies needed to fund projects. In September 2018, due to significant doubt about the status of this project and recoverability of our investment, the Company fully impaired the value of the investment in Shengxin.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended September 30, 2019 and 2018, the Company recorded a loss on equity method investment of $0 and $8,892,458, respectively. For the nine months ended September 30, 2019 and 2018, the Company recorded a loss on equity method investment of $0 and $9,038,303, respectively.</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">12-month periods ending September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt; width: 88%">2020</td><td style="width: 1%">&#160;</td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">232,055</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">2021</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">164,792</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">2022</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total minimum loan payments</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">396,847</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: amount representing interest</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(56,103</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: security deposit due</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,220</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Present value of net minimum loan payment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">272,524</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(152,950</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term portion</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">119,574</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> Mr. Chan Tin Chi owns 99% of the issued and outstanding ordinary shares of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited). From time to time, during 2018 and 2019, the Company receive advances from Mr. Chan Tin Chi and Chan The Company granted ECrent 250,000 shares of common stock (the "Consideration Shares"), at an issue price of $1,040,000, or $4.16 per share, (based on the quoted market price of the Company's common stock on the amended Agreement date of May 24, 2018) The exclusivity period has been further extended to a period of 18 months commencing from June 20, 2018 pursuant to three amendment agreements dated September 11, 2017, January 23, 2018 and June 20, 2018 Pursuant to the terms of the Agreement, ECrent shall provide a guarantee on revenue and profit of $13,000,000 and $2,522,000, respectively. The Consideration Shares shall be reduced on a pro rata basis if there is a shortfall in the guaranteed revenue and/or profit. 497872 210213 165958 519543 580046 31604 0 345083 116597 228483 3 118894 241708 88372 153336 26892 35605 137668 92002 3 173276 1.00 0.30 0.70 28410000 205657 209926 165957 663830 258974 268532 1745444 1257505 8866755 7100416 3598265 9278106 -3.17 -2.56 -7.99 -0.12 -28102387 -18196461 -28779651 -1068228 -385 16486 -385 16486 -28409781 -18573334 -29479548 -1112875 23193748 7773372 17338115 791975 10106431 4244853 10462225 1874420 0.315 0 8892458 9038303 0 1554247 2182960 350324 630583 420390 152950 363488 654279 363488 581582 220123 2019-11-20 2019-02-22 2019-11-25 2019-11-06 2019-09-25 2020-09-20 630583 4500000 126117 900000 36 months 36 months 29427 19338 13733 210000 98000 138000 119574 244910 3430818 0 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30,<br /> 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br /> 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">(audited)</td><td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="5">Assets:</td><td>&#160;</td> <td colspan="2">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>Current assets:</td><td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt; width: 76%">Accounts receivable, net</td><td style="width: 1%">&#160;</td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">9,246</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td> <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">9,593</td><td style="text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Prepaid expenses and other</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">196,411</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">200,333</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">205,657</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">209,926</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Total assets</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">205,657</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">209,926</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Accounts payable</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">233,938</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">242,555</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Advances from customers</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Accrued expenses and other liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,036</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,977</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">258,974</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">268,532</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Total liabilities</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">258,974</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">268,532</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 9 &#8211; <u>SHORT-TERM BANK LOANS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Short-term bank loans represent amounts due to various banks that are due within one year. These loans can be renewed with these banks upon maturities. As of September 30, 2019 and December 31, 2018, short-term bank loans consisted of the following:&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30,<br /> 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br /> 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of China, due on November 20, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">363,488</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of China, due on November 25, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">350,324</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">363,488</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">654,279</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">630,583</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">581,582</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Communication, due on September 20, 2020 &#160;with annual interest rate of 3.915%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">420,390</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Current portion of loan from Zhongli International Finance Corporation, credit line of RMB 4,500,000 (approximately $630,583), with a security deposit of RMB 900,000 (approximately $126,117) which will be returned in 36 months, monthly installment of RMB 210,000 (approximately $29,427) in the 1<sup>st</sup> &#8211; 12<sup>th</sup> month; RMB 138,000 (approximately $19,338) in the 13<sup>th</sup> - 24<sup>th</sup> month; RMB 98,000 (approximately $13,733) in the 25<sup>th</sup> &#8211; 36<sup>th</sup> month; secured by certain assets of&#160;the&#160;Company&#160;*&#160;&#160;</font></td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">152,950</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">220,123</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total short-term bank loans</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,554,247</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,182,960</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively.</font></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Minimum 36-month installments for the loan from Zhongli International Finance Corporation under the loan agreement are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">12-month periods ending September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">2020</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">232,055</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">2021</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">164,792</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">2022</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total minimum loan payments</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">396,847</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: amount representing interest</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(56,103</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: security deposit due</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,220</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Present value of net minimum loan payment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">272,524</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(152,950</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Long-term portion</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">119,574</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest related to the bank loans, which was $35,605 and $26,892 for the three months ended September 30, 2019 and 2018, and $116,597 and $88,372 for the nine months ended September 30, 2019 and 2018, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30,<br /> 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br /> 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of China, due on November 20, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">363,488</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of China, due on November 25, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">350,324</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">363,488</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">654,279</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">630,583</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">581,582</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Loan from Bank of Communication, due on September 20, 2020 &#160;with annual interest rate of 3.915%, secured by certain assets of the Company</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">420,390</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Current portion of loan from Zhongli International Finance Corporation, credit line of RMB 4,500,000 (approximately $630,583), with a security deposit of RMB 900,000 (approximately $126,117) which will be returned in 36 months, monthly installment of RMB 210,000 (approximately $29,427) in the 1<sup>st</sup> &#8211; 12<sup>th</sup> month; RMB 138,000 (approximately $19,338) in the 13<sup>th</sup> - 24<sup>th</sup> month; RMB 98,000 (approximately $13,733) in the 25<sup>th</sup> &#8211; 36<sup>th</sup> month; secured by certain assets of&#160;the&#160;Company&#160;*&#160;&#160;</font></td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">152,950</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">220,123</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total short-term bank loans</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,554,247</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,182,960</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively.</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Listing status</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On November 26, 2018, Sharing Economy International Inc. (the "Company") received a staff determination notice from The Nasdaq Stock Market ("Nasdaq") informing the Company that as a result of its failure to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(c) (the "Rule"), the staff determined to deny the Company's request for continued listing based on a plan of compliance submitted on October 26, 2018. The Company's common stock was delisted from Nasdaq at the open of trading on December 5, 2018. The Company's common stock is currently trading on the OTC Markets under the symbol "SEII".</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Principles of consolidation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company's unaudited condensed consolidated financial statements include the financial statements of its wholly-owned and majority owned subsidiaries, as well as the financial statements of the Huayang Companies, including Dyeing, which conducts the Company's continuing operations, and Heavy Industries, which operated discontinued operations. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 30, 2016, the Company sold and transferred its&#160;100% interest in Fulland Wind to an unrelated party. Additionally, the Company's management decided to discontinue its petroleum and chemical equipment segment due to significant declines in revenues and the loss of its major customers. As such, petroleum and chemical segment's assets and liabilities have been classified on the consolidated balance sheets as assets and liabilities of discontinued operations as of September 30, 2019 and December 31, 2018. The operating results of the petroleum and chemical segment have been classified as discontinued operations in our consolidated statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements are related to the Company's continuing operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to Accounting Standards Codification ("ASC") Topic 810, the Huayang Companies are considered variable interest entities ("VIE"), and the Company is the primary beneficiary. The Company's relationships with the Huayang Companies and their shareholders are governed by a series of contractual arrangements between Green Power, the Company's wholly foreign-owned enterprise in the PRC, and each of the Huayang Companies, which are the operating companies of the Company in the PRC. Under PRC laws, each of Green Power, Dyeing and Heavy Industries is an independent legal entity and none of them is exposed to liabilities incurred by the other parties. The contractual arrangements constitute valid and binding obligations of the parties of such agreements. Each of the contractual arrangements and the rights and obligations of the parties thereto are enforceable and valid in accordance with the laws of the PRC.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Because of the contractual arrangements, the Company has a pecuniary interest in the Huayang Companies that requires the Company to consolidate the Huayang Companies in its financial statements as if they are wholly-owned subsidiaries of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Use of estimates</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the nine months ended September 30, 2019 and 2018 include the allowance for doubtful accounts on accounts and other receivables, the allowance for inventory reserve, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets, valuation of deferred tax assets, and the value of stock-based compensation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Cash and cash equivalents</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company maintains with various financial institutions mainly in the PRC, Hong Kong and the U.S. As of September 30, 2019 and December 31, 2018, cash balances held in PRC and Hong Kong banks of $92,864&#160;&#160; and $774,316, respectively, are uninsured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair value of financial instruments</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, notes receivable, accounts receivable, inventories, advances to suppliers, receivable from sale of subsidiary, prepaid expenses and other, short-term bank loans, bank acceptance notes payable, convertible note payable, accounts payable, accrued expenses, advances from customers, amounts due to related parties, and income taxes payable approximate their fair market value based on the short-term maturity of these instruments&#160;.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Concentrations of credit risk</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The Company's operations are carried out in the PRC and Hong Kong. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and Hong Kong, and by the general state of the economies in the PRC and Hong Kong. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Substantially all of the Company's cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounts receivable</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer's historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. At September 30, 2019 and December 31, 2018, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $10,632,575 and $9,527,060, respectively.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2019 and 2018, bad debt expense amounted to $4,307,234, and $1,285,990, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Inventories</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories, consisting of raw materials, work-in-process and finished goods related to the Company's products are stated at the lower of cost or market utilizing the weighted average method. A reserve is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company recorded an inventory reserve of $4,643,524 and $1,212,706 as of September 30, 2019 and December&#160;31, 2018, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Property and equipment</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statements of operations in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Impairment loss has been recorded in current period</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended September 30, 2019 and 2018, depreciation expense amounted to $709,120 and $979,203, respectively, of which $598,502 and $705,648, respectively, was included in cost of revenues, and the remainder was included in operating expenses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2019 and 2018, depreciation expense amounted to $2,097,816 and $3,080,857, respectively, of which $1,614,959 and $2,218,554, respectively, was included in cost of revenues, and the remainder was included in operating expenses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019, the Company conducted an impairment assessment on property and equipment. Accordingly, the Company recorded an impairment loss of $13,355,958 on certain equipment and buildings for the nine months ended September 30, 2019. For the nine months ended September 30, 2018, the impairment loss was $0.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Equity method investment</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investments in which the Company has&#160;the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long-term assets on the consolidated balance sheets. Under this method of accounting, the Company's share of the net earnings or losses of the investee is presented under other income (expense) on the consolidated statements of operations. The Company evaluates its&#160;equity method investment whenever events or changes in circumstance indicate that the carrying amounts of such investment may be impaired. A loss would be recorded if a decline in the value of an equity method investment is determined to be other than temporary (see Note 7).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-based compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718, which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board ("FASB") also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Additionally, effective January 1, 2017, the Company adopted the Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur and the cumulative impact of this change did not have any effect on the Company's consolidated financial statements and related disclosures.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU No. 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC 606. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Employee benefits</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company's operations and employees are all located in the PRC and Hong Kong. The Company makes mandatory contributions to the PRC and Hong Kong governments' health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws and law of Mandatory Provident Fund in Hong Kong. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $180,256 and $196,299 for the nine months ended September 30, 2019 and 2018, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Foreign currency translation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB") or Hong Kong dollars (HKD). For the subsidiaries and affiliates, whose functional currencies are the RMB or HKD, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive loss. The cumulative translation adjustment and effect of exchange rate changes on cash for the nine months ended September 30, 2019 and 2018 was $(261,836) &#160;and $(274,378), respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company did not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For operating subsidiaries and VIEs located in the People's Republic of China ("PRC"), asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187 &#160;RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company's operations are calculated based upon the local currencies using the average translation rate.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Comprehensive loss</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended September 30, 2019 and 2018 included net loss and unrealized (loss) gain from foreign currency translation adjustments.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Reclassification</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Certain reclassifications have been made in prior period's consolidated financial statements to conform to the current year's financial presentation. The reclassifications have no effect on previously reported net loss.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recent accounting pronouncements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 &#38; 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. In addition, the Company elected the land easement transition practical expedient and did not reassess whether an existing or expired land easement is a lease or contains a lease if it has not historically been accounted for as a lease. The adoption did not impact the Company's previously reported consolidated financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issued ASU 2018-07, Compensation&#8212;Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment. ASU 2018-07 aligns the accounting for share based payments granted to non-employees with that of share based payments granted to employees. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</font></p> 0.20 0.43 0.11 0.10 0.08 0.07 0.07 0.20 0.40 0.34 0.16 0.14 0.08 0.08 0.80 0.73 0.46 0.16 0.11 5 5 2 3 260079 168154 70064 472233 29427 4307234 1285990 13355958 0 2052312 6414305 4643524 1212706 6695836 7627011 5546795 5547301 379747 872376 769294 1207334 152950 272524 -56103 396847 164792 232055 92864 781740 1019437 707101 94881 77473 147136 149757 475942 4327980 565295 2791590 1627660 5235113 4862409 21217009 6045537 21563420 3316483 3562513 9362020 25125933 14224429 46342942 91084 72698 838571 710504 2464001 4254598 433638 779948 1073797 57889 60065 7443848 10660607 119574 244910 7563422 10905517 9278 7449 58301021 58452131 -55594946 -27492559 2352592 2352592 2440621 2657614 7508566 35977227 -847559 -539802 6661007 35437425 9278 58301021 -55594946 2352592 2440621 -847559 7449 58452131 -27492559 2352592 2657614 -539802 61169080 2528 40241172 13624729 2352592 4923829 24230 6038 55597267 3041539 2352592 4021436 120489 65139361 7501 60839352 -15154922 2352592 2549644 -255682 50338485 9278 58301021 -54526718 2352592 2975370 -802912 8308631 14224429 46342942 0.001 0.001 0.001 0.001 10000000 10000000 10000000 10000000 0 0 0 0 0.001 0.001 12500000 12500000 9278106 7449123 9278106 7449123 -4862366 -1727652 -2806904 -197056 482857 273555 862303 107050 4778058 5441960 12863537 801600 269641 165183 403611 83809 4307234 -30000 1285990 -48889 13355958 1922674 1922674 -151595 -28056114 -9501024 -20145019 -989031 856 6324 15402 58 -8892458 -9038303 1612 -247 1666 122 -7828 -67529 -68254 49496 -353667 -9072310 -9334529 -123844 -28409781 -18573334 -29479548 -1112875 -307394 -377258 -683411 -44647 -217356 -1471792 -2374185 -534749 -28627137 -20045511 -31837247 -1647624 -307394 -377258 -683411 -44647 -363 -28319380 -19668253 -31153836 -1602977 -3.17 -2.56 -8.00 -0.12 0.01 9278106 7449123 2527720 6037791 7501304 9278106 200100 690 199410 256410 70 256340 200100 690000 69676 690000 288969 1349 43832 287620 11636761 2650 11634111 86 43746 1349347 2650774 86623 5199716 6022663 1628 6021035 1377 5198339 1627960 1376890 50000 267 49733 670335 200 670135 266667 200100 2016984 425 2016559 425074 1087 403499 403499 1087 -947948 -562 -947386 -562501 259598 85 259513 85470 -217356 -363 -1471792 -216993 -1471792 -534749 -534749 140325 99177 299373 30062 4307234 1285990 -16899 1922674 -13355958 933 879258 2710195 9132385 259598 241860 162170 115836 115836 3609828 2915 -382776 -2336569 -2449872 -685905 1011749 -423275 1021180 -566687 -720730 3467 -200197 -1717029 -434324 -333637 142124 -1076442 -1226059 175 -132916 99941 74466 2341 -99941 -72125 900000 195018 874521 1856198 1505383 1303941 519543 1810815 31604 200100 256410 79040 3056006 -261836 -274378 -671468 -494238 187745 859213 1292428 798190 345083 241708 111280 6335098 496654 670335 976984 50000 829787 1048659 94881 77473 272991 91089 187745 859213 1292428 798190 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 8 &#8211; <u>INTANGIBLE ASSETS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019 and December 31, 2018, intangible assets consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center">Useful life</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September 30, 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 65%; text-align: left">Land use rights</td><td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">45 - 50 years</font></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,783,611</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,925,789</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other intangible assets</td><td>&#160;</td> <td style="text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">3 - 5 years</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">843,218</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">845,180</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,353</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,421</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,654,182</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,798,390</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,337,699</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,235,877</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,316,483</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,562,513</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Amortization of intangible assets attributable to future periods is as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left">Year ending September 30:</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2020</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">352,034</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2021</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">307,588</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">100,648</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">94,710</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">82,836</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,351,314</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,289,130</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">There is no private ownership of land in the PRC. Land is owned by the government and the government grants land use rights for specified terms. The Company's land use rights have terms of 45 and 50 years and expire on January 1, 2053 and October 30, 2053. The Company amortizes the land use rights over the term of the respective land use right.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">In January 2018, in connection with the acquisition of 3D Discovery, the Company acquired their technologies valued at $754,159. The technology of 3D Discovery covers a 3D virtual tour solution for the property industry. The Company amortizes this technology over a term of three years.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended September 30, 2019 and 2018, amortization of intangible assets amounted to $30,062 and $99,177, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2019 and 2018, amortization of intangible assets amounted to $140,325 and $299,373, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 10 &#8211;&#160;<u>CONVERTIBLE NOTE PAYABLE</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Securities purchase agreement and related convertible note and warrants</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On May 2, 2018, pursuant to a securities purchase agreement, the Company closed a private placement of securities with Iliad Research and Trading, L.P. (the "Investor") pursuant to which the Investor purchased a Convertible Promissory Note (the "Iliad Note") in the original principal amount of $900,000, convertible into shares of common stock of the Company (the "Common Stock"), upon the terms and subject to the limitations and conditions set forth in the Iliad Note, and a two year Warrant to purchase 134,328 shares of Common Stock at an exercise price of $7.18 per share (the "Warrant"). In connection with the Iliad Note, the Company paid an original issue discount of $150,000 and paid issuance costs of $45,018 which will be reflected as a debt discount and amortized over the Iliad Note term. The Iliad Note bears interest at 10% per annum, is unsecured, and is due on the date that is fifteen months from May 2, 2018&#160;. The warrants shall expire on the last calendar day of the month in which the second anniversary of the Issue Date occurs. On November 8, 2018, the Company converted an aggregate of $27,811 and $47,189 outstanding principal and interest of the Iliad Note, respectively, into a total of 36,621 shares of its common stock. On January 11, 2019, the Company converted an aggregate of $34,103 and $15,897 outstanding principal and interest of the Iliad Note, respectively, into 266,667 shares of its common stock.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Investor has the right at any time after May 2, 2018 until the outstanding balance has been paid in full to convert all or any part of the outstanding balance into shares of common stock of the Company at conversion price of $6.70 per share (the "Lender Conversion Price"). The Lender Conversion Price is subject to certain adjustments set forth in the Iliad Note. The conversion price for each Redemption Conversion (the "Redemption Conversion Price") shall be the lesser of (a) the Lender Conversion Price, and (b) the Market Price; provided, however, in no event shall the Redemption Conversion Price be less than $2.00 per share ("Conversion Price Floor") unless the Company waive the Conversion Price Floor.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This debt instrument includes embedded components including a put option. The Company evaluated these embedded components to determine whether they are embedded derivatives within the scope of ASC 815 that should be separately carried at fair value. ASC 815-15-25-1 provides guidance on when an embedded component should be separated from its host instrument and accounted for separately as a derivative. Based on this analysis, the Company believes that the put option is clearly and closely related to the debt instrument and does not meet the definition of a derivative. Accordingly, in connection with this Iliad Note, the Company recorded a debt discount for (a) the original issue discount of $150,000 (b) the relative fair value of the warrants issued of $152,490 and (c) legal fees and other fees paid in connection with the Iliad Note aggregating $45,018. There is no beneficial conversion feature on this Iliad Note. The debt discount shall be accreted on a straight line basis over the term of this Iliad Note.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The convertible note payable has been extended longer period agreed by both parties.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019 and December 31, 2018, convertible debt consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30, <br />2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br />2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Principal</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">838,571</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">872,674</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Unamortized discount</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(162,170</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Convertible debt, net</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">838,571</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">710,504</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2019, amortization of debt discount and interest expenses amounted to $162,170 and $67,500, respectively. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2018, amortization of debt discount and interest expenses amounted to $115,836 and $37,500, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019 and December 31, 2018, accrued interest amounted to $63,603 and $13,187, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 15 &#8211; <u>COMMITMENT AND CONTINGENCIES</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Litigation:</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On April 25, 2019, ECPower (HK) Company Limited ("EC Power"), a subsidiary of SEII, filed a claim against The Dairy Farm Limited ("Dairy Farm") in respect of the cooperation agreement between the two parties for the battery rental business at 7-Eleven outlets in Hong Kong during the period from September 2017 to February 2018. The claim is for a total compensation of HK$1,395,000 (approximately $178,846) which comprises of (i) HK$45,000 (approximately $5,769) as compensation for interest and administration cost incurred as a result of Dairy Farm's delay in payment of EC Power's share of the rental income, and (ii) HK$1,350,000 (approximately $173,077) as compensation for Dairy Farm's early termination of the cooperation agreement without any valid proof of fault on the part of EC Power.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">From time to time the Company may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Company's financial position or results of operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 16 &#8211; <u>RESTRICTED NET ASSETS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Regulations in the PRC permit payments of dividends by the Company's PRC subsidiary and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Subject to certain cumulative limit, a statutory reserve fund requires annual appropriations of at least 10% of after-tax profit, if any, of the relevant PRC VIEs and subsidiary. Heavy Industries and Dyeing had reached the cumulative limit as of December 31, 2018. The statutory reserve funds are not distributable as cash dividends. As a result of these PRC laws and regulations, the Company's PRC VIEs and its PRC subsidiary are restricted in their abilities to transfer a portion of their net assets to the Company. Foreign exchange and other regulations in PRC may further restrict the Company's PRC VIEs and its subsidiary from transferring funds to the Company in the form of loans and/or advances.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019 and December 31, 2018, substantially all of the Company's net assets are attributable to the PRC VIEs and its subsidiary located in the PRC. Accordingly, the Company's restricted net assets (liabilities) as of September 30, 2019 and December 31, 2018 were approximately ($5,145,000) and $21,923,000, respectively.</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center">Useful life</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September 30, 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 65%; text-align: left">Land use rights</td><td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">45 - 50 years</font></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,783,611</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,925,789</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other intangible assets</td><td>&#160;</td> <td style="text-align: center; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">3 - 5 years</font></td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">843,218</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">845,180</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,353</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,421</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,654,182</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">4,798,390</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,337,699</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,235,877</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,316,483</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,562,513</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="border-bottom: Black 1.5pt solid; text-align: left">Year ending September 30:</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2020</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">352,034</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2021</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">307,588</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">100,648</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">94,710</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">82,836</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,351,314</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,289,130</td></tr></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30, <br />2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br />2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Principal</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">838,571</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">872,674</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Unamortized discount</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(162,170</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Convertible debt, net</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">838,571</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">710,504</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr></table> P45Y0M0D P50Y0M0D P3Y0M0D P5Y0M0D 4654182 4798390 3783611 843218 27353 3925789 845180 27421 1337699 1235877 352034 307588 100648 94710 82836 2351314 3289130 Expire on January 1, 2053 and October 30, 2053. P3Y 754159 838571 872674 162170 838571 710504 36621 34103 266667 6.70 900000 27811 15897 134328 7.18 150000 150000 45018 45018 The Iliad Note bears interest at 10% per annum, is unsecured, and is due on the date that is fifteen months from May 2, 2018. 47189 (a) the Lender Conversion Price, and (b) the Market Price; provided, however, in no event shall the Redemption Conversion Price be less than $2.00 per share ("Conversion Price Floor"). P2Y 152490 63603 13187 67500 37500 2710195 1349347 288969 1026124 223135 562501 947948 0.29 266667 85470 3.04 259598 259598 The Dairy Farm Limited ("Dairy Farm") in respect of the cooperation agreement between the two parties for the battery rental business at 7-Eleven outlets in Hong Kong during the period from September 2017 to February 2018. The claim is for a total compensation of HK$1,395,000 (approximately $178,846) which comprises of (i) HK$45,000 (approximately $5,769) as compensation for interest and administration cost incurred as a result of Dairy Farm's delay in payment of EC Power's share of the rental income, and (ii) HK$1,350,000 (approximately $173,077) as compensation for Dairy Farm's early termination of the cooperation agreement without any valid proof of fault on the part of EC Power. -5145000 21923000 Subject to certain cumulative limit, a statutory reserve fund requires annual appropriations of at least 10% of after-tax profit, if any, of the relevant PRC VIEs and subsidiary. -68220 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Three months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Nine months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; width: 52%">Revenues</td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right; width: 9%">-</td><td style="padding-bottom: 1.5pt; text-align: left; width: 1%">&#160;</td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right; width: 9%">-</td><td style="padding-bottom: 1.5pt; text-align: left; width: 1%">&#160;</td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right; width: 9%">-</td><td style="padding-bottom: 1.5pt; text-align: left; width: 1%">&#160;</td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 1%">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right; width: 9%">-</td><td style="padding-bottom: 1.5pt; text-align: left; width: 1%">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating (expense) income:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other operating income &#8211; bad debt recovery</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating (loss) income</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">(Loss) income from operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(385</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">16,486</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other income, net</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">(Loss) income from discontinued operations, net of income taxes</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(385</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,486</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> 9278106 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 1 &#8211;&#160;<u>BASIS OF PRESENTATION</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States ("GAAP"), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2018 and footnotes thereto included in the Company's Annual Report on Form 10-K filed with the SEC on April 16, 2019. The consolidated balance sheet as of December 31, 2018 contained herein has been derived from the audited consolidated financial statements as of December 31, 2018, but does not include all disclosures required by the generally accepted accounting principles in the U.S. ("U.S. GAAP").</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 2 &#8211;&#160;<u>DESCRIPTION OF BUSINESS AND ORGANIZATION</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Sharing Economy International Inc. (the "Company") was incorporated in Delaware on June 24, 1987 under the name of Malex, Inc. On December 18, 2007, the Company's corporate name was changed to China Wind Systems, Inc. and on June 13, 2011, the Company changed its corporate name to Cleantech Solutions International, Inc. On August 7, 2012, the Company was converted into a Nevada corporation. On January 8, 2018, the Company changed its corporate name to Sharing Economy International Inc.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Through its affiliated companies, the Company manufactures and sells textile dyeing and finishing machines. The Company is the sole owner of Fulland Limited ("Fulland"), a Cayman Island limited liability company, which was organized on May 9, 2007. Fulland owns 100% of the capital stock of Green Power Environment Technology (Shanghai) Co., Ltd. ("Green Power") and, until December 30, 2016, Fulland owned 100% of Wuxi Fulland Wind Energy Equipment Co., Ltd. ("Fulland Wind"). Green Power is and Fulland Wind was a wholly foreign-owned enterprise ("WFOE") organized under the laws of the People's Republic of China ("PRC" or "China"). Green Power is a party to a series of contractual arrangements, as fully described below, dated October 12, 2007 with Wuxi Huayang Heavy Industries, Co., Ltd. ("Heavy Industries"), formerly known as Wuxi Huayang Electrical Power Equipment Co., Ltd., and Wuxi Huayang Dyeing Machinery Co., Ltd. ("Dyeing"), both of which are limited liability companies organized under the laws of, and based in, the PRC. Heavy Industries and Dyeing are sometimes collectively referred to as the "Huayang Companies."</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Dyeing, which was formed on August 17, 1995, produces and sells a variety of high and low temperature dyeing and finishing machinery for the textile industry. The Company refers to this segment as the dyeing and finishing equipment segment. On December 26, 2016, Dyeing and an unrelated individual formed Wuxi Shengxin New Energy Engineering Co., Ltd. ("Shengxin"), a limited liability company organized under the laws of the PRC in which Dyeing has a 30% equity interest and the unrelated third party holds a 70% interest, pursuant to an agreement dated December 23, 2016. Shengxin intends to develop, construct and maintain photovoltaic power generation projects, known as solar farms, in China, mainly in the provinces of GuiZhou and YunNan. In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. In September 2018, due to significant doubt about the status of this project and recoverability of the Company's investment, the Company fully impaired the value of its investment in Shengxin (see Note 5).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fulland Wind was formed on August 27, 2008. In 2009, the Company began to produce and sell forged products through Fulland Wind. Through Fulland Wind, the Company manufactured and sold forged products, including wind products such as shafts, rolled rings, gear rims, gearboxes, bearings and other components and finished products and assemblies for the wind power and other industries, including large-scale equipment used in the manufacturing process for the various industries. The Company referred to this segment of its business as the forged rolled rings and related components segment. On December 30, 2016, Fulland sold the stock of Fulland Wind.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Beginning in February 2015, Heavy Industries began to produce equipment for the petroleum and chemical industries. The Company referred to this segment of its business as the petroleum and chemical equipment segment. Because of a significant decline in revenues from this segment, the Company determined it would not continue to operate in this segment and accordingly, the petroleum and chemical equipment segment is reflected as discontinued operations for all periods presented (See Note 5). As a result of the discontinuation of the petroleum and chemical equipment business, the Company's business primarily consists of the dyeing and finishing equipment business as its primary continuing operations since December 31, 2016.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company's latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. In connection with the new business initiatives, the Company formed or acquired the following subsidiaries:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="width: 0.25in; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Vantage Ultimate Limited ("Vantage"), a company incorporated under the laws of British Virgin Islands on February 1, 2017 and is wholly-owned by the Company.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Sharing Economy Investment Limited ("Sharing Economy"), a company incorporated under the laws of British Virgin Islands on May 18, 2017 and is wholly-owned by Vantage.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Advertising Limited ("EC Advertising"), a company incorporated under the laws of Hong Kong on March 17, 2017 and is wholly-owned by Sharing Economy.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Rental Limited ("EC Rental"), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Vantage.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Assets Management Limited ("EC Assets"), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Vantage.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cleantech Solutions Limited (formerly known as EC (Fly Car) Limited), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Sharing Economy.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Global Bike Share (Mobile App) Limited, a company incorporated under the laws of British Virgin Islands on May 23, 2017 and is wholly-owned by Sharing Economy.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Power (Global) Technology Limited ("EC Power"), a company incorporated under the laws of British Virgin Islands on May 26, 2017 and is wholly-owned by EC Rental.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Power (HK) Company Limited, a company incorporated under the laws of Hong Kong on June 23, 2017 and is wholly-owned by EC Power.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Manpower Limited, a company incorporated under the laws of Hong Kong on July 3, 2017 and is wholly-owned by Vantage.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Technology &#38; Innovations Limited ("EC Technology"), a company incorporated under the laws of British Virgin Islands on September 1, 2017 and is wholly-owned by Vantage.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inspirit Studio Limited ("Inspirit Studios"), a company incorporated under the laws of Hong Kong on August 24, 2015, and 51% of its shareholding was acquired by EC Technology on December 8, 2017.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">EC Creative Limited ("EC Creative"), a company incorporated under the laws of British Virgin Islands on January 9, 2018 and is wholly-owned by Vantage.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">3D Discovery Co. Limited ("3D Discovery"), a company incorporated under the laws of Hong Kong on February 24, 2015, and 60% of its shareholdings was acquired by EC Technology on January 19, 2018.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Sharing Film International Limited, a company incorporated under the laws of Hong Kong on January 22, 2018 and is wholly-owned by EC Creative.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">AnyWorkspace Limited ("AnyWorkspace"), a company incorporated under the laws of Hong Kong on November 12, 2015, and 80% of its shareholding was acquired by Sharing Economy on January 30, 2018.</font></td></tr> <tr style="vertical-align: top"> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td> <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#9679;</font></td> <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Xiamen Great Media Company Limited ("Xiamen Great Media"), a company incorporated under the laws of the PRC on September 5, 2018 and is wholly-owned by EC Advertising.</font></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 3 &#8211;&#160;<u>GOING CONCERN UNCERTAINTIES</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company had a loss from continuing operations of approximately $28,410,000 for the nine months ended September 30, 2019. The net cash used in operations was approximately $389,000 for the nine months ended September 30, 2019. Additionally, during the nine months ended September 30, 2019, revenues, substantially all of which are derived from the manufacture and sales of textile dyeing and finishing equipment, decreased by 31.5% as compared to the nine months ended September 30, 2018. Management believes that its capital resources are not currently adequate to continue operating and maintaining its business strategy for twelve months from the date of this report. The Company may seek to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity and from bank loans, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail or cease operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Management believes that these matters raise substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 5 &#8211; <u>DISCONTINUED OPERATIONS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to an agreement dated December 23, 2016, the Company, through its wholly-owned subsidiary Fulland, sold the stock of Fulland Wind to a third party for a sales price of RMB 48 million (approximately $6.9&#160;million). The Company's forging and related components business was conducted through Fulland Wind. The purchase price is payable in three installments. The Company received the first installment of RMB 14,400,000 (approximately $2.1 million) on December 28, 2016, and received the second installment of RMB 14,400,000 (approximately $2.1 million) on April 10, 2017. The Company delivered Fulland Wind's business license, seals, books and records, business contracts and personnel roster to the third party buyer on December 30, 2016, effectively the sale date. If the equity transfer registration formalities are completed within one year without any third party claims on the equity transfer, a final payment of RMB 19,200,000 (approximately $2.7 million) was due 25 working days after the expiration of such period. Pursuant to extension agreement dated December 31, 2018, the Company agreed the above third party buyer could paid off the final payment of RMB 19,200,000 (approximately $2.7 million) by December 31, 2019. During the nine months ended September 30, 2019, the Company believed that the final payment of RMB 19,200,000 (approximately $2.7 million) is uncollectible and the write off of such receivable is included in bad debt expense.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Additionally, in December 2016, the Company's management decided to discontinue its petroleum and chemical equipment segment under Heavy Industries due to significant decline in revenues and the loss of its major customers. Accordingly, the petroleum and chemical equipment segment business is treated as a discontinued operation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The results of operations from petroleum and chemical equipment segment of Heavy Industries for the three and nine months ended September 30, 2019 and 2018 have been classified to the loss from discontinued operations line on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss presented herein.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The assets and liabilities classified as discontinued operations in the Company's consolidated financial statements as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and 2018 is set forth below. &#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30,<br /> 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br /> 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">(unaudited)</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">(audited)</td><td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td colspan="5">Assets:</td><td>&#160;</td> <td colspan="2">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom"> <td>Current assets:</td><td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Accounts receivable, net</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,246</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,593</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Prepaid expenses and other</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">196,411</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">200,333</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">205,657</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">209,926</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Total assets</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">205,657</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">209,926</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liabilities:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Accounts payable</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">233,938</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">242,555</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Advances from customers</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Accrued expenses and other liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,036</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,977</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">258,974</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">268,532</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Total liabilities</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">258,974</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">268,532</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The summarized operating result of discontinued operations included in the Company's unaudited condensed consolidated statements of operations is as follows:&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Three months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Nine months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Revenues</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating (expense) income:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Other operating income &#8211; bad debt recovery</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating (loss) income</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">(Loss) income from operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(385</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">16,486</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other income, net</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">(Loss) income from discontinued operations, net of income taxes</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(385</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,486</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 6 &#8211; <u>INVENTORIES</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019 and December 31, 2018, inventories consisted of the following:&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">September&#160;30,<br /> 2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, 2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">769,294</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,207,334</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">379,747</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">872,376</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,546,795</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,547,301</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">6,695,836</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">7,627,011</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: inventory reserve</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,643,524</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,212,706</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,052,312</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,414,305</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company establishes a reserve to mark down its inventories for estimated unmarketable inventories equal to the difference between the cost of inventories and the estimated net realizable value based on assumptions about the usability of the inventories, future demand and market conditions. For the nine months ended September 30, 2019 and 2018, the Company increased its inventory reserve for $3,430,818 and $0, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 11&#8211;&#160;<u>RELATED PARTY TRANSACTIONS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>License Agreement with ECrent Capital Holdings Limited</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On June 11, 2017, the Company entered into an Exclusivity Agreement (the "Exclusivity Agreement") with ECrent Capital Holdings Limited ("ECrent") the terms of which became effective on the same day. Pursuant to the Exclusivity Agreement, the Company and ECrent agreed to engage in exclusive discussions regarding a potential acquisition by the Company of ECrent and/or any of its subsidiaries or otherwise all or part of ECrent's business and potential business cooperation between the two companies (collectively, the "Potential Transactions") for a period of three months commencing from the date of the Exclusivity Agreement (the "Exclusive Period"). Ms. Deborah Yuen, an former affiliate of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited), which is a major shareholder of the Company, controlled ECrent. ECrent agreed that, during the Exclusive Period, neither ECrent nor its agents, representatives or advisors will contact, solicit, discuss or negotiate with any third party with respect to any transaction relating to a transfer or pledge of securities of ECrent and/or its subsidiaries, a sale of ECrent's business, a business cooperation or any other matters that may adversely affect the Potential Transactions or the parties' discussion related thereto. The exclusivity period has been further extended to a period of 18 months commencing from June 20, 2018 pursuant to three amendment agreements dated September 11, 2017, January 23, 2018 and June 20, 2018. On January 25, 2019, Sharing Economy International, Inc. terminated the Exclusivity Agreement entered into with ECrent Capital Holdings Limited on June 11, 2017, as amended.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On May 8, 2018, amended on May 24, 2018 and amended on August 30, 2018, Sharing Economy entered into a License Agreement (the "Agreement") with ECrent. In accordance with the terms of the Amendment, ECrent shall grant the Company an exclusive license to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in Taiwan, Thailand, India, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Cambodia, Japan, and Korea until December 31, 2019. In consideration for the license, the Company granted ECrent 250,000 shares of common stock (the "Consideration Shares"), at an issue price of $1,040,000, or $4.16 per share, (based on the quoted market price of the Company's common stock on the amended Agreement date of May 24, 2018). Pursuant to the terms of the Agreement, ECrent shall provide a guarantee on revenue and profit of $13,000,000 and $2,522,000, respectively. The Consideration Shares shall be reduced on a pro rata basis if there is a shortfall in the guaranteed revenue and/or profit. In connection with this agreement, during the three and nine months ended September 30, 2019, the Company recorded license fee expense of $165,958 and $497,872, respectively, which is included in cost of sales, and as of September 30, 2019, recorded a prepaid license fee &#8211; related party of $165,957 which will be amortized over the remaining license period.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Due to related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Mr. Chan Tin Chi owns 99% of the issued and outstanding ordinary shares of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited). From time to time, during 2018 and 2019, the Company receive advances from Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited, who is the major shareholder of the Company, for working capital purposes. These advances are non-interest bearing and are payable on demand. During the nine months ended September 30, 2019 and 2018, the Company received advances from Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited for working capital totaled $519,543 and $580,046, respectively, and repaid to Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited a total of $31,604 &#160;and $0, respectively. At September 30, 2019 and December 31, 2018, amounts due to Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited amounted to $1,745,444 and $1,257,505, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Bank loans guaranteed by related parties</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company obtains two bank loans from Bank of China, due on November 20, 2019 and November 25, 2019, respectively. These loans are guaranteed by Jianhua Wu, CEO, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO (see Note 9).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 12 &#8211;&#160;<u>STOCKHOLDERS' EQUITY</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Common stock issued for cash</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In March 2019, pursuant to a stock purchase agreement, the Company sold 690,000 shares of common stock to an investor at a purchase price of $0.29 per share for net cash proceed a total of $200,100. The Company did not engage a placement agent with respect to these sales.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Common stock issued for services and common stock surrendered</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended September 30, 2019, pursuant to consulting and service agreements, the Company issued an aggregate of 1,349,347 shares of common stock to twenty four consultants and vendors for the services rendered and to be rendered. These shares were valued at the fair market value on the grant date using the reported closing share price on the date of grant. At the end of each financial reporting period prior to issuance of these shares, the fair value of these shares is measured using the fair value of the Company's common stock at reporting date. During the nine months ended September 30, 2019, the fair value of the above mentioned shares issued and the change in value of the shares to be issued was $288,969. The Company recognizes stock-based professional fees over the period during which the services are rendered by such consultant or vendor. For the nine months ended September 30, 2019, the Company recorded stock-based consulting and service fees to service provider and employees of $2,710,195. In connection with the issuance/future issuance of shares to consultants and vendors, the Company recorded prepaid expenses of $1,026,124 which will be amortized over the remaining service period.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During the nine months ended September 30, 2019, the Company terminated the consulting agreements of eleven consultants. The consultants surrendered an aggregate of 562,501 shares issued in prior periods. In addition, the Company also mutually agreed or terminated the consulting and service agreements of three consultants and vendors. Both parties forgo their respective rights as stated in the agreements; and the Company has no obligation to issue in aggregate of 223,135 shares in effect. As a result of the above mentioned transactions, the Company reversed the fair value of $947,948 recognized in stockholders' equity in prior periods.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Common stock issued for debt conversion</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In January 2019, the Company issued 266,667 shares of its common stock upon conversion of debt (note 10).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Shares issued for donation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2019, the Company issued 85,470 shares as donation to Hong Kong Baptist University ("HKBU"). The Foundation would use the funds raised from the donation to support the delivery of education, operation, facilities enhancement and study of the Academy of Film of HKBU. These shares were valued at $259,598, or $3.04 per share. In connection with this donation, during the nine months ended September 30, 2019, the Company recorded donation expense of $259,598, which is included in operating expenses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 13 &#8211;&#160;<u>SEGMENT INFORMATION</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">During the three and nine months ended September 30, 2019 and 2018, the Company operated in two reportable business segments - (1) the manufacture of textile dyeing and finishing equipment segment, and (2) the Sharing Economy Segment which targets the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. The Company's reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations. During the three and nine months ended September 30, 2019 and 2018, the Company's dyeing and finishing equipment operations were conducted in the PRC. The Sharing Economy Segment is based in Hong Kong.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Information with respect to these reportable business segments for the three and nine months ended September 30, 2019 and 2018 was as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">For the Three Months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">For the Nine Months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>Revenues:</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 9pt">Dyeing and finishing equipment</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,676,831</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,444,437</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,216,740</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,499,362</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Sharing economy</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">533</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">72,764</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,325</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">155,959</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,677,364</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,517,201</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,244,065</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,655,321</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Depreciation:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Dyeing and finishing equipment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">696,819</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">974,745</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,081,089</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,067,647</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Sharing economy</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,301</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,458</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,727</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,210</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">709,120</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">979,203</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,097,816</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,080,857</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest expense</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Dyeing and finishing equipment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">35,605</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">26,892</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">116,597</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">88,372</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Sharing economy</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">137,668</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">92,002</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">228,483</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">153,336</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Other</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">3</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">3</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">173,276</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">118,894</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">345,083</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">241,708</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Dyeing and finishing equipment </td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(311,457</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(13,293,023</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(23,833,748</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(17,364,755</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Sharing economy </td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(261,178</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(4,319,404</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,374,469</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(8,049,373</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Discontinued segments</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(385</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">16,486</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 9pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(540,240</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(960,907</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,201,564</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,065,420</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,112,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,573,719</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,409,781</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,463,062</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 14 &#8211; <u>CONCENTRATIONS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Customers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Five customers accounted for approximately 80% (34%, 16%, 14%, 8% and 8%) of the Company's revenues for the three months ended September 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Five customers accounted for approximately 43% (11%, 10%, 8%, 7% and 7%) of the Company's revenues for the nine months ended September 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The total outstanding accounts receivable balance of Customer A, B, C, D, and E are $260,079, $168,154, $70,064, $472,233 and $29,427 respectively as of September 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Suppliers</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Three suppliers accounted for approximately 73% (46%,16%, 11%) of the Company's inventories purchases for the three months ended September 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Two suppliers accounted for approximately 40% (20% and 20%) of the Company's inventories purchases for the nine months ended September 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The total outstanding accounts payable balance of Supplier A, B and C are $278,918, $69,604 and $310,659 respectively as of September 30, 2019.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">NOTE 17 &#8211; <u>SUBSEQUENT EVENTS</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with ASC Topic 855, " <i>Subsequent Events</i> ", which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2019 up through the filing date the Company issued the unaudited condensed consolidated financial statements. During the period, the Company had the following material subsequent events:</font>On November 4, 2019, the Company held its 2019 annual meeting of stockholders. The matters voted upon were the election of directors, approval of an amendment to the Company's 2016 Long-Term Inventive Plan, and approval to increase the number of authorized shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 4 &#8211;&#160;<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Listing status</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On November 26, 2018, Sharing Economy International Inc. (the "Company") received a staff determination notice from The Nasdaq Stock Market ("Nasdaq") informing the Company that as a result of its failure to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(c) (the "Rule"), the staff determined to deny the Company's request for continued listing based on a plan of compliance submitted on October 26, 2018. The Company's common stock was delisted from Nasdaq at the open of trading on December 5, 2018. The Company's common stock is currently trading on the OTC Markets under the symbol "SEII".</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Principles of consolidation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company's unaudited condensed consolidated financial statements include the financial statements of its wholly-owned and majority owned subsidiaries, as well as the financial statements of the Huayang Companies, including Dyeing, which conducts the Company's continuing operations, and Heavy Industries, which operated discontinued operations. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On December 30, 2016, the Company sold and transferred its&#160;100% interest in Fulland Wind to an unrelated party. Additionally, the Company's management decided to discontinue its petroleum and chemical equipment segment due to significant declines in revenues and the loss of its major customers. As such, petroleum and chemical segment's assets and liabilities have been classified on the consolidated balance sheets as assets and liabilities of discontinued operations as of September 30, 2019 and December 31, 2018. The operating results of the petroleum and chemical segment have been classified as discontinued operations in our consolidated statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements are related to the Company's continuing operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to Accounting Standards Codification ("ASC") Topic 810, the Huayang Companies are considered variable interest entities ("VIE"), and the Company is the primary beneficiary. The Company's relationships with the Huayang Companies and their shareholders are governed by a series of contractual arrangements between Green Power, the Company's wholly foreign-owned enterprise in the PRC, and each of the Huayang Companies, which are the operating companies of the Company in the PRC. Under PRC laws, each of Green Power, Dyeing and Heavy Industries is an independent legal entity and none of them is exposed to liabilities incurred by the other parties. The contractual arrangements constitute valid and binding obligations of the parties of such agreements. Each of the contractual arrangements and the rights and obligations of the parties thereto are enforceable and valid in accordance with the laws of the PRC.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Because of the contractual arrangements, the Company has a pecuniary interest in the Huayang Companies that requires the Company to consolidate the Huayang Companies in its financial statements as if they are wholly-owned subsidiaries of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Use of estimates</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the nine months ended September 30, 2019 and 2018 include the allowance for doubtful accounts on accounts and other receivables, the allowance for inventory reserve, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets, valuation of deferred tax assets, and the value of stock-based compensation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Cash and cash equivalents</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company maintains with various financial institutions mainly in the PRC, Hong Kong and the U.S. As of September 30, 2019 and December 31, 2018, cash balances held in PRC and Hong Kong banks of $92,864 and $774,316, respectively, are uninsured.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair value of financial instruments</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, notes receivable, accounts receivable, inventories, advances to suppliers, receivable from sale of subsidiary, prepaid expenses and other, short-term bank loans, bank acceptance notes payable, convertible note payable, accounts payable, accrued expenses, advances from customers, amounts due to related parties, and income taxes payable approximate their fair market value based on the short-term maturity of these instruments&#160;.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Concentrations of credit risk</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The Company's operations are carried out in the PRC and Hong Kong. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and Hong Kong, and by the general state of the economies in the PRC and Hong Kong. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Substantially all of the Company's cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Accounts receivable</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer's historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. At September 30, 2019 and December 31, 2018, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $10,632,575 and $9,527,060, respectively.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2019 and 2018, bad debt expense amounted to $4,307,234, and $1,285,990, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Inventories</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories, consisting of raw materials, work-in-process and finished goods related to the Company's products are stated at the lower of cost or market utilizing the weighted average method. A reserve is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company recorded an inventory reserve of $4,643,524 and $1,212,706 as of September 30, 2019 and December&#160;31, 2018, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Property and equipment</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statements of operations in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Impairment loss has been recorded in current period</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the three months ended September 30, 2019 and 2018, depreciation expense amounted to $709,120 and $979,203, respectively, of which $598,502 and $705,648, respectively, was included in cost of revenues, and the remainder was included in operating expenses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2019 and 2018, depreciation expense amounted to $2,097,816 and $3,080,857, respectively, of which $1,614,959 and $2,218,554, respectively, was included in cost of revenues, and the remainder was included in operating expenses.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019, the Company conducted an impairment assessment on property and equipment. Accordingly, the Company recorded an impairment loss of $13,355,958 on certain equipment and buildings for the nine months ended September 30, 2019. For the nine months ended September 30, 2018, the impairment loss was $0.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Equity method investment</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investments in which the Company has&#160;the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long-term assets on the consolidated balance sheets. Under this method of accounting, the Company's share of the net earnings or losses of the investee is presented under other income (expense) on the consolidated statements of operations. The Company evaluates its&#160;equity method investment whenever events or changes in circumstance indicate that the carrying amounts of such investment may be impaired. A loss would be recorded if a decline in the value of an equity method investment is determined to be other than temporary (see Note 7).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-based compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718, which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board ("FASB") also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Additionally, effective January 1, 2017, the Company adopted the Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur and the cumulative impact of this change did not have any effect on the Company's consolidated financial statements and related disclosures.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU No. 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC 606. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Employee benefits</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company's operations and employees are all located in the PRC and Hong Kong. The Company makes mandatory contributions to the PRC and Hong Kong governments' health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws and law of Mandatory Provident Fund in Hong Kong. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $180,256 and $196,299 for the nine months ended September 30, 2019 and 2018, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Foreign currency translation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB") or Hong Kong dollars (HKD). For the subsidiaries and affiliates, whose functional currencies are the RMB or HKD, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive loss. The cumulative translation adjustment and effect of exchange rate changes on cash for the nine months ended September 30, 2019 and 2018 was $(261,836) and $(274,378), respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company did not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">For operating subsidiaries and VIEs located in the People's Republic of China ("PRC"), asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187 RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company's operations are calculated based upon the local currencies using the average translation rate.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Loss per share of common stock</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company did not have any common stock equivalents or potentially dilutive common stock outstanding during the three and nine months ended September 30, 2019 and 2018. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents a reconciliation of basic and diluted net loss per share:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss for basic and diluted attributable to common shareholders</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(1,068,228</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(18,196,461</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(28,102,387</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(28,779,651</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 0.25in">From continuing operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,068,228</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(18,196,076</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(28,102,387</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(28,796,137</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 0.25in">From discontinued operations</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Weighted average common stock outstanding &#8211; basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">9,278,106</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">7,100,416</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">8,866,755</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">3,598,265</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss per share of common stock</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 0.25in">From continuing operations &#8211; basic and diluted</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(2.56</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(3.17</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(8.00</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 0.25in">From discontinued operations &#8211; basic and diluted</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.00</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss per common share &#8211; basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.12</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2.56</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3.17</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(7.99</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Comprehensive loss</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended September 30, 2019 and 2018 included net loss and unrealized (loss) gain from foreign currency translation adjustments.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Reclassification</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Certain reclassifications have been made in prior period's consolidated financial statements to conform to the current year's financial presentation. The reclassifications have no effect on previously reported net loss.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recent accounting pronouncements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 &#38; 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. In addition, the Company elected the land easement transition practical expedient and did not reassess whether an existing or expired land easement is a lease or contains a lease if it has not historically been accounted for as a lease. The adoption did not impact the Company's previously reported consolidated financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In June 2018, the FASB issued ASU 2018-07, Compensation&#8212;Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment. ASU 2018-07 aligns the accounting for share based payments granted to non-employees with that of share based payments granted to employees. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Loss per share of common stock</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company did not have any common stock equivalents or potentially dilutive common stock outstanding during the three and nine months ended September 30, 2019 and 2018. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact.&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents a reconciliation of basic and diluted net loss per share:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss for basic and diluted attributable to common shareholders</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(1,068,228</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(18,196,461</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(28,102,387</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(28,779,651</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 0.25in">From continuing operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,068,228</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(18,196,076</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(28,102,387</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(28,796,137</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 0.25in">From discontinued operations</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Weighted average common stock outstanding &#8211; basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">9,278,106</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">7,100,416</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">8,866,755</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">3,598,265</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss per share of common stock</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 0.25in">From continuing operations &#8211; basic and diluted</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(2.56</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(3.17</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(8.00</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 0.25in">From discontinued operations &#8211; basic and diluted</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.00</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss per common share &#8211; basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.12</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2.56</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3.17</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(7.99</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss for basic and diluted attributable to common shareholders</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(1,068,228</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(18,196,461</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(28,102,387</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">(28,779,651</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 0.25in">From continuing operations</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,068,228</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(18,196,076</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(28,102,387</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(28,796,137</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 0.25in">From discontinued operations</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(385</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,486</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Weighted average common stock outstanding &#8211; basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">9,278,106</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">7,100,416</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">8,866,755</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">3,598,265</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Net loss per share of common stock</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; text-indent: -10pt; padding-left: 0.25in">From continuing operations &#8211; basic and diluted</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(2.56</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(3.17</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">$</td><td style="text-align: right">(8.00</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 0.25in">From discontinued operations &#8211; basic and diluted</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.00</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.01</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss per common share &#8211; basic and diluted</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.12</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2.56</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3.17</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(7.99</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr></table> This Amendment No. 1 (“Amendment No. 1”) to the Quarterly Report on Form 10-Q of Sharing Economy International, Inc. for the fiscal quarter ended September 30, 2019 as filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2019 (the “Original 10-Q”) is being filed to amend and restate the Original 10-Q. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">For the Three Months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid">For the Nine Months ended<br /> September 30,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2018</td><td style="padding-bottom: 1.5pt">&#160;</td></tr> <tr style="vertical-align: bottom"> <td>Revenues:</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td> <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; padding-left: 9pt">Dyeing and finishing equipment</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,676,831</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,444,437</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,216,740</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,499,362</td><td style="width: 1%; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Sharing economy</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">533</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">72,764</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,325</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">155,959</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,677,364</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,517,201</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,244,065</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,655,321</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Depreciation:</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Dyeing and finishing equipment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">696,819</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">974,745</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">2,081,089</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">3,067,647</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Sharing economy</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,301</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,458</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,727</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,210</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">709,120</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">979,203</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,097,816</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,080,857</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest expense</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Dyeing and finishing equipment</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">35,605</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">26,892</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">116,597</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">88,372</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Sharing economy</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">137,668</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">92,002</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">228,483</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">153,336</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Other</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">3</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">3</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left; border-bottom: Black 1.5pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1.5pt solid">-</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">173,276</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">118,894</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">345,083</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">241,708</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net loss</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Dyeing and finishing equipment </td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(311,457</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(13,293,023</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(23,833,748</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(17,364,755</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Sharing economy </td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(261,178</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(4,319,404</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(1,374,469</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(8,049,373</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9pt">Discontinued segments</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">(385</td><td style="text-align: left">)</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td style="text-align: right">16,486</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 9pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(540,240</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(960,907</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,201,564</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,065,420</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,112,875</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,573,719</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28,409,781</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,463,062</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr></table> 21863 -268458 Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively EX-101.SCH 6 seii-20190930.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Description of Business and Organization link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Going Concern Uncertainties link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Discontinued Operations link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Equity Method Investment link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Intangible Assets link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Short-Term Bank Loans link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Convertible Note Payable link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Concentrations link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Commitment and Contingencies link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - Restricted Net Assets link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - Discontinued Operations (Tables) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - Short-Term Bank Loans (Tables) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - Convertible Note Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - Description of Business and Organization (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - Going Concern Uncertainties (Details) link:presentationLink link:calculationLink link:definitionLink 00000035 - Disclosure - Discontinued Operations (Details) link:presentationLink link:calculationLink link:definitionLink 00000036 - Disclosure - Discontinued Operations (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000037 - Disclosure - Discontinued Operations (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000038 - Disclosure - Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 00000039 - Disclosure - Inventories (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000040 - Disclosure - Equity Method Investment (Details) link:presentationLink link:calculationLink link:definitionLink 00000041 - Disclosure - Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 00000042 - Disclosure - Intangible Assets (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000043 - Disclosure - Intangible Assets (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000044 - Disclosure - Short-Term Bank Loans (Details) link:presentationLink link:calculationLink link:definitionLink 00000045 - Disclosure - Short-Term Bank Loans (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000046 - Disclosure - Short-Term Bank Loans (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000047 - Disclosure - Convertible Note Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000048 - Disclosure - Convertible Note Payable (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Stockholders' Equity (Details) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Segment Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Segment Information (Details Textual) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Concentrations (Details) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Commitment and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 00000055 - Disclosure - Restricted Net Assets (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 seii-20190930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 seii-20190930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 seii-20190930_lab.xml XBRL LABEL FILE Short-term Debt, Type [Axis] Bank Of China Two [Member] Bank Of Wuxi Nongshuang [Member] Bank Of China One [Member] Bank Of Wuxi Nongshuang One [Member] Bank Of Communication [Member] Reporting Date [Axis] September 25, 2019 [Member] Bank Of Communication One [Member] Loan From Zhongli International Finance Corporation [Member] Class of Stock [Axis] Preferred Class A [Member] Equity Components [Axis] Common Stock [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Statutory Reserve [Member] AOCI Attributable to Parent [Member] Noncontrolling Interest [Member] Agreement [Axis] Stock Purchase Agreements [Member] Related Party [Axis] Investor [Member] Segments [Axis] Dyeing And Finishing Equipment [Member] Sharing Economy [Member] Discontinued Segments [Member] Other [Member] Concentration Risk Benchmark [Axis] Purchase [Member] Concentration Risk Type [Axis] Suppliers Two [Member] Sales Revenues Good Net [Member] Customer [Axis] Customer One [Member] Customer Two [Member] Customer Three Member [Member] Legal Entity [Axis] Inspirit Studio Limited [Member] Consolidated Entities [Axis] Subsidiary One [Member] Discovery Co Limited [Member] Fulland Wind [Member] Transaction Type [Axis] First Installment [Member] Third Installment [Member] Second Installment [Member] Xue Miao [Member] Range [Axis] Minimum [Member] Finite-Lived Intangible Assets by Major Class [Axis] Use Rights [Member] Maximum [Member] Other Intangible Assets [Member] Goodwill [Member] Debt Instrument [Axis] One Two Twelve Month [Member] Thirteen To Twenty Fourth Month [Member] Twenty Fifth To Thirty Six Month [Member] Convertible Debt [Member] Title of Individual [Axis] Ecrent Capital Holdings Limited [Member] Ysk 1860 Co., Limited [Member] Related Party Transaction [Axis] Shengxin [Member] Currency [Axis] RMB [Member] Currency [Axis] Dyeing [Member] Shengxin [Member] Shengxin New Energy Engineering [Member] 3D Discovery [Member] Customer Four Member [Member] Customer Five Member [Member] Supplier One [Member] Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited [Member] Subsidiaries [Member] Subsidiaries One [Member] Subsidiaries Two [Member] Subsidiaries Three [Member] Suppliers Three [Member] November 20, 2019 [Member] November 20, 2019 One [Member] April 25, 2018 [Member] February 22, 2019 [Member] Extinguishment of Debt [Axis] Accounts Receivable [Member] Customer A [Member] Customer B [Member] Suppliers A [Member] Accounts Payable [Member] September 20, 2020 [Member] Suppliers B [Member] Customer C [Member] Customer D [Member] Customer E [Member] Document and Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Amendment Flag Amendment Description Current Fiscal Year End Date Document Type Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Current Reporting Status Entity Filer Category Entity Small Business Entity Shell Company Entity Emerging Growth Company Entity Ex Transition Period Entity Common Stock, Shares Outstanding Entity File Number Entity Interactive Data Current Entity Incorporation State Country Code Statement [Table] Statement [Line Items] Series A Preferred stock [Member] ASSETS CURRENT ASSETS: Cash and cash equivalents Restricted cash Notes receivable Accounts receivable, net of allowance for doubtful accounts Inventories, net of inventory reserve Advances to suppliers Receivable from sale of subsidiary Prepaid license fee - related party, net Prepaid expenses and other Assets of discontinued operations Total current assets OTHER ASSETS: Property and equipment, net Intangible assets, net Total other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Short-term bank loans Bank acceptance notes payable Convertible note payable Accounts payable Accrued expenses Advances from customers Due to related parties Income taxes payable Liabilities of discontinued operations Total current liabilities LONG-TERM LIABILITIES: Long-term loan Total liabilities STOCKHOLDERS' EQUITY: Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 and 0 issued and outstanding at September 30, 2019 and December 31, 2018, respectively) Common stock ($0.001 par value; 12,500,000 shares authorized; 9,278,106 and 7,449,123 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively) Additional paid-in capital Accumulated deficit Statutory reserve Accumulated other comprehensive income - foreign currency translation adjustment Total stockholder's equity Non-controlling interest Total stockholders' equity Total liabilities and stockholders' equity Preferred Class A Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] REVENUES COST OF REVENUES GROSS LOSS OPERATING EXPENSES: Depreciation and amortization Selling, general and administrative Research and development Bad debt expense Impairment loss Total operating expenses LOSS FROM OPERATIONS OTHER INCOME (EXPENSE): Interest income Interest expense Loss on equity method investment Foreign currency transaction gain (loss) Other (loss) income Total other expense, net LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES PROVISIONS FOR INCOME TAXES: Current Deferred Total income taxes provision LOSS FROM CONTINUING OPERATIONS DISCONTINUED OPERATIONS: Gain (loss) from discontinued operations, net of income taxes GAIN (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES NET LOSS NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS COMPREHENSIVE LOSS: Net loss Unrealized foreign currency translation loss Comprehensive loss Net loss attributable to non-controlling interest Unrealized foreign currency translation gain from non-controlling interest Comprehensive loss attributable to common stockholders NET LOSS PER COMMON SHARE: Continuing operations - basic and diluted Discontinued operations - basic and diluted Net loss per common share - basic and diluted WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic and diluted Common Stock Additional Paid-in Capital Retained Earnings Statutory Reserve Accumulated Other Comprehensive Income Non-controlling Interest Beginning balance Beginning balance, shares Common stock issued for cash Common stock issued for cash, shares Common stock issued for services to consultants and service providers Common stock issued for services to consultants and service providers, shares Common stock surrendered for services from consultants and service providers Common stock surrendered for services from consultants and service providers, shares Common stock issued for services to employees and directors Common stock issued for services to employees and directors, shares Common stock issued upon conversion of debt Common stock issued upon conversion of debt, shares Common stock issued for acquisition of majority-owned subsidiaries Common stock issued for acquisition of majority-owned subsidiaries, shares Share of reserve arising from acquisition of non-wholly owned subsidiaries Share of reserve arising from acquisition of non-wholly owned subsidiaries, shares Common stock issued for donation Common stock issued for donation, shares Common stock issued for rental expense Common stock issued for rental expense, shares Foreign currency translation adjustment Ending balance Ending balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net loss from operations to net cash provided by (used in) operating activities: Depreciation Amortization of intangible assets Bad debt allowance Bad debt recovery - discontinued operations Impairment loss of intangible asset Impairment loss of property and equipment Loss on equity method investment Stock-based employment compensation Stock-based professional fees Stock-based donation Amortization of debt discount Amortization of license fee Write-off of inventory Changes in operating assets and liabilities: Notes receivable Accounts receivable Inventories Prepaid and other current assets Advances to suppliers Assets of discontinued operations Accounts payable Accrued expenses Advances from customers Liabilities of discontinued operations Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment Proceed received from acquisition Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceed from convertible note Offering costs paid Proceeds from bank loan Repayments of bank loan Increase (decrease) in bank acceptance notes payable Advance from related party Repayment of related party advances Proceeds from sale of common stock, net Net cash provided by financing activities Effect of exchange rate changes Net change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash - beginning of period Cash, cash equivalents and restricted cash - end of period SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid in continuing operations for: Interest Income taxes Cash paid in discontinued operations for: Interest Income taxes NON-CASH INVESTING AND FINANCING ACTIVITIES: Stock issued for future services to consultants and vendors Stock issued for future services to employees and directors Stock issued for repayment of convertible note Stock issued for convertible note Stock issued for acquisition of non-wholly owned subsidiaries Stock issued for redemption of convertible note and accrued interest Stock issued for prepayment of license fee - related party Stock issued for prepayment of rental & management fee RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents at beginning of period Restricted cash at beginning of period Total cash, cash equivalents and restricted cash at beginning of period Cash and cash equivalents at end of period Restricted cash at end of period Total cash, cash equivalents and restricted cash at end of period Basis of Presentation [Abstract] BASIS OF PRESENTATION Accounting Policies [Abstract] DESCRIPTION OF BUSINESS AND ORGANIZATION Going Concern Uncertainties [Abstract] GOING CONCERN UNCERTAINTIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Discontinued Operations and Disposal Groups [Abstract] DISCONTINUED OPERATIONS Inventory Disclosure [Abstract] INVENTORIES Equity Method Investments and Joint Ventures [Abstract] EQUITY METHOD INVESTMENT Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS Debt Disclosure [Abstract] SHORT-TERM BANK LOANS CONVERTIBLE NOTE PAYABLE Related Party Transactions [Abstract] RELATED PARTY TRANSACTIONS Stockholders' Equity Note [Abstract] STOCKHOLDERS' EQUITY Segment Reporting [Abstract] SEGMENT INFORMATION Risks and Uncertainties [Abstract] CONCENTRATIONS Commitments and Contingencies Disclosure [Abstract] COMMITMENT AND CONTINGENCIES Restricted Net Assets [Abstract] RESTRICTED NET ASSETS Subsequent Events [Abstract] SUBSEQUENT EVENTS Listing status Principles of Consolidation Use of estimates Cash and cash equivalents Fair value of financial instruments Concentrations of credit risk Accounts receivable Inventories Property and equipment Equity method investment Stock-based compensation Employee benefits Foreign currency translation Loss per share of common stock Comprehensive loss Reclassification Recent accounting pronouncements Schedule of reconciliation of basic and diluted net loss per share Schedule of discontinued operations in the Company's consolidated financial statements Schedule of discontinued operations included in the Company's consolidated statements of operations Schedule of inventories Schedule of intangible assets Schedule of amortization of intangible assets attributable to future periods Schedule of short-term bank loans Schedule of minimum installments under loan agreement Schedule of convertible debt Schedule of segment information Reconciliation of basic and diluted net loss per share Net loss for basic and diluted attributable to common shareholders From continuing operations From discontinued operations Weighted average common stock outstanding - basic and diluted Net loss per share of common stock From continuing operations - basic and diluted From discontinued operations - basic and diluted Description Of Business And Organization [Table] Description Of Business And Organization [Line Items] Green Power Environment Technology (Shanghai) Co., Ltd.[Member] Wuxi Fulland Wind Energy Equipment Co., Ltd. [Member] EC Technology [Member] Wuxi Shengxin New Energy Engineering Co., Ltd. [Member] AnyWorkspace Limited [Member] 3D Discovery Co. Limited [Member] Description of Business and Organization (Textual) Company invested interest amount Percentage of shareholding or ownership Equity interest percentage Cash and cash equivalents uninsured amount Allowance for doubtful accounts Inventory reserve Employee benefit costs Foreign currency translation description Cumulative translation adjustment and effect of exchange rate changes on cash Debt expense Depreciation expense Cost of revenues Operating expenses Impairment loss Going Concern Uncertainties (Textual) Loss from continuing operation Net cash used in operation Sales revenues percentage Assets: Current assets: Accounts receivable, net Prepaid expenses and other Total current assets Total assets Liabilities: Current liabilities: Accounts payable Advances from customers Accrued expenses and other liabilities Total current liabilities Total liabilities Revenues Operating (expense) income: Other operating income - bad debt recovery Total operating (loss) income (Loss) income from operations Other income, net (Loss) income from discontinued operations, net of income taxes Disposal Groups, Including Discontinued Operations [Table] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] First installment [Member] Second installment [Member] Third installment [Member] TypeOfCurrencyAxis [Axis] Discontinued Operations (Textual) Sale of stock to third party Payment of bank loan Loss on disposal of discontinued operations Number of purchase price installments Write off of receivable Components of inventories Raw materials Work-in-process Finished goods Inventory, gross Less: inventory reserve Inventory, net Inventories (Textual) Increased (decrease) inventory reserve Schedule of Equity Method Investments [Table] Schedule of Equity Method Investments [Line Items] Mr. Xue [Member] Equity Method Investment (Textual) Equity method investment Agreed to invest Interest received Remaining investment Loss on equity method investment Schedule of Finite-Lived Intangible Assets [Table] Finite-Lived Intangible Assets [Line Items] Statistical Measurement [Axis] Land use rights [Member] Other intangible assets [Member] Components of intangible assets Intangible assets, useful life Intangible assets, Gross Less: accumulated amortization Intangible assets, Net Amortization of intangible assets attributable to future periods 2020 2021 2022 2023 2024 Thereafter Intangible assets, Net Intangible Assets (Textual) Land use rights expiration date Amortization period Intangible assets acquired Schedule of Short-term Debt [Table] Short-term Debt [Line Items] Loan from Bank of China, due on November 20, 2019 [Member] Loan from Bank of China, due on November 25, 2019 One [Member] Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 [Member] Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 [Member] Loan from Bank of Communication, due on September 25, 2019 [Member] Loan from Bank of Communication, due on September 20, 2020 [Member] Loan from Zhongli International Finance Corporation [Member] Segment Information (Textual) [Abstract] Summary of short-term bank loans Total short-term bank loans 2020 2021 2022 Total minimum loan payments Less: amount representing interest Less: security deposit due Present value of net minimum loan payment Less: current portion Long-term portion Loan from Bank of China, due on November 20, 2019 One [Member] Loan from Bank of China, due on November 25, 2019 [Member] 25th - 36th month [Member] 13th - 24th month [Member] 1st - 12th month [Member] November 25, 2019 [Member] February 22, 2019 [Member] November 6, 2019 [Member] Short-Term Bank Loans (Textual) Short-term bank loans, interest rate, stated percentage Short-term bank loans, maturity date Interest related to the short-term bank loans Line of credit Security deposit Terms of short term bank loans Monthly installment Long-term portion of loan Principal Unamortized discount Convertible debt, net Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Iliad Note [Member] Convertible Note Payable (Textual) Converted into common stock share Common stock conversion price Aggregate of outstanding principal amount Warrants to purchase common stock Warrants exercise price Original issue discount Debt discount Due date description Debt accrued interest Redemption conversion price description Term of warrants Interest rate Fair value of the warrants issued Accrued interest Interest expense Related Party Transactions (Textual) Service agreements description Amounts due to related party License fee expense included in cost of sales Prepaid license fee - related party Provisional agreement for purchase and sale description Amendment agreements, description Working capital Repaid Stockholders Equity [Table] Stockholders Equity [Line Items] Stockholders' Equity (Textual) Stock-based consulting and service fees Fair value shares issued Prepaid expenses Aggregate shares Aggregate shares issued Fair value of stockholders’ equity Purchase price of per share Common stock upon conversion of debt Shares issued for donation Shares issued for donation, price per share Donation expense Shares issued for donation, value Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Dyeing and finishing equipment[Member] Discontinued segments[Member] Segment reporting information Revenues Interest expense Identifiable long-lived tangible assets by segment Identifiable long-lived tangible assets by geographical location Segment Information (Textual) Number of reportable business segments Concentration Risk [Table] Concentration Risk [Line Items] Revenues [Member] Customer Three [Member] Customer Four [Member] Customer Five [Member] Supplier Two [Member] Supplier Three [Member] Concentrations (Textual) Concentration risk percentage Number of customers Number of suppliers Outstanding accounts receivable Outstanding accounts payable balance Commitment and Contingencies (Textual) Description of lease agreement Restricted Net Assets (Textual) Company's restricted net assets Annual appropriations required by statutory reserve fund, description Amount of advance from related party. Amount of expense related to allowance for doubtful accounts. Amortization of license fee. Amount Representing Interest. Annual appropriations required by statutory reserve fund. Amount of assets of discontinued operations. Bank of china two. Bank of Wuxi Nongshuang. Cash balances by geographic area. Line items represent reporting concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. This table lists Commitment and Contingencies. Concentration. The entire disclosure for convertible note payable. Cumulative translation adjustment and effect of exchange rate changes on cash. Amount classified as accrued liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Amount of bad debt recovery income attributable to disposal group, including, but not limited to, discontinued operation. Employee benefit costs. First installment. Impairment loss of disposition for manufacturing equipment. The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income discontinued operations. Increase in allowance for doubtful accounts discontinued operations. The amount of cash paid for interest during the period discontinued operations. Inventory reserve. Land use rights expiration date. Amount of liabilities of discontinued operations. Disclosure of accounting policy for listing status. Number of customer. Number of purchase price payable. Number of suppliers. Original issue discount. Amount of prepaid license fee related party net. Present Value Of Net Long Term Minimum loan Payment. Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. Provisional Agreement for purchase and sale description. Purchase. Amount of receivable from sale of subsidiary. Remaining investment fund. Repayment of related party advances. Tabular disclosure of installments under the loan agreement. Schedule of short- term bank loans. Second installment. Segment information. Service agreements description. Share based donation expense which include in operating expenses. Shengxin New Energy Engineering. It covers narrative portion of short-term bank loans. Stock-based donation for during the period. Common stock surrendered for services from consultants and service providers shares. Number of acquisition of majority-owned subsidiaries. Number of common stock issued upon conversion of debt Number of common stock for donation Number of common stock issued for rental expense. Number of common stock for services to consultants and service providers Number of common stock issued for services to employees and directors Stock issued during the period shares issued for common stock aquisition of subsidary. Value of acquisition of majority-owned subsidiaries. Value of common stock issued upon conversion of debt Value of common stock for donation. Value of common stock issued for rental expense. Value of common stock for services to consultants and service providers Value of common stock issued for services to employees and directors Stock issued during the period Value issued for common stock aquisition of subsidary. Stock issued for acquisition of non-wholly owned subsidiaries. Stock issued for future services to consultants and vendors. Stock issued for future services to employees and directors. Stock issued for redemption of convertible note and accrued interest. Stock issued for repayment of convertible note. Summary of short-term bank loans. Suppliers E. Suppliers D. Suppliers A. Suppliers C. Suppliers B. Sum of the carrying amounts of all tangible assets, as of the balance sheet date. Term of warrants. Third installment. Two-year consulting agreement. Warrants to purchase common stock. Mr.Xue Miao. Total cash, cash equivalents and restricted cash. Loss from continuing operation. Stock issued for convertible note. Stock issued for prepayment of license fee related party. Sales revenues percentage. Stock-based consulting and service fees to service provider and employees. Amount of increased (decrease) inventory reserve. Stock issued for prepayment of rental &amp; management fee. Less: security deposit due Schedule of discontinued operations included in the Company's consolidated statements of operations. Assets, Current Assets, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Liabilities and Equity Gross Profit Operating Income (Loss) Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Current Income Tax Expense (Benefit) Deferred Income Tax Expense (Benefit) Income Tax Expense (Benefit) Net Income (Loss) Attributable to Parent Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Outstanding Listing Status [Policy Text Block] Increase (Decrease) in Notes Receivable, Current Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Deferred Charges Assets Of Discontinued Operations Increase (Decrease) in Accounts Payable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Customer Advances Liabilities Of Discontinued Operations Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Payments of Debt Issuance Costs Repayments of Other Short-term Debt Repayment Of Related Party Advances Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Interest [Default Label] Income Taxes Restricted Cash and Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCash Cash and Cash Equivalents, Policy [Policy Text Block] Finance Lease, Impairment Loss Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current Disposal Group, Including Discontinued Operation, Accounts Payable, Current Equipment Held For Sale [Policy Text Block] Inventory, Gross Equity Method Investments Equity Method Investment, Realized Gain (Loss) on Disposal Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Net Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three Long-term Debt Present Value Of Net Minimum Loan Payment Debt, Current Convertible Notes Payable, Noncurrent EX-101.PRE 10 seii-20190930_pre.xml XBRL PRESENTATION FILE XML 11 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Description of Business and Organization
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND ORGANIZATION

NOTE 2 – DESCRIPTION OF BUSINESS AND ORGANIZATION

 

Sharing Economy International Inc. (the "Company") was incorporated in Delaware on June 24, 1987 under the name of Malex, Inc. On December 18, 2007, the Company's corporate name was changed to China Wind Systems, Inc. and on June 13, 2011, the Company changed its corporate name to Cleantech Solutions International, Inc. On August 7, 2012, the Company was converted into a Nevada corporation. On January 8, 2018, the Company changed its corporate name to Sharing Economy International Inc. 

 

Through its affiliated companies, the Company manufactures and sells textile dyeing and finishing machines. The Company is the sole owner of Fulland Limited ("Fulland"), a Cayman Island limited liability company, which was organized on May 9, 2007. Fulland owns 100% of the capital stock of Green Power Environment Technology (Shanghai) Co., Ltd. ("Green Power") and, until December 30, 2016, Fulland owned 100% of Wuxi Fulland Wind Energy Equipment Co., Ltd. ("Fulland Wind"). Green Power is and Fulland Wind was a wholly foreign-owned enterprise ("WFOE") organized under the laws of the People's Republic of China ("PRC" or "China"). Green Power is a party to a series of contractual arrangements, as fully described below, dated October 12, 2007 with Wuxi Huayang Heavy Industries, Co., Ltd. ("Heavy Industries"), formerly known as Wuxi Huayang Electrical Power Equipment Co., Ltd., and Wuxi Huayang Dyeing Machinery Co., Ltd. ("Dyeing"), both of which are limited liability companies organized under the laws of, and based in, the PRC. Heavy Industries and Dyeing are sometimes collectively referred to as the "Huayang Companies."

 

Dyeing, which was formed on August 17, 1995, produces and sells a variety of high and low temperature dyeing and finishing machinery for the textile industry. The Company refers to this segment as the dyeing and finishing equipment segment. On December 26, 2016, Dyeing and an unrelated individual formed Wuxi Shengxin New Energy Engineering Co., Ltd. ("Shengxin"), a limited liability company organized under the laws of the PRC in which Dyeing has a 30% equity interest and the unrelated third party holds a 70% interest, pursuant to an agreement dated December 23, 2016. Shengxin intends to develop, construct and maintain photovoltaic power generation projects, known as solar farms, in China, mainly in the provinces of GuiZhou and YunNan. In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. In September 2018, due to significant doubt about the status of this project and recoverability of the Company's investment, the Company fully impaired the value of its investment in Shengxin (see Note 5).

 

Fulland Wind was formed on August 27, 2008. In 2009, the Company began to produce and sell forged products through Fulland Wind. Through Fulland Wind, the Company manufactured and sold forged products, including wind products such as shafts, rolled rings, gear rims, gearboxes, bearings and other components and finished products and assemblies for the wind power and other industries, including large-scale equipment used in the manufacturing process for the various industries. The Company referred to this segment of its business as the forged rolled rings and related components segment. On December 30, 2016, Fulland sold the stock of Fulland Wind.

 

Beginning in February 2015, Heavy Industries began to produce equipment for the petroleum and chemical industries. The Company referred to this segment of its business as the petroleum and chemical equipment segment. Because of a significant decline in revenues from this segment, the Company determined it would not continue to operate in this segment and accordingly, the petroleum and chemical equipment segment is reflected as discontinued operations for all periods presented (See Note 5). As a result of the discontinuation of the petroleum and chemical equipment business, the Company's business primarily consists of the dyeing and finishing equipment business as its primary continuing operations since December 31, 2016.

  

The Company's latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. In connection with the new business initiatives, the Company formed or acquired the following subsidiaries:

 

  Vantage Ultimate Limited ("Vantage"), a company incorporated under the laws of British Virgin Islands on February 1, 2017 and is wholly-owned by the Company.
  Sharing Economy Investment Limited ("Sharing Economy"), a company incorporated under the laws of British Virgin Islands on May 18, 2017 and is wholly-owned by Vantage.
  EC Advertising Limited ("EC Advertising"), a company incorporated under the laws of Hong Kong on March 17, 2017 and is wholly-owned by Sharing Economy.
  EC Rental Limited ("EC Rental"), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Vantage.
  EC Assets Management Limited ("EC Assets"), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Vantage.
  Cleantech Solutions Limited (formerly known as EC (Fly Car) Limited), a company incorporated under the laws of British Virgin Islands on May 22, 2017 and is wholly-owned by Sharing Economy.
  Global Bike Share (Mobile App) Limited, a company incorporated under the laws of British Virgin Islands on May 23, 2017 and is wholly-owned by Sharing Economy.
  EC Power (Global) Technology Limited ("EC Power"), a company incorporated under the laws of British Virgin Islands on May 26, 2017 and is wholly-owned by EC Rental.
  EC Power (HK) Company Limited, a company incorporated under the laws of Hong Kong on June 23, 2017 and is wholly-owned by EC Power.
  EC Manpower Limited, a company incorporated under the laws of Hong Kong on July 3, 2017 and is wholly-owned by Vantage.
  EC Technology & Innovations Limited ("EC Technology"), a company incorporated under the laws of British Virgin Islands on September 1, 2017 and is wholly-owned by Vantage.
  Inspirit Studio Limited ("Inspirit Studios"), a company incorporated under the laws of Hong Kong on August 24, 2015, and 51% of its shareholding was acquired by EC Technology on December 8, 2017.
  EC Creative Limited ("EC Creative"), a company incorporated under the laws of British Virgin Islands on January 9, 2018 and is wholly-owned by Vantage.
  3D Discovery Co. Limited ("3D Discovery"), a company incorporated under the laws of Hong Kong on February 24, 2015, and 60% of its shareholdings was acquired by EC Technology on January 19, 2018.
  Sharing Film International Limited, a company incorporated under the laws of Hong Kong on January 22, 2018 and is wholly-owned by EC Creative.
  AnyWorkspace Limited ("AnyWorkspace"), a company incorporated under the laws of Hong Kong on November 12, 2015, and 80% of its shareholding was acquired by Sharing Economy on January 30, 2018.
  Xiamen Great Media Company Limited ("Xiamen Great Media"), a company incorporated under the laws of the PRC on September 5, 2018 and is wholly-owned by EC Advertising.
XML 12 R55.htm IDEA: XBRL DOCUMENT v3.19.3
Restricted Net Assets (Details) - USD ($)
9 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Restricted Net Assets (Textual)    
Company's restricted net assets $ (5,145,000) $ 21,923,000
Annual appropriations required by statutory reserve fund, description Subject to certain cumulative limit, a statutory reserve fund requires annual appropriations of at least 10% of after-tax profit, if any, of the relevant PRC VIEs and subsidiary.  
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
REVENUES $ 1,677,364 $ 2,517,201 $ 5,244,065 $ 7,655,321
COST OF REVENUES 1,874,420 4,244,853 10,106,431 10,462,225
GROSS LOSS (197,056) (1,727,652) (4,862,366) (2,806,904)
OPERATING EXPENSES:        
Depreciation and amortization 107,050 273,555 482,857 862,303
Selling, general and administrative 801,600 5,441,960 4,778,058 12,863,537
Research and development 83,809 165,183 269,641 403,611
Bad debt expense (48,889) (30,000) 4,307,234 1,285,990
Impairment loss (151,595) 1,922,674 13,355,958 1,922,674
Total operating expenses 791,975 7,773,372 23,193,748 17,338,115
LOSS FROM OPERATIONS (989,031) (9,501,024) (28,056,114) (20,145,019)
OTHER INCOME (EXPENSE):        
Interest income 58 6,324 856 15,402
Interest expense (173,276) (118,894) (345,083) (241,708)
Loss on equity method investment (8,892,458) (9,038,303)
Foreign currency transaction gain (loss) (122) 247 (1,612) (1,666)
Other (loss) income 49,496 (67,529) (7,828) (68,254)
Total other expense, net (123,844) (9,072,310) (353,667) (9,334,529)
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES (1,112,875) (18,573,334) (28,409,781) (29,479,548)
PROVISIONS FOR INCOME TAXES:        
Current
Deferred
Total income taxes provision
LOSS FROM CONTINUING OPERATIONS (1,112,875) (18,573,334) (28,409,781) (29,479,548)
DISCONTINUED OPERATIONS:        
Gain (loss) from discontinued operations, net of income taxes (385) 16,486
GAIN (LOSS) FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES (385) 16,486
NET LOSS (1,112,875) (18,573,719) (28,409,781) (29,463,062)
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST (44,647) (377,258) (307,394) (683,411)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS (1,068,228) (18,196,461) (28,102,387) (28,779,651)
COMPREHENSIVE LOSS:        
Net loss (1,112,875) (18,573,719) (28,409,781) (29,463,062)
Unrealized foreign currency translation loss (534,749) (1,471,792) (217,356) (2,374,185)
Comprehensive loss (1,647,624) (20,045,511) (28,627,137) (31,837,247)
Net loss attributable to non-controlling interest (44,647) (377,258) (307,394) (683,411)
Unrealized foreign currency translation gain from non-controlling interest (363)
Comprehensive loss attributable to common stockholders $ (1,602,977) $ (19,668,253) $ (28,319,380) $ (31,153,836)
NET LOSS PER COMMON SHARE:        
Continuing operations - basic and diluted $ (0.12) $ (2.56) $ (3.17) $ (8.00)
Discontinued operations - basic and diluted 0.01
Net loss per common share - basic and diluted $ (0.12) $ (2.56) $ (3.17) $ (7.99)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic and diluted 9,278,106 7,100,416 8,866,755 3,598,265
XML 14 R51.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Segment reporting information        
Revenues $ 1,677,364 $ 2,517,201 $ 5,244,065 $ 7,655,321
Depreciation 709,120 979,203 2,097,816 3,080,857
Interest expense 173,276 118,894 345,083 241,708
Net loss (1,112,875) (18,573,719) (28,409,781) (29,463,062)
Dyeing and finishing equipment[Member]        
Segment reporting information        
Revenues 1,676,831 2,444,437 5,216,740 7,499,362
Depreciation 696,819 974,745 2,081,089 3,067,647
Interest expense 35,605 26,892 116,597 88,372
Net loss (311,457) (13,293,023) (23,833,748) (17,364,755)
Sharing Economy [Member]        
Segment reporting information        
Revenues 533 72,764 27,325 155,959
Depreciation 12,301 4,458 16,727 13,210
Interest expense 137,668 92,002 228,483 153,336
Net loss (261,178) (4,319,404) (1,374,469) (8,049,373)
Discontinued segments[Member]        
Segment reporting information        
Net loss (385) 16,486
Other [Member]        
Segment reporting information        
Interest expense 3 3
Net loss $ (540,240) $ (960,907) $ (3,201,564) $ (4,065,420)
XML 15 R30.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Note Payable (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of convertible debt
   September 30,
2019
   December 31,
2018
 
Principal  $838,571   $872,674 
Unamortized discount   -    (162,170)
Convertible debt, net  $838,571   $710,504 
XML 16 R34.htm IDEA: XBRL DOCUMENT v3.19.3
Going Concern Uncertainties (Details) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Going Concern Uncertainties (Textual)    
Loss from continuing operation $ 28,410,000  
Net cash used in operation $ (388,731) $ (3,203,741)
Sales revenues percentage 31.50%  
XML 17 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 18 R38.htm IDEA: XBRL DOCUMENT v3.19.3
Inventories (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Components of inventories    
Raw materials $ 769,294 $ 1,207,334
Work-in-process 379,747 872,376
Finished goods 5,546,795 5,547,301
Inventory, gross 6,695,836 7,627,011
Less: inventory reserve (4,643,524) (1,212,706)
Inventory, net $ 2,052,312 $ 6,414,305
XML 19 R17.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions
9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 11– RELATED PARTY TRANSACTIONS

 

License Agreement with ECrent Capital Holdings Limited

 

On June 11, 2017, the Company entered into an Exclusivity Agreement (the "Exclusivity Agreement") with ECrent Capital Holdings Limited ("ECrent") the terms of which became effective on the same day. Pursuant to the Exclusivity Agreement, the Company and ECrent agreed to engage in exclusive discussions regarding a potential acquisition by the Company of ECrent and/or any of its subsidiaries or otherwise all or part of ECrent's business and potential business cooperation between the two companies (collectively, the "Potential Transactions") for a period of three months commencing from the date of the Exclusivity Agreement (the "Exclusive Period"). Ms. Deborah Yuen, an former affiliate of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited), which is a major shareholder of the Company, controlled ECrent. ECrent agreed that, during the Exclusive Period, neither ECrent nor its agents, representatives or advisors will contact, solicit, discuss or negotiate with any third party with respect to any transaction relating to a transfer or pledge of securities of ECrent and/or its subsidiaries, a sale of ECrent's business, a business cooperation or any other matters that may adversely affect the Potential Transactions or the parties' discussion related thereto. The exclusivity period has been further extended to a period of 18 months commencing from June 20, 2018 pursuant to three amendment agreements dated September 11, 2017, January 23, 2018 and June 20, 2018. On January 25, 2019, Sharing Economy International, Inc. terminated the Exclusivity Agreement entered into with ECrent Capital Holdings Limited on June 11, 2017, as amended.

  

On May 8, 2018, amended on May 24, 2018 and amended on August 30, 2018, Sharing Economy entered into a License Agreement (the "Agreement") with ECrent. In accordance with the terms of the Amendment, ECrent shall grant the Company an exclusive license to utilize certain software and trademarks in order to develop, launch, operate, commercialize, and maintain an online website platform in Taiwan, Thailand, India, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Cambodia, Japan, and Korea until December 31, 2019. In consideration for the license, the Company granted ECrent 250,000 shares of common stock (the "Consideration Shares"), at an issue price of $1,040,000, or $4.16 per share, (based on the quoted market price of the Company's common stock on the amended Agreement date of May 24, 2018). Pursuant to the terms of the Agreement, ECrent shall provide a guarantee on revenue and profit of $13,000,000 and $2,522,000, respectively. The Consideration Shares shall be reduced on a pro rata basis if there is a shortfall in the guaranteed revenue and/or profit. In connection with this agreement, during the three and nine months ended September 30, 2019, the Company recorded license fee expense of $165,958 and $497,872, respectively, which is included in cost of sales, and as of September 30, 2019, recorded a prepaid license fee – related party of $165,957 which will be amortized over the remaining license period.

 

Due to related parties

 

Mr. Chan Tin Chi owns 99% of the issued and outstanding ordinary shares of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited). From time to time, during 2018 and 2019, the Company receive advances from Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited, who is the major shareholder of the Company, for working capital purposes. These advances are non-interest bearing and are payable on demand. During the nine months ended September 30, 2019 and 2018, the Company received advances from Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited for working capital totaled $519,543 and $580,046, respectively, and repaid to Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited a total of $31,604  and $0, respectively. At September 30, 2019 and December 31, 2018, amounts due to Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited amounted to $1,745,444 and $1,257,505, respectively.

 

Bank loans guaranteed by related parties

 

The Company obtains two bank loans from Bank of China, due on November 20, 2019 and November 25, 2019, respectively. These loans are guaranteed by Jianhua Wu, CEO, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO (see Note 9).

XML 20 R13.htm IDEA: XBRL DOCUMENT v3.19.3
Equity Method Investment
9 Months Ended
Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENT

NOTE 7 – EQUITY METHOD INVESTMENT

 

On December 26, 2016, Dyeing and Xue Miao, an unrelated individual, formed Shengxin pursuant to an agreement dated December 23, 2016. The agreement sets forth general terms relating to the proposed business, but does not set forth specific funding obligations for either party. Dyeing has agreed to invest RMB 60,000,000 (approximately $8.9 million) and had invested RMB 59.8 million (approximately $8.9 million as of September 30, 2019), for which it received a 30% interest, and Mr. Xue has a commitment to invest RMB 140,000,000 (approximately $20.9 million), of which Mr. Xue has contributed RMB 60,000,000 (approximately $8.9 million), for which Mr. Xue received a 70% interest in Shengxin. Shengxin's registered capital is RMB 200 million (approximately $29.8 million). Mr. Xue had advised Dyeing that he anticipated that he will fund the remaining RMB 80,000,000 (approximately $11.9 million) of his commitment during 2018. Since Mr. Xue did not make this payment by the end of 2017, Dyeing has the right to amend the contract, and both parties may adjust each side's equity interest to reflect the amount of capital each side has actually invested.

 

In April 2018, Shengxin secured and invested in a large solar PV project in GuiZhou province. Shengxin paid RMB 40 million for the project rights and also engaged a local contractor to proceed with building the project. However, on June 1, 2018, the Chinese government halted installation of new solar farms for the remainder of the year and reduced subsidies for projects already under construction. Accordingly, there is no guarantee that the Chinese government will invest in new solar farm or provide the subsidies needed to fund projects. In September 2018, due to significant doubt about the status of this project and recoverability of our investment, the Company fully impaired the value of the investment in Shengxin.

 

For the three months ended September 30, 2019 and 2018, the Company recorded a loss on equity method investment of $0 and $8,892,458, respectively. For the nine months ended September 30, 2019 and 2018, the Company recorded a loss on equity method investment of $0 and $9,038,303, respectively.

XML 21 R29.htm IDEA: XBRL DOCUMENT v3.19.3
Short-Term Bank Loans (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of short-term bank loans
September 30,
2019
   December 31,
2018
 
Loan from Bank of China, due on November 20, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO  $-   $363,488 
Loan from Bank of China, due on November 25, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO   350,324    363,488 
Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company   -    654,279 
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company   630,583    - 
Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company   -    581,582 
Loan from Bank of Communication, due on September 20, 2020  with annual interest rate of 3.915%, secured by certain assets of the Company   420,390    - 
Current portion of loan from Zhongli International Finance Corporation, credit line of RMB 4,500,000 (approximately $630,583), with a security deposit of RMB 900,000 (approximately $126,117) which will be returned in 36 months, monthly installment of RMB 210,000 (approximately $29,427) in the 1st – 12th month; RMB 138,000 (approximately $19,338) in the 13th - 24th month; RMB 98,000 (approximately $13,733) in the 25th – 36th month; secured by certain assets of the Company *     152,950    220,123 
Total short-term bank loans  $1,554,247   $2,182,960 

 

*Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively.
Schedule of minimum installments under loan agreement
12-month periods ending September 30,  Amount 
2020  $232,055 
2021   164,792 
2022   - 
Total minimum loan payments   396,847 
Less: amount representing interest   (56,103)
Less: security deposit due   (68,220)
Present value of net minimum loan payment   272,524 
Less: current portion   (152,950)
Long-term portion  $119,574 
XML 22 R25.htm IDEA: XBRL DOCUMENT v3.19.3
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Schedule of reconciliation of basic and diluted net loss per share

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2019   2018   2019   2018 
Net loss for basic and diluted attributable to common shareholders  $(1,068,228)  $(18,196,461)  $(28,102,387)  $(28,779,651)
From continuing operations   (1,068,228)   (18,196,076)   (28,102,387)   (28,796,137)
From discontinued operations   -    (385)   -    16,486 
                     
Weighted average common stock outstanding – basic and diluted   9,278,106    7,100,416    8,866,755    3,598,265 
                     
Net loss per share of common stock                    
From continuing operations – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(8.00)
From discontinued operations – basic and diluted   -    (0.00)   -    0.01 
Net loss per common share – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(7.99)
XML 23 R21.htm IDEA: XBRL DOCUMENT v3.19.3
Commitment and Contingencies
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENT AND CONTINGENCIES

NOTE 15 – COMMITMENT AND CONTINGENCIES

 

Litigation:

 

On April 25, 2019, ECPower (HK) Company Limited ("EC Power"), a subsidiary of SEII, filed a claim against The Dairy Farm Limited ("Dairy Farm") in respect of the cooperation agreement between the two parties for the battery rental business at 7-Eleven outlets in Hong Kong during the period from September 2017 to February 2018. The claim is for a total compensation of HK$1,395,000 (approximately $178,846) which comprises of (i) HK$45,000 (approximately $5,769) as compensation for interest and administration cost incurred as a result of Dairy Farm's delay in payment of EC Power's share of the rental income, and (ii) HK$1,350,000 (approximately $173,077) as compensation for Dairy Farm's early termination of the cooperation agreement without any valid proof of fault on the part of EC Power.

 

From time to time the Company may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Company's financial position or results of operations.

XML 25 R40.htm IDEA: XBRL DOCUMENT v3.19.3
Equity Method Investment (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
CNY (¥)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
CNY (¥)
Apr. 30, 2018
USD ($)
Dec. 26, 2016
USD ($)
Dec. 26, 2016
CNY (¥)
Equity Method Investment (Textual)                    
Remaining investment           $ 11,900,000        
Loss on equity method investment $ 0 $ 8,892,458 $ 0 $ 9,038,303            
Dyeing [Member]                    
Equity Method Investment (Textual)                    
Equity method investment 8,900,000   8,900,000              
Agreed to invest $ 8,900,000   $ 8,900,000              
Interest received 30.00%   30.00%   30.00%          
Dyeing [Member] | RMB [Member]                    
Equity Method Investment (Textual)                    
Equity method investment | ¥         ¥ 59,800,000          
Agreed to invest | ¥         ¥ 60,000,000          
Shengxin [Member]                    
Equity Method Investment (Textual)                    
Equity method investment               $ 40,000,000    
Agreed to invest                 $ 29,800,000  
Shengxin [Member] | RMB [Member]                    
Equity Method Investment (Textual)                    
Agreed to invest | ¥                   ¥ 200,000,000
Mr. Xue [Member]                    
Equity Method Investment (Textual)                    
Equity method investment                 8,900,000  
Agreed to invest                 $ 20,900,000  
Interest received                 70.00% 70.00%
RMB [Member]                    
Equity Method Investment (Textual)                    
Remaining investment | ¥             ¥ 80,000,000      
RMB [Member] | Mr. Xue [Member]                    
Equity Method Investment (Textual)                    
Equity method investment | ¥                   ¥ 60,000,000
Agreed to invest | ¥                   ¥ 140,000,000
XML 26 R44.htm IDEA: XBRL DOCUMENT v3.19.3
Short-Term Bank Loans (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Summary of short-term bank loans    
Total short-term bank loans $ 1,554,247 $ 2,182,960
Loan from Bank of China, due on November 20, 2019 [Member]    
Summary of short-term bank loans    
Total short-term bank loans 363,488
Loan from Bank of China, due on November 25, 2019 One [Member]    
Summary of short-term bank loans    
Total short-term bank loans 350,324 363,488
Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 [Member]    
Summary of short-term bank loans    
Total short-term bank loans 654,279
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 [Member]    
Summary of short-term bank loans    
Total short-term bank loans 630,583
Loan from Bank of Communication, due on September 25, 2019 [Member]    
Summary of short-term bank loans    
Total short-term bank loans   581,582
Loan from Bank of Communication, due on September 20, 2020 [Member]    
Summary of short-term bank loans    
Total short-term bank loans 420,390
Loan from Zhongli International Finance Corporation [Member]    
Summary of short-term bank loans    
Total short-term bank loans [1] $ 152,950 $ 220,123
[1] Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively
XML 27 R48.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Note Payable (Details Textual) - USD ($)
1 Months Ended 9 Months Ended
Jan. 11, 2019
Nov. 08, 2018
May 02, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Convertible Note Payable (Textual)            
Converted into common stock share 266,667          
Original issue discount       $ 150,000    
Debt discount       45,018    
Amortization of debt discount       162,170 $ 115,836  
Fair value of the warrants issued       152,490    
Accrued interest       63,603   $ 13,187
Interest expense       67,500    
Convertible Debt [Member]            
Convertible Note Payable (Textual)            
Amortization of debt discount       115,836    
Interest expense       $ 37,500    
Iliad Note [Member]            
Convertible Note Payable (Textual)            
Converted into common stock share 34,103 36,621        
Aggregate of outstanding principal amount $ 15,897 $ 27,811        
Debt accrued interest   $ 47,189        
Iliad Note [Member] | Investor [Member]            
Convertible Note Payable (Textual)            
Common stock conversion price     $ 6.70      
Aggregate of outstanding principal amount     $ 900,000      
Warrants exercise price     $ 7.18      
Interest rate     10.00%      
Iliad Note [Member] | Convertible Debt [Member]            
Convertible Note Payable (Textual)            
Warrants to purchase common stock     134,328      
Original issue discount     $ 150,000      
Debt discount     $ 45,018      
Due date description     The Iliad Note bears interest at 10% per annum, is unsecured, and is due on the date that is fifteen months from May 2, 2018.      
Redemption conversion price description     (a) the Lender Conversion Price, and (b) the Market Price; provided, however, in no event shall the Redemption Conversion Price be less than $2.00 per share ("Conversion Price Floor").      
Term of warrants     2 years      
XML 28 R24.htm IDEA: XBRL DOCUMENT v3.19.3
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Listing status

Listing status

 

On November 26, 2018, Sharing Economy International Inc. (the "Company") received a staff determination notice from The Nasdaq Stock Market ("Nasdaq") informing the Company that as a result of its failure to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(c) (the "Rule"), the staff determined to deny the Company's request for continued listing based on a plan of compliance submitted on October 26, 2018. The Company's common stock was delisted from Nasdaq at the open of trading on December 5, 2018. The Company's common stock is currently trading on the OTC Markets under the symbol "SEII".

Principles of Consolidation

Principles of consolidation

 

The Company's unaudited condensed consolidated financial statements include the financial statements of its wholly-owned and majority owned subsidiaries, as well as the financial statements of the Huayang Companies, including Dyeing, which conducts the Company's continuing operations, and Heavy Industries, which operated discontinued operations. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

On December 30, 2016, the Company sold and transferred its 100% interest in Fulland Wind to an unrelated party. Additionally, the Company's management decided to discontinue its petroleum and chemical equipment segment due to significant declines in revenues and the loss of its major customers. As such, petroleum and chemical segment's assets and liabilities have been classified on the consolidated balance sheets as assets and liabilities of discontinued operations as of September 30, 2019 and December 31, 2018. The operating results of the petroleum and chemical segment have been classified as discontinued operations in our consolidated statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements are related to the Company's continuing operations.

 

Pursuant to Accounting Standards Codification ("ASC") Topic 810, the Huayang Companies are considered variable interest entities ("VIE"), and the Company is the primary beneficiary. The Company's relationships with the Huayang Companies and their shareholders are governed by a series of contractual arrangements between Green Power, the Company's wholly foreign-owned enterprise in the PRC, and each of the Huayang Companies, which are the operating companies of the Company in the PRC. Under PRC laws, each of Green Power, Dyeing and Heavy Industries is an independent legal entity and none of them is exposed to liabilities incurred by the other parties. The contractual arrangements constitute valid and binding obligations of the parties of such agreements. Each of the contractual arrangements and the rights and obligations of the parties thereto are enforceable and valid in accordance with the laws of the PRC.

 

Because of the contractual arrangements, the Company has a pecuniary interest in the Huayang Companies that requires the Company to consolidate the Huayang Companies in its financial statements as if they are wholly-owned subsidiaries of the Company.

Use of estimates

Use of estimates

 

The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the nine months ended September 30, 2019 and 2018 include the allowance for doubtful accounts on accounts and other receivables, the allowance for inventory reserve, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets, valuation of deferred tax assets, and the value of stock-based compensation.

Cash and cash equivalents

Cash and cash equivalents

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company maintains with various financial institutions mainly in the PRC, Hong Kong and the U.S. As of September 30, 2019 and December 31, 2018, cash balances held in PRC and Hong Kong banks of $92,864   and $774,316, respectively, are uninsured.

Fair value of financial instruments

Fair value of financial instruments

 

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, notes receivable, accounts receivable, inventories, advances to suppliers, receivable from sale of subsidiary, prepaid expenses and other, short-term bank loans, bank acceptance notes payable, convertible note payable, accounts payable, accrued expenses, advances from customers, amounts due to related parties, and income taxes payable approximate their fair market value based on the short-term maturity of these instruments .

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.

Concentrations of credit risk

Concentrations of credit risk

 

The Company's operations are carried out in the PRC and Hong Kong. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and Hong Kong, and by the general state of the economies in the PRC and Hong Kong. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Substantially all of the Company's cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. 

Accounts receivable

Accounts receivable

 

Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer's historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. At September 30, 2019 and December 31, 2018, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $10,632,575 and $9,527,060, respectively. 

 

For the nine months ended September 30, 2019 and 2018, bad debt expense amounted to $4,307,234, and $1,285,990, respectively.

Inventories

Inventories

 

Inventories, consisting of raw materials, work-in-process and finished goods related to the Company's products are stated at the lower of cost or market utilizing the weighted average method. A reserve is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company recorded an inventory reserve of $4,643,524 and $1,212,706 as of September 30, 2019 and December 31, 2018, respectively.

Property and equipment

Property and equipment

 

Property and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statements of operations in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Impairment loss has been recorded in current period

 

For the three months ended September 30, 2019 and 2018, depreciation expense amounted to $709,120 and $979,203, respectively, of which $598,502 and $705,648, respectively, was included in cost of revenues, and the remainder was included in operating expenses.

 

For the nine months ended September 30, 2019 and 2018, depreciation expense amounted to $2,097,816 and $3,080,857, respectively, of which $1,614,959 and $2,218,554, respectively, was included in cost of revenues, and the remainder was included in operating expenses.

  

As of September 30, 2019, the Company conducted an impairment assessment on property and equipment. Accordingly, the Company recorded an impairment loss of $13,355,958 on certain equipment and buildings for the nine months ended September 30, 2019. For the nine months ended September 30, 2018, the impairment loss was $0.

Equity method investment

Equity method investment

  

Investments in which the Company has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long-term assets on the consolidated balance sheets. Under this method of accounting, the Company's share of the net earnings or losses of the investee is presented under other income (expense) on the consolidated statements of operations. The Company evaluates its equity method investment whenever events or changes in circumstance indicate that the carrying amounts of such investment may be impaired. A loss would be recorded if a decline in the value of an equity method investment is determined to be other than temporary (see Note 7).

Stock-based compensation

Stock-based compensation

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718, which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board ("FASB") also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Additionally, effective January 1, 2017, the Company adopted the Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur and the cumulative impact of this change did not have any effect on the Company's consolidated financial statements and related disclosures.

 

In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU No. 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC 606. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption.

Employee benefits

Employee benefits

 

The Company's operations and employees are all located in the PRC and Hong Kong. The Company makes mandatory contributions to the PRC and Hong Kong governments' health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws and law of Mandatory Provident Fund in Hong Kong. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $180,256 and $196,299 for the nine months ended September 30, 2019 and 2018, respectively.

Foreign currency translation

Foreign currency translation

 

The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB") or Hong Kong dollars (HKD). For the subsidiaries and affiliates, whose functional currencies are the RMB or HKD, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive loss. The cumulative translation adjustment and effect of exchange rate changes on cash for the nine months ended September 30, 2019 and 2018 was $(261,836)  and $(274,378), respectively.

 

The Company did not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.

 

For operating subsidiaries and VIEs located in the People's Republic of China ("PRC"), asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187  RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company's operations are calculated based upon the local currencies using the average translation rate.

Loss per share of common stock

Loss per share of common stock

 

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company did not have any common stock equivalents or potentially dilutive common stock outstanding during the three and nine months ended September 30, 2019 and 2018. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact. 

  

The following table presents a reconciliation of basic and diluted net loss per share:

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2019   2018   2019   2018 
Net loss for basic and diluted attributable to common shareholders  $(1,068,228)  $(18,196,461)  $(28,102,387)  $(28,779,651)
From continuing operations   (1,068,228)   (18,196,076)   (28,102,387)   (28,796,137)
From discontinued operations   -    (385)   -    16,486 
                     
Weighted average common stock outstanding – basic and diluted   9,278,106    7,100,416    8,866,755    3,598,265 
                     
Net loss per share of common stock                    
From continuing operations – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(8.00)
From discontinued operations – basic and diluted   -    (0.00)   -    0.01 
Net loss per common share – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(7.99)
Comprehensive loss

Comprehensive loss

 

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended September 30, 2019 and 2018 included net loss and unrealized (loss) gain from foreign currency translation adjustments.

Reclassification

Reclassification

 

Certain reclassifications have been made in prior period's consolidated financial statements to conform to the current year's financial presentation. The reclassifications have no effect on previously reported net loss.

Recent accounting pronouncements

Recent accounting pronouncements

 

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. In addition, the Company elected the land easement transition practical expedient and did not reassess whether an existing or expired land easement is a lease or contains a lease if it has not historically been accounted for as a lease. The adoption did not impact the Company's previously reported consolidated financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019. 

 

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment. ASU 2018-07 aligns the accounting for share based payments granted to non-employees with that of share based payments granted to employees. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.19.3
Concentrations
9 Months Ended
Sep. 30, 2019
Risks and Uncertainties [Abstract]  
CONCENTRATIONS

NOTE 14 – CONCENTRATIONS

 

Customers

 

Five customers accounted for approximately 80% (34%, 16%, 14%, 8% and 8%) of the Company's revenues for the three months ended September 30, 2019.

 

Five customers accounted for approximately 43% (11%, 10%, 8%, 7% and 7%) of the Company's revenues for the nine months ended September 30, 2019.

 

The total outstanding accounts receivable balance of Customer A, B, C, D, and E are $260,079, $168,154, $70,064, $472,233 and $29,427 respectively as of September 30, 2019.

  

Suppliers

 

Three suppliers accounted for approximately 73% (46%,16%, 11%) of the Company's inventories purchases for the three months ended September 30, 2019.

 

Two suppliers accounted for approximately 40% (20% and 20%) of the Company's inventories purchases for the nine months ended September 30, 2019.

 

The total outstanding accounts payable balance of Supplier A, B and C are $278,918, $69,604 and $310,659 respectively as of September 30, 2019.

XML 30 R28.htm IDEA: XBRL DOCUMENT v3.19.3
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets
   Useful life   September 30, 2019   December 31, 2018 
Land use rights  45 - 50 years   $3,783,611   $3,925,789 
Other intangible assets  3 - 5 years    843,218    845,180 
Goodwill  -    27,353    27,421 
        4,654,182    4,798,390 
Less: accumulated amortization       (1,337,699)   (1,235,877)
       $3,316,483   $3,562,513 
Schedule of amortization of intangible assets attributable to future periods
Year ending September 30:  Amount 
2020  $352,034 
2021   307,588 
2022   100,648 
2023   94,710 
2024   82,836 
Thereafter   2,351,314 
   $3,289,130
XML 31 R49.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Related Party Transactions (Textual)        
Amounts due to related party $ 1,745,444 $ 1,745,444   $ 1,257,505
License fee expense included in cost of sales 165,958 497,872 $ 210,213  
Prepaid license fee - related party $ 165,957 $ 165,957   $ 663,830
Amendment agreements, description   The exclusivity period has been further extended to a period of 18 months commencing from June 20, 2018 pursuant to three amendment agreements dated September 11, 2017, January 23, 2018 and June 20, 2018    
Ysk 1860 Co., Limited [Member]        
Related Party Transactions (Textual)        
Provisional agreement for purchase and sale description   Mr. Chan Tin Chi owns 99% of the issued and outstanding ordinary shares of Chan Tin Chi Family Company Limited (formerly known as YSK 1860 Co., Limited). From time to time, during 2018 and 2019, the Company receive advances from Mr. Chan Tin Chi and Chan    
Ecrent Capital Holdings Limited [Member]        
Related Party Transactions (Textual)        
Service agreements description   The Company granted ECrent 250,000 shares of common stock (the "Consideration Shares"), at an issue price of $1,040,000, or $4.16 per share, (based on the quoted market price of the Company's common stock on the amended Agreement date of May 24, 2018)    
Amendment agreements, description   Pursuant to the terms of the Agreement, ECrent shall provide a guarantee on revenue and profit of $13,000,000 and $2,522,000, respectively. The Consideration Shares shall be reduced on a pro rata basis if there is a shortfall in the guaranteed revenue and/or profit.    
Mr. Chan Tin Chi and Chan Tin Chi Family Company Limited [Member]        
Related Party Transactions (Textual)        
Working capital   $ 519,543 580,046  
Repaid   $ 31,604 $ 0  
XML 32 R41.htm IDEA: XBRL DOCUMENT v3.19.3
Intangible Assets (Details) - USD ($)
9 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Components of intangible assets    
Intangible assets, Gross $ 4,654,182 $ 4,798,390
Less: accumulated amortization (1,337,699) (1,235,877)
Intangible assets, Net 3,316,483 3,562,513
Land use rights [Member]    
Components of intangible assets    
Intangible assets, Gross 3,783,611 3,925,789
Other intangible assets [Member]    
Components of intangible assets    
Intangible assets, Gross 843,218 845,180
Goodwill [Member]    
Components of intangible assets    
Intangible assets, Gross $ 27,353 $ 27,421
Minimum [Member] | Land use rights [Member]    
Components of intangible assets    
Intangible assets, useful life 45 years  
Minimum [Member] | Other intangible assets [Member]    
Components of intangible assets    
Intangible assets, useful life 3 years  
Maximum [Member] | Land use rights [Member]    
Components of intangible assets    
Intangible assets, useful life 50 years  
Maximum [Member] | Other intangible assets [Member]    
Components of intangible assets    
Intangible assets, useful life 5 years  
XML 33 R45.htm IDEA: XBRL DOCUMENT v3.19.3
Short-Term Bank Loans (Details 1) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]    
2020 $ 232,055  
2021 164,792  
2022  
Total minimum loan payments 396,847  
Less: amount representing interest (56,103)  
Less: security deposit due (68,220)  
Present value of net minimum loan payment 272,524  
Less: current portion (152,950)  
Long-term portion $ 119,574 $ 244,910
XML 34 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2019
Nov. 13, 2019
Document and Entity Information [Abstract]    
Entity Registrant Name SHARING ECONOMY INTERNATIONAL INC.  
Entity Central Index Key 0000819926  
Amendment Flag true  
Amendment Description This Amendment No. 1 (“Amendment No. 1”) to the Quarterly Report on Form 10-Q of Sharing Economy International, Inc. for the fiscal quarter ended September 30, 2019 as filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2019 (the “Original 10-Q”) is being filed to amend and restate the Original 10-Q.  
Current Fiscal Year End Date --12-31  
Document Type 10-Q/A  
Document Period End Date Sep. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   9,278,106
Entity File Number 001-34591  
Entity Interactive Data Current Yes  
Entity Incorporation State Country Code NV  
XML 35 R54.htm IDEA: XBRL DOCUMENT v3.19.3
Commitment and Contingencies (Details)
1 Months Ended
Apr. 25, 2019
Commitment and Contingencies (Textual)  
Description of lease agreement The Dairy Farm Limited ("Dairy Farm") in respect of the cooperation agreement between the two parties for the battery rental business at 7-Eleven outlets in Hong Kong during the period from September 2017 to February 2018. The claim is for a total compensation of HK$1,395,000 (approximately $178,846) which comprises of (i) HK$45,000 (approximately $5,769) as compensation for interest and administration cost incurred as a result of Dairy Farm's delay in payment of EC Power's share of the rental income, and (ii) HK$1,350,000 (approximately $173,077) as compensation for Dairy Farm's early termination of the cooperation agreement without any valid proof of fault on the part of EC Power.
XML 36 R5.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
Common Stock
Additional Paid-in Capital
Retained Earnings
Statutory Reserve
Accumulated Other Comprehensive Income
Non-controlling Interest
Total
Beginning balance at Dec. 31, 2017 $ 2,528 $ 40,241,172 $ 13,624,729 $ 2,352,592 $ 4,923,829 $ 24,230 $ 61,169,080
Beginning balance, shares at Dec. 31, 2017 2,527,720            
Common stock issued for cash $ 70 256,340 256,410
Common stock issued for cash, shares 69,676            
Common stock issued for services to consultants and service providers $ 2,650 11,634,111 11,636,761
Common stock issued for services to consultants and service providers, shares 2,650,774            
Common stock issued for services to employees and directors $ 1,628 6,021,035 6,022,663
Common stock issued for services to employees and directors, shares 1,627,960            
Common stock issued upon conversion of debt $ 200 670,135 670,335
Common stock issued upon conversion of debt, shares 200,100            
Common stock issued for acquisition of majority-owned subsidiaries $ 425 2,016,559 2,016,984
Common stock issued for acquisition of majority-owned subsidiaries, shares 425,074            
Share of reserve arising from acquisition of non-wholly owned subsidiaries 403,499 403,499
Share of reserve arising from acquisition of non-wholly owned subsidiaries, shares            
Net loss (28,779,651) (683,411) (29,463,062)
Ending balance at Sep. 30, 2018 $ 7,501 60,839,352 (15,154,922) 2,352,592 2,549,644 (255,682) 50,338,485
Ending balance, shares at Sep. 30, 2018 7,501,304            
Beginning balance at Jun. 30, 2018 $ 6,038 55,597,267 3,041,539 2,352,592 4,021,436 120,489 65,139,361
Beginning balance, shares at Jun. 30, 2018 6,037,791            
Common stock issued for services to consultants and service providers $ 86 43,746 43,832
Common stock issued for services to consultants and service providers, shares 86,623            
Common stock issued for services to employees and directors $ 1,377 5,198,339 5,199,716
Common stock issued for services to employees and directors, shares 1,376,890            
Share of reserve arising from acquisition of non-wholly owned subsidiaries 1,087 1,087
Share of reserve arising from acquisition of non-wholly owned subsidiaries, shares            
Net loss (18,196,461) (377,258) (18,573,719)
Foreign currency translation adjustment         (1,471,792)   (1,471,792)
Ending balance at Sep. 30, 2018 $ 7,501 60,839,352 (15,154,922) 2,352,592 2,549,644 (255,682) 50,338,485
Ending balance, shares at Sep. 30, 2018 7,501,304            
Beginning balance at Dec. 31, 2018 $ 7,449 58,452,131 (27,492,559) 2,352,592 2,657,614 (539,802) 35,437,425
Beginning balance, shares at Dec. 31, 2018 7,449,123            
Common stock issued for cash $ 690 199,410 200,100
Common stock issued for cash, shares 690,000            
Common stock issued for services to consultants and service providers $ 1,349 287,620 288,969
Common stock issued for services to consultants and service providers, shares 1,349,347            
Common stock surrendered for services from consultants and service providers $ (562) (947,386) (947,948)
Common stock surrendered for services from consultants and service providers, shares (562,501)            
Common stock issued upon conversion of debt $ 267 49,733 50,000
Common stock issued upon conversion of debt, shares 266,667            
Common stock issued for donation $ 85 259,513 259,598
Common stock issued for donation, shares 85,470            
Net loss (28,102,387) (307,394) (28,409,781)
Foreign currency translation adjustment (216,993) (363) (217,356)
Ending balance at Sep. 30, 2019 $ 9,278 58,301,021 (55,594,946) 2,352,592 2,440,621 (847,559) 6,661,007
Ending balance, shares at Sep. 30, 2019 9,278,106            
Beginning balance at Jun. 30, 2019 $ 9,278 58,301,021 (54,526,718) 2,352,592 2,975,370 (802,912) 8,308,631
Beginning balance, shares at Jun. 30, 2019 9,278,106            
Net loss (1,068,228) (44,647) (1,112,875)
Foreign currency translation adjustment (534,749) (534,749)
Ending balance at Sep. 30, 2019 $ 9,278 $ 58,301,021 $ (55,594,946) $ 2,352,592 $ 2,440,621 $ (847,559) $ 6,661,007
Ending balance, shares at Sep. 30, 2019 9,278,106            
XML 37 R50.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders' Equity (Details) - USD ($)
1 Months Ended 9 Months Ended
Mar. 31, 2019
Jan. 31, 2019
Sep. 30, 2019
Sep. 30, 2018
Feb. 28, 2019
Stockholders' Equity (Textual)          
Stock-based consulting and service fees     $ 2,710,195    
Stock-based professional fees     2,710,195 $ 9,132,385  
Prepaid expenses     $ 1,026,124    
Aggregate shares     223,135    
Aggregate shares issued     562,501    
Fair value of stockholders’ equity     $ 947,948    
Common stock issued for cash $ 200,100   $ 200,100 $ 256,410  
Purchase price of per share $ 0.29        
Common stock upon conversion of debt   266,667      
Shares issued for donation         85,470
Shares issued for donation, price per share     $ 3.04    
Donation expense     $ 259,598    
Shares issued for donation, value     259,598    
Common Stock [Member]          
Stockholders' Equity (Textual)          
Stock-based consulting and service fees     1,349,347    
Fair value shares issued     $ 288,969    
Common stock issued for cash, shares 690,000   690,000 69,676  
Common stock issued for cash     $ 690 $ 70  
XML 38 R9.htm IDEA: XBRL DOCUMENT v3.19.3
Going Concern Uncertainties
9 Months Ended
Sep. 30, 2019
Going Concern Uncertainties [Abstract]  
GOING CONCERN UNCERTAINTIES

NOTE 3 – GOING CONCERN UNCERTAINTIES

 

These unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company had a loss from continuing operations of approximately $28,410,000 for the nine months ended September 30, 2019. The net cash used in operations was approximately $389,000 for the nine months ended September 30, 2019. Additionally, during the nine months ended September 30, 2019, revenues, substantially all of which are derived from the manufacture and sales of textile dyeing and finishing equipment, decreased by 31.5% as compared to the nine months ended September 30, 2018. Management believes that its capital resources are not currently adequate to continue operating and maintaining its business strategy for twelve months from the date of this report. The Company may seek to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity and from bank loans, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail or cease operations.

 

Management believes that these matters raise substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

ZIP 39 0001213900-19-025010-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001213900-19-025010-xbrl.zip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�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htm IDEA: XBRL DOCUMENT v3.19.3
Inventories (Details Textual) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Inventories (Textual)    
Increased (decrease) inventory reserve $ 3,430,818 $ 0

XML 41 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Schedule of segment information

   For the Three Months ended
September 30,
   For the Nine Months ended
September 30,
 
   2019   2018   2019   2018 
Revenues:                
Dyeing and finishing equipment  $1,676,831   $2,444,437   $5,216,740   $7,499,362 
Sharing economy   533    72,764    27,325    155,959 
    1,677,364    2,517,201    5,244,065    7,655,321 
Depreciation:                    
Dyeing and finishing equipment   696,819    974,745    2,081,089    3,067,647 
Sharing economy   12,301    4,458    16,727    13,210 
    709,120    979,203    2,097,816    3,080,857 
Interest expense                    
Dyeing and finishing equipment   35,605    26,892    116,597    88,372 
Sharing economy   137,668    92,002    228,483    153,336 
Other   3    -    3    - 
    173,276    118,894    345,083    241,708 
Net loss                    
Dyeing and finishing equipment    (311,457)   (13,293,023)   (23,833,748)   (17,364,755)
Sharing economy    (261,178)   (4,319,404)   (1,374,469)   (8,049,373)
Discontinued segments   -    (385)   -    16,486 
Other   (540,240)   (960,907)   (3,201,564)   (4,065,420)
   $(1,112,875)  $(18,573,719)  $(28,409,781)  $(29,463,062)
XML 42 R35.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Accounts receivable, net $ 9,246 $ 9,593
Prepaid expenses and other 196,411 200,333
Total current assets 205,657 209,926
Total assets 205,657 209,926
Current liabilities:    
Accounts payable 233,938 242,555
Advances from customers
Accrued expenses and other liabilities 25,036 25,977
Total current liabilities 258,974 268,532
Total liabilities $ 258,974 $ 268,532
XML 43 R16.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Note Payable
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
CONVERTIBLE NOTE PAYABLE

NOTE 10 – CONVERTIBLE NOTE PAYABLE

 

Securities purchase agreement and related convertible note and warrants

 

On May 2, 2018, pursuant to a securities purchase agreement, the Company closed a private placement of securities with Iliad Research and Trading, L.P. (the "Investor") pursuant to which the Investor purchased a Convertible Promissory Note (the "Iliad Note") in the original principal amount of $900,000, convertible into shares of common stock of the Company (the "Common Stock"), upon the terms and subject to the limitations and conditions set forth in the Iliad Note, and a two year Warrant to purchase 134,328 shares of Common Stock at an exercise price of $7.18 per share (the "Warrant"). In connection with the Iliad Note, the Company paid an original issue discount of $150,000 and paid issuance costs of $45,018 which will be reflected as a debt discount and amortized over the Iliad Note term. The Iliad Note bears interest at 10% per annum, is unsecured, and is due on the date that is fifteen months from May 2, 2018 . The warrants shall expire on the last calendar day of the month in which the second anniversary of the Issue Date occurs. On November 8, 2018, the Company converted an aggregate of $27,811 and $47,189 outstanding principal and interest of the Iliad Note, respectively, into a total of 36,621 shares of its common stock. On January 11, 2019, the Company converted an aggregate of $34,103 and $15,897 outstanding principal and interest of the Iliad Note, respectively, into 266,667 shares of its common stock.

 

The Investor has the right at any time after May 2, 2018 until the outstanding balance has been paid in full to convert all or any part of the outstanding balance into shares of common stock of the Company at conversion price of $6.70 per share (the "Lender Conversion Price"). The Lender Conversion Price is subject to certain adjustments set forth in the Iliad Note. The conversion price for each Redemption Conversion (the "Redemption Conversion Price") shall be the lesser of (a) the Lender Conversion Price, and (b) the Market Price; provided, however, in no event shall the Redemption Conversion Price be less than $2.00 per share ("Conversion Price Floor") unless the Company waive the Conversion Price Floor.

 

This debt instrument includes embedded components including a put option. The Company evaluated these embedded components to determine whether they are embedded derivatives within the scope of ASC 815 that should be separately carried at fair value. ASC 815-15-25-1 provides guidance on when an embedded component should be separated from its host instrument and accounted for separately as a derivative. Based on this analysis, the Company believes that the put option is clearly and closely related to the debt instrument and does not meet the definition of a derivative. Accordingly, in connection with this Iliad Note, the Company recorded a debt discount for (a) the original issue discount of $150,000 (b) the relative fair value of the warrants issued of $152,490 and (c) legal fees and other fees paid in connection with the Iliad Note aggregating $45,018. There is no beneficial conversion feature on this Iliad Note. The debt discount shall be accreted on a straight line basis over the term of this Iliad Note.

 

The convertible note payable has been extended longer period agreed by both parties.

 

As of September 30, 2019 and December 31, 2018, convertible debt consisted of the following:

 

   September 30,
2019
   December 31,
2018
 
Principal  $838,571   $872,674 
Unamortized discount   -    (162,170)
Convertible debt, net  $838,571   $710,504 

  

For the nine months ended September 30, 2019, amortization of debt discount and interest expenses amounted to $162,170 and $67,500, respectively.

 

For the nine months ended September 30, 2018, amortization of debt discount and interest expenses amounted to $115,836 and $37,500, respectively.

 

As of September 30, 2019 and December 31, 2018, accrued interest amounted to $63,603 and $13,187, respectively.

XML 44 R12.htm IDEA: XBRL DOCUMENT v3.19.3
Inventories
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 6 – INVENTORIES

 

As of September 30, 2019 and December 31, 2018, inventories consisted of the following: 

 

   September 30,
2019
   December 31, 2018 
Raw materials  $769,294   $1,207,334 
Work-in-process   379,747    872,376 
Finished goods   5,546,795    5,547,301 
    6,695,836    7,627,011 
Less: inventory reserve   (4,643,524)   (1,212,706)
   $2,052,312   $6,414,305 

 

The Company establishes a reserve to mark down its inventories for estimated unmarketable inventories equal to the difference between the cost of inventories and the estimated net realizable value based on assumptions about the usability of the inventories, future demand and market conditions. For the nine months ended September 30, 2019 and 2018, the Company increased its inventory reserve for $3,430,818 and $0, respectively.

EXCEL 45 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 46 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations (Tables)
9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations in the Company's consolidated financial statements
   September 30,
2019
   December 31,
2018
 
   (unaudited)   (audited) 
Assets:    
Current assets:        
Accounts receivable, net  $9,246   $9,593 
Prepaid expenses and other   196,411    200,333 
Total current assets   205,657    209,926 
Total assets  $205,657   $209,926 
Liabilities:          
Current liabilities:          
Accounts payable  $233,938   $242,555 
Advances from customers   -    - 
Accrued expenses and other liabilities   25,036    25,977 
Total current liabilities   258,974    268,532 
Total liabilities  $258,974   $268,532 
Schedule of discontinued operations included in the Company's consolidated statements of operations
   Three months ended
September 30,
   Nine months ended
September 30,
 
   2019   2018   2019   2018 
Revenues  $-   $-   $-   $- 
Operating (expense) income:                    
Other operating income – bad debt recovery   -    (385)   -    16,486 
Total operating (loss) income   -    (385)   -    16,486 
(Loss) income from operations   -    (385)   -    16,486 
Other income, net   -    -    -    - 
(Loss) income from discontinued operations, net of income taxes  $-   $(385)  $-   $16,486 
XML 47 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Restricted Net Assets
9 Months Ended
Sep. 30, 2019
Restricted Net Assets [Abstract]  
RESTRICTED NET ASSETS

NOTE 16 – RESTRICTED NET ASSETS

 

Regulations in the PRC permit payments of dividends by the Company's PRC subsidiary and VIEs only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Subject to certain cumulative limit, a statutory reserve fund requires annual appropriations of at least 10% of after-tax profit, if any, of the relevant PRC VIEs and subsidiary. Heavy Industries and Dyeing had reached the cumulative limit as of December 31, 2018. The statutory reserve funds are not distributable as cash dividends. As a result of these PRC laws and regulations, the Company's PRC VIEs and its PRC subsidiary are restricted in their abilities to transfer a portion of their net assets to the Company. Foreign exchange and other regulations in PRC may further restrict the Company's PRC VIEs and its subsidiary from transferring funds to the Company in the form of loans and/or advances.

 

As of September 30, 2019 and December 31, 2018, substantially all of the Company's net assets are attributable to the PRC VIEs and its subsidiary located in the PRC. Accordingly, the Company's restricted net assets (liabilities) as of September 30, 2019 and December 31, 2018 were approximately ($5,145,000) and $21,923,000, respectively.

XML 48 R43.htm IDEA: XBRL DOCUMENT v3.19.3
Intangible Assets (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Intangible Assets (Textual)          
Amortization of intangible assets   $ 30,062 $ 99,177 $ 140,325 $ 299,373
Land use rights expiration date       Expire on January 1, 2053 and October 30, 2053.  
Land use rights [Member] | Maximum [Member]          
Intangible Assets (Textual)          
Intangible assets, useful life       50 years  
Land use rights [Member] | Minimum [Member]          
Intangible Assets (Textual)          
Intangible assets, useful life       45 years  
3D Discovery [Member]          
Intangible Assets (Textual)          
Amortization period 3 years        
Intangible assets acquired $ 754,159        
XML 49 R47.htm IDEA: XBRL DOCUMENT v3.19.3
Convertible Note Payable (Details) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]    
Principal $ 838,571 $ 872,674
Unamortized discount (162,170)
Convertible debt, net $ 838,571 $ 710,504
XML 50 R3.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2019
Dec. 31, 2018
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 12,500,000 12,500,000
Common stock, shares issued 9,278,106 7,449,123
Common stock, shares outstanding 9,278,106 7,449,123
Preferred Class A    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
XML 51 R52.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information (Details Textual) - Segment
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Segment Information (Textual)        
Number of reportable business segments 2 2 2 2
XML 52 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Basis of Presentation
9 Months Ended
Sep. 30, 2019
Basis of Presentation [Abstract]  
BASIS OF PRESENTATION

NOTE 1 – BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States ("GAAP"), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

 

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2018 and footnotes thereto included in the Company's Annual Report on Form 10-K filed with the SEC on April 16, 2019. The consolidated balance sheet as of December 31, 2018 contained herein has been derived from the audited consolidated financial statements as of December 31, 2018, but does not include all disclosures required by the generally accepted accounting principles in the U.S. ("U.S. GAAP").

XML 53 R18.htm IDEA: XBRL DOCUMENT v3.19.3
Stockholders' Equity
9 Months Ended
Sep. 30, 2019
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 12 – STOCKHOLDERS' EQUITY

 

Common stock issued for cash

 

In March 2019, pursuant to a stock purchase agreement, the Company sold 690,000 shares of common stock to an investor at a purchase price of $0.29 per share for net cash proceed a total of $200,100. The Company did not engage a placement agent with respect to these sales.

 

Common stock issued for services and common stock surrendered

 

During the nine months ended September 30, 2019, pursuant to consulting and service agreements, the Company issued an aggregate of 1,349,347 shares of common stock to twenty four consultants and vendors for the services rendered and to be rendered. These shares were valued at the fair market value on the grant date using the reported closing share price on the date of grant. At the end of each financial reporting period prior to issuance of these shares, the fair value of these shares is measured using the fair value of the Company's common stock at reporting date. During the nine months ended September 30, 2019, the fair value of the above mentioned shares issued and the change in value of the shares to be issued was $288,969. The Company recognizes stock-based professional fees over the period during which the services are rendered by such consultant or vendor. For the nine months ended September 30, 2019, the Company recorded stock-based consulting and service fees to service provider and employees of $2,710,195. In connection with the issuance/future issuance of shares to consultants and vendors, the Company recorded prepaid expenses of $1,026,124 which will be amortized over the remaining service period.

 

During the nine months ended September 30, 2019, the Company terminated the consulting agreements of eleven consultants. The consultants surrendered an aggregate of 562,501 shares issued in prior periods. In addition, the Company also mutually agreed or terminated the consulting and service agreements of three consultants and vendors. Both parties forgo their respective rights as stated in the agreements; and the Company has no obligation to issue in aggregate of 223,135 shares in effect. As a result of the above mentioned transactions, the Company reversed the fair value of $947,948 recognized in stockholders' equity in prior periods.

 

Common stock issued for debt conversion

 

In January 2019, the Company issued 266,667 shares of its common stock upon conversion of debt (note 10).

 

Shares issued for donation

 

In February 2019, the Company issued 85,470 shares as donation to Hong Kong Baptist University ("HKBU"). The Foundation would use the funds raised from the donation to support the delivery of education, operation, facilities enhancement and study of the Academy of Film of HKBU. These shares were valued at $259,598, or $3.04 per share. In connection with this donation, during the nine months ended September 30, 2019, the Company recorded donation expense of $259,598, which is included in operating expenses.

XML 54 R14.htm IDEA: XBRL DOCUMENT v3.19.3
Intangible Assets
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8 – INTANGIBLE ASSETS

 

As of September 30, 2019 and December 31, 2018, intangible assets consisted of the following:

 

   Useful life   September 30, 2019   December 31, 2018 
Land use rights  45 - 50 years   $3,783,611   $3,925,789 
Other intangible assets  3 - 5 years    843,218    845,180 
Goodwill  -    27,353    27,421 
        4,654,182    4,798,390 
Less: accumulated amortization       (1,337,699)   (1,235,877)
       $3,316,483   $3,562,513 

 

Amortization of intangible assets attributable to future periods is as follows:

 

Year ending September 30:  Amount 
2020  $352,034 
2021   307,588 
2022   100,648 
2023   94,710 
2024   82,836 
Thereafter   2,351,314 
   $3,289,130 

 

There is no private ownership of land in the PRC. Land is owned by the government and the government grants land use rights for specified terms. The Company's land use rights have terms of 45 and 50 years and expire on January 1, 2053 and October 30, 2053. The Company amortizes the land use rights over the term of the respective land use right.

 

In January 2018, in connection with the acquisition of 3D Discovery, the Company acquired their technologies valued at $754,159. The technology of 3D Discovery covers a 3D virtual tour solution for the property industry. The Company amortizes this technology over a term of three years.

 

For the three months ended September 30, 2019 and 2018, amortization of intangible assets amounted to $30,062 and $99,177, respectively.

 

For the nine months ended September 30, 2019 and 2018, amortization of intangible assets amounted to $140,325 and $299,373, respectively.

XML 55 R10.htm IDEA: XBRL DOCUMENT v3.19.3
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   

Listing status

 

On November 26, 2018, Sharing Economy International Inc. (the "Company") received a staff determination notice from The Nasdaq Stock Market ("Nasdaq") informing the Company that as a result of its failure to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(c) (the "Rule"), the staff determined to deny the Company's request for continued listing based on a plan of compliance submitted on October 26, 2018. The Company's common stock was delisted from Nasdaq at the open of trading on December 5, 2018. The Company's common stock is currently trading on the OTC Markets under the symbol "SEII".

 

Principles of consolidation

 

The Company's unaudited condensed consolidated financial statements include the financial statements of its wholly-owned and majority owned subsidiaries, as well as the financial statements of the Huayang Companies, including Dyeing, which conducts the Company's continuing operations, and Heavy Industries, which operated discontinued operations. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

On December 30, 2016, the Company sold and transferred its 100% interest in Fulland Wind to an unrelated party. Additionally, the Company's management decided to discontinue its petroleum and chemical equipment segment due to significant declines in revenues and the loss of its major customers. As such, petroleum and chemical segment's assets and liabilities have been classified on the consolidated balance sheets as assets and liabilities of discontinued operations as of September 30, 2019 and December 31, 2018. The operating results of the petroleum and chemical segment have been classified as discontinued operations in our consolidated statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the consolidated financial statements are related to the Company's continuing operations.

 

Pursuant to Accounting Standards Codification ("ASC") Topic 810, the Huayang Companies are considered variable interest entities ("VIE"), and the Company is the primary beneficiary. The Company's relationships with the Huayang Companies and their shareholders are governed by a series of contractual arrangements between Green Power, the Company's wholly foreign-owned enterprise in the PRC, and each of the Huayang Companies, which are the operating companies of the Company in the PRC. Under PRC laws, each of Green Power, Dyeing and Heavy Industries is an independent legal entity and none of them is exposed to liabilities incurred by the other parties. The contractual arrangements constitute valid and binding obligations of the parties of such agreements. Each of the contractual arrangements and the rights and obligations of the parties thereto are enforceable and valid in accordance with the laws of the PRC.

 

Because of the contractual arrangements, the Company has a pecuniary interest in the Huayang Companies that requires the Company to consolidate the Huayang Companies in its financial statements as if they are wholly-owned subsidiaries of the Company.

  

Use of estimates

 

The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results could materially differ from these estimates. Significant estimates in the nine months ended September 30, 2019 and 2018 include the allowance for doubtful accounts on accounts and other receivables, the allowance for inventory reserve, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets, valuation of deferred tax assets, and the value of stock-based compensation.

 

Cash and cash equivalents

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less and money market accounts to be cash equivalents. The Company maintains with various financial institutions mainly in the PRC, Hong Kong and the U.S. As of September 30, 2019 and December 31, 2018, cash balances held in PRC and Hong Kong banks of $92,864 and $774,316, respectively, are uninsured.

 

Fair value of financial instruments

 

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, notes receivable, accounts receivable, inventories, advances to suppliers, receivable from sale of subsidiary, prepaid expenses and other, short-term bank loans, bank acceptance notes payable, convertible note payable, accounts payable, accrued expenses, advances from customers, amounts due to related parties, and income taxes payable approximate their fair market value based on the short-term maturity of these instruments .

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.

 

Concentrations of credit risk

 

The Company's operations are carried out in the PRC and Hong Kong. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC and Hong Kong, and by the general state of the economies in the PRC and Hong Kong. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

 

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Substantially all of the Company's cash is maintained with state-owned banks within the PRC and Hong Kong, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in bank accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. 

 

Accounts receivable

 

Accounts receivable are presented net of allowance for doubtful accounts. The Company maintains allowance for doubtful accounts for estimated losses. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Company considers many factors, including the age of the balance, a customer's historical payment history, its current credit-worthiness and current economic trends. Accounts are written off after exhaustive efforts at collection. At September 30, 2019 and December 31, 2018, the Company has established, based on a review of its outstanding balances, an allowance for doubtful accounts in the amounts of $10,632,575 and $9,527,060, respectively. 

 

For the nine months ended September 30, 2019 and 2018, bad debt expense amounted to $4,307,234, and $1,285,990, respectively.

  

Inventories

 

Inventories, consisting of raw materials, work-in-process and finished goods related to the Company's products are stated at the lower of cost or market utilizing the weighted average method. A reserve is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. The Company recorded an inventory reserve of $4,643,524 and $1,212,706 as of September 30, 2019 and December 31, 2018, respectively.

 

Property and equipment

 

Property and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the statements of operations in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable. Impairment loss has been recorded in current period

 

For the three months ended September 30, 2019 and 2018, depreciation expense amounted to $709,120 and $979,203, respectively, of which $598,502 and $705,648, respectively, was included in cost of revenues, and the remainder was included in operating expenses.

 

For the nine months ended September 30, 2019 and 2018, depreciation expense amounted to $2,097,816 and $3,080,857, respectively, of which $1,614,959 and $2,218,554, respectively, was included in cost of revenues, and the remainder was included in operating expenses.

  

As of September 30, 2019, the Company conducted an impairment assessment on property and equipment. Accordingly, the Company recorded an impairment loss of $13,355,958 on certain equipment and buildings for the nine months ended September 30, 2019. For the nine months ended September 30, 2018, the impairment loss was $0. 

  

Equity method investment

  

Investments in which the Company has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in the long-term assets on the consolidated balance sheets. Under this method of accounting, the Company's share of the net earnings or losses of the investee is presented under other income (expense) on the consolidated statements of operations. The Company evaluates its equity method investment whenever events or changes in circumstance indicate that the carrying amounts of such investment may be impaired. A loss would be recorded if a decline in the value of an equity method investment is determined to be other than temporary (see Note 7).

 

Stock-based compensation

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC Topic 718, which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the vesting period or immediately if fully vested and non-forfeitable. The Financial Accounting Standards Board ("FASB") also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Additionally, effective January 1, 2017, the Company adopted the Accounting Standards Update No. 2016-09 ("ASU 2016-09"), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 permits the election of an accounting policy for forfeitures of share-based payment awards, either to recognize forfeitures as they occur or estimate forfeitures over the vesting period of the award. The Company has elected to recognize forfeitures as they occur and the cumulative impact of this change did not have any effect on the Company's consolidated financial statements and related disclosures.

  

In June 2018, the FASB issued ASU No. 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions by expanding the scope of the stock-based compensation guidance in ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. ASU No. 2018-07 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted, but entities may not adopt prior to adopting the new revenue recognition guidance in ASC 606. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption.

 

Employee benefits

 

The Company's operations and employees are all located in the PRC and Hong Kong. The Company makes mandatory contributions to the PRC and Hong Kong governments' health, retirement benefit and unemployment funds in accordance with the relevant Chinese social security laws and law of Mandatory Provident Fund in Hong Kong. The costs of these payments are charged to the same accounts as the related salary costs in the same period as the related salary costs incurred. Employee benefit costs totaled $180,256 and $196,299 for the nine months ended September 30, 2019 and 2018, respectively.

  

Foreign currency translation

 

The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB") or Hong Kong dollars (HKD). For the subsidiaries and affiliates, whose functional currencies are the RMB or HKD, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive loss. The cumulative translation adjustment and effect of exchange rate changes on cash for the nine months ended September 30, 2019 and 2018 was $(261,836) and $(274,378), respectively.

 

The Company did not enter into any material transaction in foreign currencies. Transaction gains or losses have not had, and are not expected to have, a material effect on the results of operations of the Company.

 

For operating subsidiaries and VIEs located in the People's Republic of China ("PRC"), asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187 RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company's operations are calculated based upon the local currencies using the average translation rate.

 

Loss per share of common stock

 

Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. The Company did not have any common stock equivalents or potentially dilutive common stock outstanding during the three and nine months ended September 30, 2019 and 2018. In a period in which the Company has a net loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact. 

  

The following table presents a reconciliation of basic and diluted net loss per share:

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2019   2018   2019   2018 
Net loss for basic and diluted attributable to common shareholders  $(1,068,228)  $(18,196,461)  $(28,102,387)  $(28,779,651)
From continuing operations   (1,068,228)   (18,196,076)   (28,102,387)   (28,796,137)
From discontinued operations   -    (385)   -    16,486 
                     
Weighted average common stock outstanding – basic and diluted   9,278,106    7,100,416    8,866,755    3,598,265 
                     
Net loss per share of common stock                    
From continuing operations – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(8.00)
From discontinued operations – basic and diluted   -    (0.00)   -    0.01 
Net loss per common share – basic and diluted  $(0.12)  $(2.56)  $(3.17)  $(7.99)

 

Comprehensive loss

 

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended September 30, 2019 and 2018 included net loss and unrealized (loss) gain from foreign currency translation adjustments. 

  

Reclassification

 

Certain reclassifications have been made in prior period's consolidated financial statements to conform to the current year's financial presentation. The reclassifications have no effect on previously reported net loss.

 

Recent accounting pronouncements

 

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. In addition, the Company elected the land easement transition practical expedient and did not reassess whether an existing or expired land easement is a lease or contains a lease if it has not historically been accounted for as a lease. The adoption did not impact the Company's previously reported consolidated financial statements nor did it result in a cumulative effect adjustment to retained earnings as of January 1, 2019. 

 

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment. ASU 2018-07 aligns the accounting for share based payments granted to non-employees with that of share based payments granted to employees. The Company early adopted ASU No. 2018-07 in the fourth quarter of 2018 and there was no cumulative effect of adoption. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.

XML 56 R33.htm IDEA: XBRL DOCUMENT v3.19.3
Description of Business and Organization (Details Textual)
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2018
USD ($)
Apr. 30, 2018
CNY (¥)
Jan. 19, 2018
Dec. 08, 2017
Dec. 30, 2016
Dec. 26, 2016
Dec. 23, 2016
Jan. 30, 2016
Description of Business and Organization (Textual)                        
Cash and cash equivalents uninsured amount $ 92,864   $ 92,864   $ 774,316              
Allowance for doubtful accounts 10,632,575   10,632,575   9,527,060              
Inventory reserve 4,643,524   4,643,524   $ 1,212,706              
Employee benefit costs     $ 180,256 $ 196,299                
Foreign currency translation description     Asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.1363 RMB to $1.00 and at 6.8778 RMB to $1.00, respectively, which were the exchange rates on the balance sheet dates. For operating subsidiaries in Hong Kong, asset and liability accounts as of September 30, 2019 and December 31, 2018 were translated at 7.8396 and 7.8305 HKD to $1.00, respectively, which were the exchange rates on the balance sheet date. For operating subsidiaries and VIEs located in the PRC, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and 2018 were 6.8609 RMB and 6.5187 RMB to $1.00, respectively. For operating subsidiaries located in Hong Kong, the average translation rates applied to the statements of operations for the nine months ended September 30, 2019 and December 31, 2018 were 7.8 HKD and 7.8 HKD to $1.00. Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rate.                  
Cumulative translation adjustment and effect of exchange rate changes on cash     $ (261,836) (274,378)                
Debt expense     4,307,234 1,285,990                
Depreciation expense 709,120 $ 979,203 2,097,816 3,080,857                
Cost of revenues 1,874,420 4,244,853 10,106,431 10,462,225                
Operating expenses $ 791,975 $ 7,773,372 23,193,748 17,338,115                
Impairment loss     $ 13,355,958 $ 0                
Green Power Environment Technology (Shanghai) Co., Ltd.[Member]                        
Description of Business and Organization (Textual)                        
Percentage of shareholding or ownership                 100.00%      
Wuxi Fulland Wind Energy Equipment Co., Ltd. [Member]                        
Description of Business and Organization (Textual)                        
Percentage of shareholding or ownership                 100.00%      
Equity interest percentage                 100.00%      
EC Technology [Member] | 3D Discovery Co. Limited [Member]                        
Description of Business and Organization (Textual)                        
Percentage of shareholding or ownership             60.00%          
EC Technology [Member] | Inspirit Studio Limited [Member]                        
Description of Business and Organization (Textual)                        
Percentage of shareholding or ownership               51.00%        
Wuxi Shengxin New Energy Engineering Co., Ltd. [Member]                        
Description of Business and Organization (Textual)                        
Equity interest percentage                   30.00% 70.00%  
AnyWorkspace Limited [Member]                        
Description of Business and Organization (Textual)                        
Percentage of shareholding or ownership                       80.00%
Shengxin [Member] | RMB [Member]                        
Description of Business and Organization (Textual)                        
Company invested interest amount | ¥           ¥ 40,000,000            
XML 57 R37.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations (Details Textual) - Fulland Wind [Member]
1 Months Ended 9 Months Ended 12 Months Ended
Apr. 10, 2017
USD ($)
Apr. 10, 2017
CNY (¥)
Dec. 28, 2016
USD ($)
Dec. 28, 2016
CNY (¥)
Dec. 23, 2016
USD ($)
installments
Dec. 23, 2016
CNY (¥)
installments
Sep. 30, 2019
USD ($)
Sep. 30, 2019
CNY (¥)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
CNY (¥)
Discontinued Operations (Textual)                    
Sale of stock to third party | $         $ 6,900,000          
Number of purchase price installments | installments         3 3        
RMB [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | ¥           ¥ 48,000,000        
Number of purchase price installments | installments         3 3        
First installment [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | $     $ 2,100,000              
First installment [Member] | RMB [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | ¥       ¥ 14,400,000            
Second installment [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | $ $ 2,100,000                  
Second installment [Member] | RMB [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | ¥   ¥ 14,400,000                
Third installment [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | $             $ 2,700,000   $ 2,700,000  
Write off of receivable | $             $ 2,700,000      
Third installment [Member] | RMB [Member]                    
Discontinued Operations (Textual)                    
Sale of stock to third party | ¥               ¥ 19,200,000   ¥ 19,200,000
Write off of receivable | ¥               ¥ 19,200,000    
XML 58 R2.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 92,864 $ 781,740
Restricted cash 94,881 77,473
Notes receivable 147,136 149,757
Accounts receivable, net of allowance for doubtful accounts 475,942 4,327,980
Inventories, net of inventory reserve 2,052,312 6,414,305
Advances to suppliers 565,295
Receivable from sale of subsidiary 2,791,590
Prepaid license fee - related party, net 165,957 663,830
Prepaid expenses and other 1,627,660 5,235,113
Assets of discontinued operations 205,657 209,926
Total current assets 4,862,409 21,217,009
OTHER ASSETS:    
Property and equipment, net 6,045,537 21,563,420
Intangible assets, net 3,316,483 3,562,513
Total other assets 9,362,020 25,125,933
Total assets 14,224,429 46,342,942
CURRENT LIABILITIES:    
Short-term bank loans 1,554,247 2,182,960
Bank acceptance notes payable 91,084 72,698
Convertible note payable 838,571 710,504
Accounts payable 2,464,001 4,254,598
Accrued expenses 433,638 779,948
Advances from customers 1,073,797
Due to related parties 1,745,444 1,257,505
Income taxes payable 57,889 60,065
Liabilities of discontinued operations 258,974 268,532
Total current liabilities 7,443,848 10,660,607
LONG-TERM LIABILITIES:    
Long-term loan 119,574 244,910
Total liabilities 7,563,422 10,905,517
STOCKHOLDERS' EQUITY:    
Common stock ($0.001 par value; 12,500,000 shares authorized; 9,278,106 and 7,449,123 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively) 9,278 7,449
Additional paid-in capital 58,301,021 58,452,131
Accumulated deficit (55,594,946) (27,492,559)
Statutory reserve 2,352,592 2,352,592
Accumulated other comprehensive income - foreign currency translation adjustment 2,440,621 2,657,614
Total stockholder's equity 7,508,566 35,977,227
Non-controlling interest (847,559) (539,802)
Total stockholders' equity 6,661,007 35,437,425
Total liabilities and stockholders' equity 14,224,429 46,342,942
Series A Preferred stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0 and 0 issued and outstanding at September 30, 2019 and December 31, 2018, respectively)
XML 59 R53.htm IDEA: XBRL DOCUMENT v3.19.3
Concentrations (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Customer
Supplier
Sep. 30, 2019
USD ($)
Customer
Supplier
Suppliers A [Member] | Accounts Payable [Member]    
Concentrations (Textual)    
Outstanding accounts payable balance
Suppliers B [Member] | Accounts Payable [Member]    
Concentrations (Textual)    
Outstanding accounts payable balance
Customer A [Member] | Accounts Receivable [Member]    
Concentrations (Textual)    
Outstanding accounts receivable 260,079 260,079
Customer B [Member] | Accounts Receivable [Member]    
Concentrations (Textual)    
Outstanding accounts receivable 168,154 168,154
Customer C [Member] | Accounts Receivable [Member]    
Concentrations (Textual)    
Outstanding accounts receivable 70,064 70,064
Customer D [Member] | Accounts Receivable [Member]    
Concentrations (Textual)    
Outstanding accounts receivable 472,233 472,233
Customer E [Member] | Accounts Receivable [Member]    
Concentrations (Textual)    
Outstanding accounts receivable $ 29,427 $ 29,427
Revenues [Member]    
Concentrations (Textual)    
Concentration risk percentage 80.00% 43.00%
Number of customers | Customer 5 5
Revenues [Member] | Customer One [Member]    
Concentrations (Textual)    
Concentration risk percentage 34.00% 11.00%
Revenues [Member] | Customer Two [Member]    
Concentrations (Textual)    
Concentration risk percentage 16.00% 10.00%
Revenues [Member] | Customer Three [Member]    
Concentrations (Textual)    
Concentration risk percentage 14.00% 8.00%
Revenues [Member] | Customer Four [Member]    
Concentrations (Textual)    
Concentration risk percentage 8.00% 7.00%
Revenues [Member] | Customer Five [Member]    
Concentrations (Textual)    
Concentration risk percentage 8.00% 7.00%
Purchase [Member]    
Concentrations (Textual)    
Concentration risk percentage 73.00% 40.00%
Number of suppliers | Supplier 3 2
Purchase [Member] | Supplier One [Member]    
Concentrations (Textual)    
Concentration risk percentage 46.00% 20.00%
Purchase [Member] | Supplier Two [Member]    
Concentrations (Textual)    
Concentration risk percentage 16.00% 20.00%
Purchase [Member] | Supplier Three [Member]    
Concentrations (Textual)    
Concentration risk percentage 11.00%  
XML 60 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (28,409,781) $ (29,463,062)
Adjustments to reconcile net loss from operations to net cash provided by (used in) operating activities:    
Depreciation 2,097,816 3,080,857
Amortization of intangible assets 140,325 299,373
Bad debt allowance 4,307,234 1,285,990
Bad debt recovery - discontinued operations (16,899)
Impairment loss of intangible asset 1,922,674
Impairment loss of property and equipment 13,355,958
Loss on equity method investment 9,038,303
Stock-based employment compensation 933 879,258
Stock-based professional fees 2,710,195 9,132,385
Stock-based donation 259,598 241,860
Amortization of debt discount 162,170 115,836
Amortization of license fee 497,872 210,213
Write-off of inventory 3,609,828
Changes in operating assets and liabilities:    
Notes receivable (2,915) 382,776
Accounts receivable 2,336,569 2,449,872
Inventories 685,905 (1,011,749)
Prepaid and other current assets 423,275 (1,021,180)
Advances to suppliers 566,687 720,730
Assets of discontinued operations (3,467) 200,197
Accounts payable (1,717,029) (434,324)
Accrued expenses (333,637) 142,124
Advances from customers (1,076,442) (1,226,059)
Liabilities of discontinued operations 175 (132,916)
Net cash used in operating activities (388,731) (3,203,741)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (99,941) (74,466)
Proceed received from acquisition 2,341
Net cash used in investing activities (99,941) (72,125)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceed from convertible note 900,000
Offering costs paid (195,018)
Proceeds from bank loan 874,521 1,856,198
Repayments of bank loan (1,505,383) (1,303,941)
Increase (decrease) in bank acceptance notes payable 21,863 (268,458)
Advance from related party 519,543 1,810,815
Repayment of related party advances (31,604)
Proceeds from sale of common stock, net 200,100 256,410
Net cash provided by financing activities 79,040 3,056,006
Effect of exchange rate changes (261,836) (274,378)
Net change in cash, cash equivalents and restricted cash (671,468) (494,238)
Cash, cash equivalents and restricted cash - beginning of period 859,213 1,292,428
Cash, cash equivalents and restricted cash - end of period 187,745 798,190
Cash paid in continuing operations for:    
Interest 345,083 241,708
Income taxes
Cash paid in discontinued operations for:    
Interest
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Stock issued for future services to consultants and vendors 111,280 6,335,098
Stock issued for future services to employees and directors 496,654
Stock issued for repayment of convertible note 670,335
Stock issued for convertible note
Stock issued for acquisition of non-wholly owned subsidiaries 976,984
Stock issued for redemption of convertible note and accrued interest 50,000  
Stock issued for prepayment of license fee - related party 829,787
Stock issued for prepayment of rental & management fee 1,048,659
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 781,740 1,019,437
Restricted cash at beginning of period 77,473 272,991
Total cash, cash equivalents and restricted cash at beginning of period 859,213 1,292,428
Cash and cash equivalents at end of period 92,864 707,101
Restricted cash at end of period 94,881 91,089
Total cash, cash equivalents and restricted cash at end of period $ 187,745 $ 798,190
XML 61 R15.htm IDEA: XBRL DOCUMENT v3.19.3
Short-Term Bank Loans
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
SHORT-TERM BANK LOANS

NOTE 9 – SHORT-TERM BANK LOANS

 

Short-term bank loans represent amounts due to various banks that are due within one year. These loans can be renewed with these banks upon maturities. As of September 30, 2019 and December 31, 2018, short-term bank loans consisted of the following: 

 

   September 30,
2019
   December 31,
2018
 
Loan from Bank of China, due on November 20, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO  $-   $363,488 
Loan from Bank of China, due on November 25, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company's CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company's CEO   350,324    363,488 
Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company   -    654,279 
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company   630,583    - 
Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company   -    581,582 
Loan from Bank of Communication, due on September 20, 2020  with annual interest rate of 3.915%, secured by certain assets of the Company   420,390    - 
Current portion of loan from Zhongli International Finance Corporation, credit line of RMB 4,500,000 (approximately $630,583), with a security deposit of RMB 900,000 (approximately $126,117) which will be returned in 36 months, monthly installment of RMB 210,000 (approximately $29,427) in the 1st – 12th month; RMB 138,000 (approximately $19,338) in the 13th - 24th month; RMB 98,000 (approximately $13,733) in the 25th – 36th month; secured by certain assets of the Company *     152,950    220,123 
Total short-term bank loans  $1,554,247   $2,182,960 

 

*Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 2019 and December 31, 2018, respectively.

 

Minimum 36-month installments for the loan from Zhongli International Finance Corporation under the loan agreement are as follows:

 

12-month periods ending September 30,  Amount 
2020  $232,055 
2021   164,792 
2022   - 
Total minimum loan payments   396,847 
Less: amount representing interest   (56,103)
Less: security deposit due   (68,220)
Present value of net minimum loan payment   272,524 
Less: current portion   (152,950)
Long-term portion  $119,574 

 

Interest related to the bank loans, which was $35,605 and $26,892 for the three months ended September 30, 2019 and 2018, and $116,597 and $88,372 for the nine months ended September 30, 2019 and 2018, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

XML 62 R11.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations
9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 5 – DISCONTINUED OPERATIONS

 

Pursuant to an agreement dated December 23, 2016, the Company, through its wholly-owned subsidiary Fulland, sold the stock of Fulland Wind to a third party for a sales price of RMB 48 million (approximately $6.9 million). The Company's forging and related components business was conducted through Fulland Wind. The purchase price is payable in three installments. The Company received the first installment of RMB 14,400,000 (approximately $2.1 million) on December 28, 2016, and received the second installment of RMB 14,400,000 (approximately $2.1 million) on April 10, 2017. The Company delivered Fulland Wind's business license, seals, books and records, business contracts and personnel roster to the third party buyer on December 30, 2016, effectively the sale date. If the equity transfer registration formalities are completed within one year without any third party claims on the equity transfer, a final payment of RMB 19,200,000 (approximately $2.7 million) was due 25 working days after the expiration of such period. Pursuant to extension agreement dated December 31, 2018, the Company agreed the above third party buyer could paid off the final payment of RMB 19,200,000 (approximately $2.7 million) by December 31, 2019. During the nine months ended September 30, 2019, the Company believed that the final payment of RMB 19,200,000 (approximately $2.7 million) is uncollectible and the write off of such receivable is included in bad debt expense.

 

Additionally, in December 2016, the Company's management decided to discontinue its petroleum and chemical equipment segment under Heavy Industries due to significant decline in revenues and the loss of its major customers. Accordingly, the petroleum and chemical equipment segment business is treated as a discontinued operation.

 

The results of operations from petroleum and chemical equipment segment of Heavy Industries for the three and nine months ended September 30, 2019 and 2018 have been classified to the loss from discontinued operations line on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss presented herein.

 

The assets and liabilities classified as discontinued operations in the Company's consolidated financial statements as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and 2018 is set forth below.  

 

   September 30,
2019
   December 31,
2018
 
   (unaudited)   (audited) 
Assets:    
Current assets:        
Accounts receivable, net  $9,246   $9,593 
Prepaid expenses and other   196,411    200,333 
Total current assets   205,657    209,926 
Total assets  $205,657   $209,926 
Liabilities:          
Current liabilities:          
Accounts payable  $233,938   $242,555 
Advances from customers   -    - 
Accrued expenses and other liabilities   25,036    25,977 
Total current liabilities   258,974    268,532 
Total liabilities  $258,974   $268,532 

 

The summarized operating result of discontinued operations included in the Company's unaudited condensed consolidated statements of operations is as follows: 

 

   Three months ended
September 30,
   Nine months ended
September 30,
 
   2019   2018   2019   2018 
Revenues  $-   $-   $-   $- 
Operating (expense) income:                    
Other operating income – bad debt recovery   -    (385)   -    16,486 
Total operating (loss) income   -    (385)   -    16,486 
(Loss) income from operations   -    (385)   -    16,486 
Other income, net   -    -    -    - 
(Loss) income from discontinued operations, net of income taxes  $-   $(385)  $-   $16,486 
XML 63 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Segment Information
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 13 – SEGMENT INFORMATION

 

During the three and nine months ended September 30, 2019 and 2018, the Company operated in two reportable business segments - (1) the manufacture of textile dyeing and finishing equipment segment, and (2) the Sharing Economy Segment which targets the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. The Company's reportable segments were strategic business units that offered different products. They were managed separately based on the fundamental differences in their operations and locations. During the three and nine months ended September 30, 2019 and 2018, the Company's dyeing and finishing equipment operations were conducted in the PRC. The Sharing Economy Segment is based in Hong Kong.

  

Information with respect to these reportable business segments for the three and nine months ended September 30, 2019 and 2018 was as follows:

 

   For the Three Months ended
September 30,
   For the Nine Months ended
September 30,
 
   2019   2018   2019   2018 
Revenues:                
Dyeing and finishing equipment  $1,676,831   $2,444,437   $5,216,740   $7,499,362 
Sharing economy   533    72,764    27,325    155,959 
    1,677,364    2,517,201    5,244,065    7,655,321 
Depreciation:                    
Dyeing and finishing equipment   696,819    974,745    2,081,089    3,067,647 
Sharing economy   12,301    4,458    16,727    13,210 
    709,120    979,203    2,097,816    3,080,857 
Interest expense                    
Dyeing and finishing equipment   35,605    26,892    116,597    88,372 
Sharing economy   137,668    92,002    228,483    153,336 
Other   3    -    3    - 
    173,276    118,894    345,083    241,708 
Net loss                    
Dyeing and finishing equipment    (311,457)   (13,293,023)   (23,833,748)   (17,364,755)
Sharing economy    (261,178)   (4,319,404)   (1,374,469)   (8,049,373)
Discontinued segments   -    (385)   -    16,486 
Other   (540,240)   (960,907)   (3,201,564)   (4,065,420)
   $(1,112,875)  $(18,573,719)  $(28,409,781)  $(29,463,062)
XML 64 R32.htm IDEA: XBRL DOCUMENT v3.19.3
Summary of Significant Accounting Policies (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Reconciliation of basic and diluted net loss per share        
Net loss for basic and diluted attributable to common shareholders $ (1,068,228) $ (18,196,461) $ (28,102,387) $ (28,779,651)
From continuing operations (1,112,875) (18,573,334) (28,409,781) (29,479,548)
From discontinued operations $ (385) $ 16,486
Weighted average common stock outstanding - basic and diluted 9,278,106 7,100,416 8,866,755 3,598,265
Net loss per share of common stock        
From continuing operations - basic and diluted $ (0.12) $ (2.56) $ (3.17) $ (8.00)
From discontinued operations - basic and diluted (0.00) 0.01
Net loss per common share - basic and diluted $ (0.12) $ (2.56) $ (3.17) $ (7.99)
XML 65 R36.htm IDEA: XBRL DOCUMENT v3.19.3
Discontinued Operations (Details 1) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]        
Revenues
Operating (expense) income:        
Other operating income - bad debt recovery (385) 16,486
Total operating (loss) income (385) 16,486
(Loss) income from operations (385) 16,486
Other income, net
(Loss) income from discontinued operations, net of income taxes $ (385) $ 16,486
XML 66 R27.htm IDEA: XBRL DOCUMENT v3.19.3
Inventories (Tables)
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of inventories
   September 30,
2019
   December 31, 2018 
Raw materials  $769,294   $1,207,334 
Work-in-process   379,747    872,376 
Finished goods   5,546,795    5,547,301 
    6,695,836    7,627,011 
Less: inventory reserve   (4,643,524)   (1,212,706)
   $2,052,312   $6,414,305 
XML 67 R23.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, " Subsequent Events ", which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2019 up through the filing date the Company issued the unaudited condensed consolidated financial statements. During the period, the Company had the following material subsequent events:On November 4, 2019, the Company held its 2019 annual meeting of stockholders. The matters voted upon were the election of directors, approval of an amendment to the Company's 2016 Long-Term Inventive Plan, and approval to increase the number of authorized shares.

XML 68 R42.htm IDEA: XBRL DOCUMENT v3.19.3
Intangible Assets (Details 1)
Sep. 30, 2019
USD ($)
Amortization of intangible assets attributable to future periods  
2020 $ 352,034
2021 307,588
2022 100,648
2023 94,710
2024 82,836
Thereafter 2,351,314
Intangible assets, Net $ 3,289,130
XML 69 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 70 R46.htm IDEA: XBRL DOCUMENT v3.19.3
Short-Term Bank Loans (Details Textual) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Short-Term Bank Loans (Textual)          
Interest related to the short-term bank loans $ 173,276 $ 118,894 $ 345,083 $ 241,708  
Terms of short term bank loans     36 months 36 months  
Long-term portion of loan $ 119,574   $ 119,574   $ 244,910
25th - 36th month [Member]          
Short-Term Bank Loans (Textual)          
Monthly installment     13,733    
25th - 36th month [Member] | RMB [Member]          
Short-Term Bank Loans (Textual)          
Monthly installment     98,000    
13th - 24th month [Member]          
Short-Term Bank Loans (Textual)          
Monthly installment     19,338    
13th - 24th month [Member] | RMB [Member]          
Short-Term Bank Loans (Textual)          
Monthly installment     138,000    
1st - 12th month [Member]          
Short-Term Bank Loans (Textual)          
Monthly installment     29,427    
1st - 12th month [Member] | RMB [Member]          
Short-Term Bank Loans (Textual)          
Monthly installment     $ 210,000    
Loan from Bank of China, due on November 20, 2019 One [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, maturity date     Nov. 20, 2019    
Loan from Bank of China, due on November 20, 2019 One [Member] | November 20, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, interest rate, stated percentage 4.60%   4.60%    
Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, maturity date     Feb. 22, 2019    
Loan from Bank of Wuxi Nongshuang, due on February 22, 2019 [Member] | February 22, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, interest rate, stated percentage 5.87%   5.87%    
Loan from Bank of China, due on November 25, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, maturity date     Nov. 25, 2019    
Loan from Bank of China, due on November 25, 2019 [Member] | November 25, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, interest rate, stated percentage 4.60%   4.60%    
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, maturity date     Nov. 06, 2019    
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 [Member] | November 6, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, interest rate, stated percentage 5.87%   5.87%    
Loan from Bank of Communication, due on September 25, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, maturity date     Sep. 25, 2019    
Loan from Bank of Communication, due on September 25, 2019 [Member] | September 25, 2019 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, interest rate, stated percentage 4.35%   4.35%    
Loan from Zhongli International Finance Corporation [Member]          
Short-Term Bank Loans (Textual)          
Line of credit $ 630,583   $ 630,583    
Security deposit 126,117   126,117    
Loan from Zhongli International Finance Corporation [Member] | RMB [Member]          
Short-Term Bank Loans (Textual)          
Line of credit 4,500,000   4,500,000    
Security deposit $ 900,000   $ 900,000    
Loan from Bank of Communication, due on September 20, 2020 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, maturity date     Sep. 20, 2020    
Loan from Bank of Communication, due on September 20, 2020 [Member] | September 20, 2020 [Member]          
Short-Term Bank Loans (Textual)          
Short-term bank loans, interest rate, stated percentage 3.915%   3.915%    
XML 71 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3 html 202 402 1 true 75 0 false 9 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://chinawindsystems.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://chinawindsystems.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://chinawindsystems.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Sheet http://chinawindsystems.com/role/StatementsOfOperationsAndComprehensiveLoss Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Sheet http://chinawindsystems.com/role/StatementsOfChangesInStockholdersEquity Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://chinawindsystems.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Basis of Presentation Sheet http://chinawindsystems.com/role/BasisOfPresentation Basis of Presentation Notes 7 false false R8.htm 00000008 - Disclosure - Description of Business and Organization Sheet http://chinawindsystems.com/role/DescriptionOfBusinessAndOrganization Description of Business and Organization Notes 8 false false R9.htm 00000009 - Disclosure - Going Concern Uncertainties Sheet http://chinawindsystems.com/role/GoingConcernUncertainties Going Concern Uncertainties Notes 9 false false R10.htm 00000010 - Disclosure - Summary of Significant Accounting Policies Sheet http://chinawindsystems.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 10 false false R11.htm 00000011 - Disclosure - Discontinued Operations Sheet http://chinawindsystems.com/role/DiscontinuedOperations Discontinued Operations Notes 11 false false R12.htm 00000012 - Disclosure - Inventories Sheet http://chinawindsystems.com/role/Inventories Inventories Notes 12 false false R13.htm 00000013 - Disclosure - Equity Method Investment Sheet http://chinawindsystems.com/role/EquityMethodInvestment Equity Method Investment Notes 13 false false R14.htm 00000014 - Disclosure - Intangible Assets Sheet http://chinawindsystems.com/role/IntangibleAssets Intangible Assets Notes 14 false false R15.htm 00000015 - Disclosure - Short-Term Bank Loans Sheet http://chinawindsystems.com/role/ShortTermBankLoans Short-Term Bank Loans Notes 15 false false R16.htm 00000016 - Disclosure - Convertible Note Payable Sheet http://chinawindsystems.com/role/ConvertibleNotePayable Convertible Note Payable Notes 16 false false R17.htm 00000017 - Disclosure - Related Party Transactions Sheet http://chinawindsystems.com/role/RelatedPartyTransactions Related Party Transactions Notes 17 false false R18.htm 00000018 - Disclosure - Stockholders' Equity Sheet http://chinawindsystems.com/role/StockholdersEquity Stockholders' Equity Notes 18 false false R19.htm 00000019 - Disclosure - Segment Information Sheet http://chinawindsystems.com/role/SegmentInformation Segment Information Notes 19 false false R20.htm 00000020 - Disclosure - Concentrations Sheet http://chinawindsystems.com/role/Concentrations Concentrations Notes 20 false false R21.htm 00000021 - Disclosure - Commitment and Contingencies Sheet http://chinawindsystems.com/role/CommitmentAndContingencies Commitment and Contingencies Notes 21 false false R22.htm 00000022 - Disclosure - Restricted Net Assets Sheet http://chinawindsystems.com/role/RestrictedNetAssets Restricted Net Assets Notes 22 false false R23.htm 00000023 - Disclosure - Subsequent Events Sheet http://chinawindsystems.com/role/SubsequentEvents Subsequent Events Notes 23 false false R24.htm 00000024 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://chinawindsystems.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://chinawindsystems.com/role/SummaryOfSignificantAccountingPolicies 24 false false R25.htm 00000025 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://chinawindsystems.com/role/SummaryOfSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://chinawindsystems.com/role/SummaryOfSignificantAccountingPolicies 25 false false R26.htm 00000026 - Disclosure - Discontinued Operations (Tables) Sheet http://chinawindsystems.com/role/DiscontinuedOperationsTables Discontinued Operations (Tables) Tables http://chinawindsystems.com/role/DiscontinuedOperations 26 false false R27.htm 00000027 - Disclosure - Inventories (Tables) Sheet http://chinawindsystems.com/role/InventoriesTables Inventories (Tables) Tables http://chinawindsystems.com/role/Inventories 27 false false R28.htm 00000028 - Disclosure - Intangible Assets (Tables) Sheet http://chinawindsystems.com/role/IntangibleAssetsTables Intangible Assets (Tables) Tables http://chinawindsystems.com/role/IntangibleAssets 28 false false R29.htm 00000029 - Disclosure - Short-Term Bank Loans (Tables) Sheet http://chinawindsystems.com/role/ShortTermBankLoansTables Short-Term Bank Loans (Tables) Tables http://chinawindsystems.com/role/ShortTermBankLoans 29 false false R30.htm 00000030 - Disclosure - Convertible Note Payable (Tables) Sheet http://chinawindsystems.com/role/ConvertibleNotePayableTables Convertible Note Payable (Tables) Tables http://chinawindsystems.com/role/ConvertibleNotePayable 30 false false R31.htm 00000031 - Disclosure - Segment Information (Tables) Sheet http://chinawindsystems.com/role/SegmentInformationTables Segment Information (Tables) Tables http://chinawindsystems.com/role/SegmentInformation 31 false false R32.htm 00000032 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://chinawindsystems.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://chinawindsystems.com/role/SummaryOfSignificantAccountingPoliciesTables 32 false false R33.htm 00000033 - Disclosure - Description of Business and Organization (Details Textual) Sheet http://chinawindsystems.com/role/DescriptionOfBusinessAndOrganizationDetailsTextual Description of Business and Organization (Details Textual) Details http://chinawindsystems.com/role/DescriptionOfBusinessAndOrganization 33 false false R34.htm 00000034 - Disclosure - Going Concern Uncertainties (Details) Sheet http://chinawindsystems.com/role/GoingConcernUncertaintiesDetails Going Concern Uncertainties (Details) Details http://chinawindsystems.com/role/GoingConcernUncertainties 34 false false R35.htm 00000035 - Disclosure - Discontinued Operations (Details) Sheet http://chinawindsystems.com/role/DiscontinuedOperationsDetails Discontinued Operations (Details) Details http://chinawindsystems.com/role/DiscontinuedOperationsTables 35 false false R36.htm 00000036 - Disclosure - Discontinued Operations (Details 1) Sheet http://chinawindsystems.com/role/DiscontinuedOperationsDetails1 Discontinued Operations (Details 1) Details http://chinawindsystems.com/role/DiscontinuedOperationsTables 36 false false R37.htm 00000037 - Disclosure - Discontinued Operations (Details Textual) Sheet http://chinawindsystems.com/role/DiscontinuedOperationsDetailsTextual Discontinued Operations (Details Textual) Details http://chinawindsystems.com/role/DiscontinuedOperationsTables 37 false false R38.htm 00000038 - Disclosure - Inventories (Details) Sheet http://chinawindsystems.com/role/InventoriesDetails Inventories (Details) Details http://chinawindsystems.com/role/InventoriesTables 38 false false R39.htm 00000039 - Disclosure - Inventories (Details Textual) Sheet http://chinawindsystems.com/role/InventoriesDetailsTextual Inventories (Details Textual) Details http://chinawindsystems.com/role/InventoriesTables 39 false false R40.htm 00000040 - Disclosure - Equity Method Investment (Details) Sheet http://chinawindsystems.com/role/EquityMethodInvestmentDetails Equity Method Investment (Details) Details http://chinawindsystems.com/role/EquityMethodInvestment 40 false false R41.htm 00000041 - Disclosure - Intangible Assets (Details) Sheet http://chinawindsystems.com/role/IntangibleAssetsDetails Intangible Assets (Details) Details http://chinawindsystems.com/role/IntangibleAssetsTables 41 false false R42.htm 00000042 - Disclosure - Intangible Assets (Details 1) Sheet http://chinawindsystems.com/role/IntangibleAssetsDetails1 Intangible Assets (Details 1) Details http://chinawindsystems.com/role/IntangibleAssetsTables 42 false false R43.htm 00000043 - Disclosure - Intangible Assets (Details Textual) Sheet http://chinawindsystems.com/role/IntangibleAssetsDetailsTextual Intangible Assets (Details Textual) Details http://chinawindsystems.com/role/IntangibleAssetsTables 43 false false R44.htm 00000044 - Disclosure - Short-Term Bank Loans (Details) Sheet http://chinawindsystems.com/role/ShortTermBankLoansDetails Short-Term Bank Loans (Details) Details http://chinawindsystems.com/role/ShortTermBankLoansTables 44 false false R45.htm 00000045 - Disclosure - Short-Term Bank Loans (Details 1) Sheet http://chinawindsystems.com/role/ShortTermBankLoansDetails1 Short-Term Bank Loans (Details 1) Details http://chinawindsystems.com/role/ShortTermBankLoansTables 45 false false R46.htm 00000046 - Disclosure - Short-Term Bank Loans (Details Textual) Sheet http://chinawindsystems.com/role/Short-termBankLoansDetailsTextual Short-Term Bank Loans (Details Textual) Details http://chinawindsystems.com/role/ShortTermBankLoansTables 46 false false R47.htm 00000047 - Disclosure - Convertible Note Payable (Details) Sheet http://chinawindsystems.com/role/ConvertibleNotePayableDetails Convertible Note Payable (Details) Details http://chinawindsystems.com/role/ConvertibleNotePayableTables 47 false false R48.htm 00000048 - Disclosure - Convertible Note Payable (Details Textual) Sheet http://chinawindsystems.com/role/ConvertibleNotePayableDetailsTextual Convertible Note Payable (Details Textual) Details http://chinawindsystems.com/role/ConvertibleNotePayableTables 48 false false R49.htm 00000049 - Disclosure - Related Party Transactions (Details) Sheet http://chinawindsystems.com/role/RelatedPartyTransactionsDetails Related Party Transactions (Details) Details http://chinawindsystems.com/role/RelatedPartyTransactions 49 false false R50.htm 00000050 - Disclosure - Stockholders' Equity (Details) Sheet http://chinawindsystems.com/role/StockholdersEquityDetails Stockholders' Equity (Details) Details http://chinawindsystems.com/role/StockholdersEquity 50 false false R51.htm 00000051 - Disclosure - Segment Information (Details) Sheet http://chinawindsystems.com/role/SegmentInformationDetails Segment Information (Details) Details http://chinawindsystems.com/role/SegmentInformationTables 51 false false R52.htm 00000052 - Disclosure - Segment Information (Details Textual) Sheet http://chinawindsystems.com/role/SegmentInformationDetailsTextual Segment Information (Details Textual) Details http://chinawindsystems.com/role/SegmentInformationTables 52 false false R53.htm 00000053 - Disclosure - Concentrations (Details) Sheet http://chinawindsystems.com/role/ConcentrationsDetails Concentrations (Details) Details http://chinawindsystems.com/role/Concentrations 53 false false R54.htm 00000054 - Disclosure - Commitment and Contingencies (Details) Sheet http://chinawindsystems.com/role/CommitmentAndContingenciesDetails Commitment and Contingencies (Details) Details http://chinawindsystems.com/role/CommitmentAndContingencies 54 false false R55.htm 00000055 - Disclosure - Restricted Net Assets (Details) Sheet http://chinawindsystems.com/role/RestrictedNetAssetsDetails Restricted Net Assets (Details) Details http://chinawindsystems.com/role/RestrictedNetAssets 55 false false All Reports Book All Reports seii-20190930.xml seii-20190930.xsd seii-20190930_cal.xml seii-20190930_def.xml seii-20190930_lab.xml seii-20190930_pre.xml http://xbrl.sec.gov/currency/2019-01-31 http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/srt/2019-01-31 true true