SCHEDULE I – PARENT ONLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule I - Parent Only Financial Information - Condensed Balance Sheets

	As of December 31,
	2021			2020
Current Assets
Prepayments and deposits	$	—		$	—
Total Current Assets		—			—
Non-Current Assets
Interests in subsidiaries		224,559,060			214,505,860
Amounts due from group companies		63,039,564			62,987,953
Total non-current assets		287,598,624			277,493,813
Total Assets	$	287,598,624		$	277,493,813
Liabilities and Stockholders’ Equity
Current Liabilities
Other payables and accrued expenses	$	216,940		$	326,839
Amounts due to related party		599,766			—
Amounts due to group companies		142,701			142,701
Total Current Liability		959,407			469,540
Total Liabilities	$	959,407		$	469,540
Stockholders’ Equity
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding	$	—		$	—
COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 10,517,754 and 10,043,307 shares issued; and  10,471,924 and 9,997,477 shares outstanding as of December 31, 2021 and December 31, 2020		24,376			24,139
Treasury stock; 45,830 and 45,830  shares as of December 31, 2021 and December 31, 2020 at cost		(510,329	)		(510,329	)
Additional paid-in capital		100,569,159			97,435,316
Retained earnings unappropriated		150,463,638			151,388,356
Retained earnings appropriated		24,233,544			24,233,544
Cumulative translation adjustment		11,858,829			4,453,247
Total Stockholders’ Equity		286,639,217			277,024,273
Total Liabilities and Stockholders’ Equity	$	287,598,624		$	277,493,813

Schedule I - Parent Only Financial Information - Condensed Statements of Comprehensive Loss

	Years Ended December 31,
	2021			2020
OPERATING EXPENSES
General and administrative expenses	$	(3,572,334	)	$	(2,922,671	)
TOTAL OPERATING EXPENSES		(3,572,334	)		(2,922,671	)
OTHER EXPENSES
Interest expense		—			(367	)
TOTAL OTHER EXPENSES		—			(367	)
TOTAL EXPENSES		(3,572,334	)		(2,923,038	)
Equity in net income (loss) of subsidiaries		2,647,616			(5,497,004	)
LOSS BEFORE INCOME TAXES		(924,718	)		(8,420,044	)
INCOME TAXES		—			—
NET LOSS	$	(924,718	)	$	(8,420,044	)

Schedule I - Parent Only Financial Information - Condensed Statements of Cash Flows

	Years Ended December 31,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(924,718	)	$	(8,420,044	)
Adjustments to reconcile net Loss to net cash used in operating activities:
Equity Loss in unconsolidated subsidiaries		2,647,616			5,497,004
Stock-based compensation expense-options		3,134,080			2,350,250
Shares issued from treasury stock for services		—			—
Changes in assets and liabilities:
Other payables and accrued expenses		(109,901	)		14,508
Net cash used in operating activities		(548,155	)		(558,282	)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from group companies		548,155			558,282
Net cash provided by financing activities		548,155			558,282
NET INCREASE IN CASH AND CASH EQUIVALENTS		—			—
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR		—			—
CASH AND CASH EQUIVALENTS - END OF YEAR	$	—		$	—