General Steel (GSIH) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 07, 2019
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	GENERAL STEEL HOLDINGS INC
Entity Central Index Key	0001239188
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GSIH
Entity Common Stock, Shares Outstanding		46,013,959
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 866,990	$ 4,818,833
Accounts receivable	167,070	55,246
Loan receivables	3,641,289	0
Prepaid expense and other current assets	60,337	17,291
Current assets held for sale	9,300,658	12,976,864
TOTAL CURRENT ASSETS	14,036,344	17,868,234
Equipment, net	1,964	0
Rent deposit	10,077	10,058
Right-of-use assets	77,968	0
TOTAL OTHER ASSETS	90,009	10,058
TOTAL ASSETS	14,126,353	17,878,292
CURRENT LIABILITIES:
Other payables and accrued liabilities	440,192	506,174
Other payables - related parties	671,986	331,074
Taxes payable	0	277
Lease liabilities - current	52,970	0
Current liabilities held for sale	8,971,099	8,893,326
TOTAL CURRENT LIABILITIES	10,136,247	9,730,851
LEASE LIABILITIES - NONCURRENT	19,960	0
TOTAL LIABILITIES	10,156,207	9,730,851
COMMITMENTS AND CONTINGENCIES
EQUITY:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares of Series A Preferred Stock issued and outstanding as of June 30, 2019 and December 31, 2018	3,093	3,093
Common stock, $0.001 par value, 200,000,000 shares authorized, 46,508,421 shares issued, 46,013,959 shares outstanding as of June 30, 2019 and December 31, 2018, respectively	46,509	46,509
Treasury stock, at cost, 494,462 shares as of June 30, 2019 and December 31, 2018	(839,686)	(839,686)
Additional paid-in-capital	1,261,915,192	1,261,869,238
Statutory reserves	1,107,010	1,107,010
Accumulated deficit	(1,261,513,916)	(1,257,246,837)
Accumulated other comprehensive income	3,251,944	3,208,114
TOTAL EQUITY	3,970,146	8,147,441
TOTAL LIABILITIES AND EQUITY	$ 14,126,353	$ 17,878,292

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Consolidated Balance Sheets Parenthetical
Preferred Stock, par or stated value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	3,092,899	3,092,899
Preferred stock, shares outstanding	3,092,889	3,092,889
Common Stock, par or stated value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	46,508,421	46,508,421
Common stock, shares, outstanding	46,013,959	46,013,959
Treasury stock, shares	494,462	494,462

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)INCOME
REVENUES	$ 181,255	$ 0	$ 181,255	$ 0
COST OF REVENUES	64,088	0	64,088	0
GROSS PROFIT	117,167	0	117,167	0
GENERAL AND ADMINISTRATIVE EXPENSES	276,767	25,000	555,107	50,000
RESEARCH AND DEVELOPMENT EXPENSES	13,904	0	13,904	0
LOSS FROM OPERATIONS	(173,504)	(25,000)	(451,844)	(50,000)
OTHER INCOME (EXPENSE)
Finance/interest (expense)income	2,865	0	18,966	0
Other income, net	2,865	0	18,966	0
LOSS BEFORE PROVISION FOR INCOME TAXES	(170,639)	(25,000)	(432,878)	(50,000)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS FROM CONTINUING OPERATIONS	(170,639)	(25,000)	(432,878)	(50,000)
NET LOSS FROM OPERATIONS HELD FOR SALE	(3,330,858)	(560,071)	(3,834,201)	2,905,278
NET (LOSS)INCOME	(3,501,497)	(585,071)	(4,267,079)	2,855,278
OTHER COMPREHENSIVE INCOME(LOSS)
Foreign currency translation adjustments	92,710	78,420	68,270	(36,746)
COMPREHENSIVE (LOSS)INCOME	$ (3,408,787)	$ (506,651)	$ (4,198,809)	$ 2,818,532
WEIGHTED AVERAGE NUMBER OF SHARES	46,013,959	20,200,208	46,013,959	20,200,208
(LOSS)INCOME PER SHARE - BASIC AND DILUTED
Continuing operations	$ 0	$ 0	$ (0.01)	$ 0
Operations held for sale	(0.07)	(0.03)	(0.08)	0.14
(LOSS)INCOME PER SHARE	$ (0.08)	$ (0.03)	$ (0.09)	$ 0.14

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Preferred stock [Member]	Common stock [Member]	Treasury stock [Member]	Paid-in capital [Member]	Statutory reserves [Member]	Unrestricted reserves [Member]	Accumulated other comprehensive income [Member]	Total
BALANCE at Dec. 31, 2017	$ 3,093	$ 20,695	$ (839,686)	$ 1,256,955,395	$ 1,107,010	$ (1,256,044,414)	$ 2,939,523	$ 4,141,616
BALANCE (in shares) at Dec. 31, 2017	3,092,889	20,694,670	(494,462)
Net income						3,440,349		3,440,349
Foreign currency translation adjustments							(115,166)	(115,166)
BALANCE at Mar. 31, 2018	$ 3,093	$ 20,695	$ (839,686)	1,256,955,395	1,107,010	(1,252,604,065)	2,824,357	7,466,799
BALANCE (in shares) at Mar. 31, 2018	3,092,889	20,694,670	(494,462)
BALANCE at Dec. 31, 2017	$ 3,093	$ 20,695	$ (839,686)	1,256,955,395	1,107,010	(1,256,044,414)	2,939,523	4,141,616
BALANCE (in shares) at Dec. 31, 2017	3,092,889	20,694,670	(494,462)
Net income								2,855,278
BALANCE at Jun. 30, 2018	$ 3,093	$ 20,695	$ (839,686)	1,256,955,395	1,107,010	(1,253,189,136)	2,902,777	6,960,148
BALANCE (in shares) at Jun. 30, 2018	3,092,889	20,694,670	(494,462)
BALANCE at Mar. 31, 2018	$ 3,093	$ 20,695	$ (839,686)	1,256,955,395	1,107,010	(1,252,604,065)	2,824,357	7,466,799
BALANCE (in shares) at Mar. 31, 2018	3,092,889	20,694,670	(494,462)
Net income						(585,071)		(585,071)
Foreign currency translation adjustments							78,420	78,420
BALANCE at Jun. 30, 2018	$ 3,093	$ 20,695	$ (839,686)	1,256,955,395	1,107,010	(1,253,189,136)	2,902,777	6,960,148
BALANCE (in shares) at Jun. 30, 2018	3,092,889	20,694,670	(494,462)
BALANCE at Dec. 31, 2018	$ 3,093	$ 46,509	$ (839,686)	1,261,869,238	1,107,010	(1,257,246,837)	3,208,114	8,147,441
BALANCE (in shares) at Dec. 31, 2018	3,092,889	46,508,421	(494,462)
Net income						(765,582)		(765,582)
Foreign currency translation adjustments							(24,440)	(24,440)
Contribution from equity investee				45,954				45,954
BALANCE at Mar. 31, 2019	$ 3,093	$ 46,509	$ (839,686)	1,261,915,192	1,107,010	(1,258,012,419)	3,183,674	7,403,373
BALANCE (in shares) at Mar. 31, 2019	3,092,889	46,508,421	(494,462)
BALANCE at Dec. 31, 2018	$ 3,093	$ 46,509	$ (839,686)	1,261,869,238	1,107,010	(1,257,246,837)	3,208,114	8,147,441
BALANCE (in shares) at Dec. 31, 2018	3,092,889	46,508,421	(494,462)
Net income								(4,267,079)
BALANCE at Jun. 30, 2019	$ 3,093	$ 46,509	$ (839,686)	1,261,915,192	1,107,010	(1,261,513,916)	3,251,944	3,970,146
BALANCE (in shares) at Jun. 30, 2019	3,092,889	46,508,421	(494,462)
BALANCE at Mar. 31, 2019	$ 3,093	$ 46,509	$ (839,686)	1,261,915,192	1,107,010	(1,258,012,419)	3,183,674	7,403,373
BALANCE (in shares) at Mar. 31, 2019	3,092,889	46,508,421	(494,462)
Net income						(3,501,497)		(3,501,497)
Foreign currency translation adjustments							68,270	68,270
BALANCE at Jun. 30, 2019	$ 3,093	$ 46,509	$ (839,686)	$ 1,261,915,192	$ 1,107,010	$ (1,261,513,916)	$ 3,251,944	$ 3,970,146
BALANCE (in shares) at Jun. 30, 2019	3,092,889	46,508,421	(494,462)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)income	$ (4,267,079)	$ 2,855,278
NET LOSS FROM OPERATIONS HELD FOR SALE	(3,834,201)	2,905,278
NET LOSS FROM CONTINUING OPERATIONS	(432,878)	(50,000)
Adjustments to reconcile net loss to cash provided by (used in) operating activities from continuing operations:
Depreciation	161	0
Amortization of right-of-use asset	28,746	0
Changes in operating assets and liabilities
Accounts receivable	(113,049)	0
Other receivables	(7,960)	0
Prepaid expense and other current assets	(9,057)	0
Accounts payables	27,483	0
Other payables and accrued liabilities	(119,969)	50,000
Taxes payable	(280)	0
Lease liabilities	(33,844)	0
Net cash provided by (used in) operating activities from operations held for sale	3,834,163	(4,474,656)
Net cash used in operating activities	(660,685)	(1,569,378)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(2,147)	0
Net cash used in investing activities	(2,147)	0
CASH FLOWS FINANCING ACTIVITIES:
Borrowings from related parties	344,529	1,568,849
Loan receivables	(3,684,544)	0
Net cash (used in) provided by financing activities	(3,340,015)	1,568,849
EFFECTS OF EXCHANGE RATE CHANGE IN CASH AND CASH EQUIVALENTS	50,969	217
DECREASE IN CASH AND CASH EQUIVALENTS	(3,951,878)	(312)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,820,831	5,260
CASH AND CASH EQUIVALENTS, END OF PERIOD	868,953	4,948
Less: cash and cash equivalents from operations held for sale, end of period	(1,963)	(2,002)
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, END OF PERIOD	866,990	2,946
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Initial recognition of right-of-use assets and lease labilities	107,640	0
Additional paid in capital contribute from equity investee	$ 45,954	$ 0

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2019
Organization and Operations
Organization and Operations	Note 1 – Organization and Operations General Steel Holdings, Inc. (the “Company”) was incorporated on August 5, 2002 in the state of Nevada. The Company, through its 100% owned subsidiary, General Steel Investment Co., Ltd, has been operating steel companies serving various industries in the People’s Republic of China (“PRC”). The Company’s main operations, since disposal of its significant steel producing operating assets and trading business at December 31, 2017, have been its 32% equity holding in Tianwu General Steel Material Trading Co., Ltd (“Tianwu”). On July 31, 2019, the Company sold General Steel Investment Co., Ltd. ("GSI BVI"), GSI BVI's wholly owned subsidiary Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. ("Tongyong") and Tongyong's 32% ownership of Tianwu to Tianjin Shuangsi Trading Co. Ltd, a related party, for $300,000. Therefore the result of operations was presented as operations held for sale on June 30, 2019 in the consolidated financial statements. See Note 2(m) – Operations held for sale. On December 31, 2018, the Company entered into a Share Exchange Agreement (the “Agreement”) with Fresh Human Global Ltd., a Cayman Islands corporation (“Fresh Human”) and Hummingbird Holdings Limited, the sole shareholder of Fresh Human (“Hummingbird”) holding one share of Fresh Human. Pursuant to the terms of the Agreement, Hummingbird exchanged its equity interest in Fresh Human for 4,175,095 shares of restricted stock of the Company (the "Exchange"). As a result of the Exchange, Fresh Human is now a wholly-owned subsidiary of the Company. The transactions contemplated by the Agreement are related party transactions. Hummingbird was a shareholder of the Company, holding 51.1% of the Company’s outstanding common stock at the time of this transaction. Through ownership of the Company’s Series A Preferred Stock, Hummingbird also held 30% of the combined voting power of our common stock and preferred stock at that time. Immediately after Exchange, Hummingbird held 55.5 % of the common stock of the Company. Currently Hummingbird holds 50.45% of common stock of the company Fresh Human is a holding company incorporated on May 25, 2018, under the laws of Cayman Islands. Fresh Human has no substantive operations other than holding the outstanding shares of Tuotuo River HK Limited (“Tuotuo River”). Tuotuo River, a Hong Kong Limited Liability Company, is a holding company incorporated on June 6, 2018. Tuotuo River holds all of the outstanding equity of Beijing Qianhaitong Technology Development Co., Ltd (“Tuotuo River WFOE”). Fresh Human and Tuotuo River were established as the holding companies of Tuotuo River WFOE. Tuotuo River WFOE is the primary beneficiary of Beijing Ouruixi Medical Technology Co., Ltd. (“Beijing Ouruixi”). All of these entities included in Fresh Human are under common control, which results in the consolidation of Beijing Ouruixi. This consolidation has been accounted for as a reorganization of entities under common control at carrying value. The Company issued 4,175,095 shares of common stock at $.001 par value for the Exchange. The $4,189,657 excess of carrying value of assets acquired over fair value of shares issued is recorded as additional paid in capital. The Company's main operation is Beijing Ouruixi's business of cell research, development, processing and storage, and cell culture services, in the PRC. Contractual Arrangements Beijing Ouruixi’s PRC business license includes cell research, development, and storage and cell culture services and it is categorized as scientific research. This is a business category in which foreign investment is restricted pursuant to the current PRC regulations. As such, Beijing Ouruixi is controlled through contractual agreements in lieu of direct equity ownership by the Company or any of its subsidiaries. Such contractual arrangements consist of a series of four agreements (collectively the “Contractual Arrangements”). The significant terms of the Contractual Agreements are as follows: Technical Consultation and Services Agreement Pursuant to the Technical Consultation and Services Agreement dated December 19, 2018 between Tuotuo River WFOE and Beijing Ouruixi, Tuotuo River WFOE is engaged as exclusive provider of management consulting services to Beijing Ouruixi. For such services, Beijing Ouruixi agrees to pay service fees, which are determined based on all of its net income, to Tuotuo River WFOE. Alternatively, Tuotuo River WFOE has the obligation to absorb all of Beijing Ouruixi’s losses. The Technical Consultation and Services Agreement remains in effect for 20 years until December 19, 2038. The agreement can be extended only if Tuotuo River WFOE gives its written consent of extension of the agreement before the expiration of the agreement, and Beijing Ouruixi agrees to the extension without reserve. Equity Option Agreements Pursuant to the Equity Option Agreements dated December 19, 2018 among the shareholders who collectively own all of Beijing Ouruixi and Tuotuo River WFOE, these shareholders jointly and severally granted Tuotuo River WFOE an option to purchase their equity interests in Beijing Ouruixi. The purchase price shall be the lowest price permitted under applicable PRC laws. If the purchase price is greater than the registered capital of Beijing Ouruixi, the shareholders are required to immediately return any amount in excess of the registered capital to Tuotuo Ricer WFOE or its designee. Tuotuo River WOFE may exercise such option at any time until it has acquired all equity interests of Beijing Ouruixi. The agreements will terminate at the date on which all of the equity interests of Beijing Ouruixi have been transferred to Tuotuo River WFOE or its designee. Equity Pledge Agreements Pursuant to the Equity Pledge Agreements dated December 19, 2018, the shareholders who collectively own all of Beijing Ouruixi pledged all of the equity interests in Beijing Ouruixi to Tuotuo River WFOE as collateral to secure the obligations of Beijing Ouruixi under the exclusive Consulting Services and Operating Agreement. These shareholders may not transfer or assign the pledged equity interests, or incur or allow any encumbrance that would jeopardize Tuotuo River WFOE’s interests, without Tuotuo River WFOE’s prior approval. In the event of default, Tuotuo River WFOE as the pledgee will be entitled to certain rights and entitlements, including the priority in receiving payments by the evaluation or proceeds from the auction or sale of whole or part of the pledged equity interests of Beijing Ouruixi. The agreement shall be continuously valid until these shareholders are no longer shareholders of Beijing Ouruixi or until Beijing Ouruixi has satisfied all its obligations under the Technical Consultation and Services Agreement. Voting Rights Proxy and Financial Supporting Agreements Pursuant to the Voting Rights Proxy and Financial Supporting Agreements dated December 19, 2018, the shareholders of Beijing Ouruixi gave Tuotuo River WFOE an irrevocable proxy to act on their behalf on all matters pertaining to Beijing Ouruixi and to exercise all of their rights as shareholders of Beijing Ouruixi, including the right to attend shareholders meetings, to exercise voting rights and to transfer all or a part of their equity interests in Beijing Ouruixi. In consideration of such grant of rights, Tuotuo River WFOE agrees to provide the necessary financial support to Beijing Ouruixi, whether or not Beijing Ouruixi incurs losses, and agrees not to request repayment if Beijing Ouruixi is unable to do so. The agreements shall remain in effect for 20 years, until December 19, 2038. Based on the foregoing contractual arrangements, which grant Tuotuo River WFOE effective control of Beijing Ouruixi, obligate Tuotuo River WFOE to absorb all of the risk of loss from their activities, and enable Tuotuo River WFOE to receive all of their expected residual returns, the Company accounts for Beijing Ouruixi as a variable interest entity (“VIE”). The Company consolidates the accounts of its subsidiaries and VIE, in accordance with Regulation S-X‑3A‑02 promulgated by the Securities Exchange Commission (“SEC”), and Accounting Standards Codification (“ASC”) 810‑10, Consolidation. The accompanying consolidated financial statements reflect the activities of the Company’s subsidiaries and VIEs: Percentage Subsidiary/VIE Place of incorporation of Ownership General Steel Investment Co., Ltd.* British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Fresh Human Global Ltd. (“Fresh Human”) Cayman 100.0 % Tuotuo River HK Limited (“Tuotuo River”) Hong Kong 100.0 % Beijing Qianhaitong Technology Development Co., Ltd. (“Tuotuo River WFOE”) PRC 100.0 % Beijing Ouruixi Medical Technology Co., Ltd. (“Beijing Ouruixi”) PRC VIE * Operation held for sale, see Note 2 (m)

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	Jun. 30, 2019
Summary of significant accounting policies
Summary of significant accounting policies	Note 2 – Summary of significant accounting policies (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). (b) Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the wholly-foreign owned enterprise ("WFOE") and variable interest entities ("VIEs") over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All inter-company transactions and balances have been eliminated upon consolidation. (c) Liquidity Historically, the Company finances its operations through internally generated cash and payables from related parties. As of June 30, 2019, the Company had approximately $0.9 million in cash, which primarily consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use and are deposited with banks in China. Although the Company’s working capital was $3.9 million, $0.3 million of this was operations to held for sale. After the operations are disposed, the Company believes working capital is sufficient to support its operations for the next twelve months. (d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and footnotes. Actual results could differ from these estimates. (e) Concentration of risks and other uncertainties The Company’s operations are carried out in the PRC. 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 by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. 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. The Company maintains cash with banks in the PRC. In China, a depositor can have up to RMB500,000 insured by the People’s Bank of China Financial Stability Bureau (“FSD”). In US, a depositor can have up to $250,000 insured by the Federal Deposit Insurance Corporation (“FDIC”). As of June 30, 2019 and December 31, 2018, approximately $146,000 and $145,000 of the Company’s cash held by financial institutions were insured, respectively, and the remaining balances of approximately $721,000 and $4,670,000 were not insured. Two of the Company's customers accounted for 100% of total sales for the three and six months ended June 30, 2019, and none of the Company's customers individually accounted for more than 10% of total sales for the three and six months ended June 30, 2018. Two of the Company's customers accounted for 100% of total accounts receivable as of June 30, 2019. None of the Company's customers accounted for more than 10% of the total customer deposit as of December 31, 2018. Two of the Company's suppliers accounted for 79.9% of the total purchases for the three and six months ended June 30, 2019. None of the Company's suppliers accounted for more than 10% of the total purchases for the three and six months ended June 30, 2018. Two of the Company's suppliers individually accounted for more than 69.5% of total accounts payable as of June 30, 2019. None of the Company's suppliers accounted for more than 10% of total accounts payable as of December 31, 2018 from operations held for sale. (f) Foreign currency translation and other comprehensive income The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries in China use the local currency, Renminbi (“RMB”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. The statements of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included in accumulated other comprehensive income amounted to $3.25 million and $3.21 million as of June 30, 2019 and December 31, 2018, respectively. The balance sheet amounts, with the exception of equity at June 30, 2019 and December 31, 2018 were translated at 6.87 RMB and 6.88 RMB to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of operations accounts for the six months ended June 30, 2019 and 2018 were 6.79 RMB and 6.37 RMB to $1.00, respectively. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions. (g) Financial instruments The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, other receivables, other payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures. The three levels are defined as follow: · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value. (h) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits and time deposits in banks, with original maturities of three months or fewer than three months. (i) Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers. An allowance for doubtful accounts is established and recorded based on management’s assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written off against allowances for doubtful accounts, after management has determined that the likelihood of collection is not probable. There was no allowance for doubtful accounts as of June 30, 2019 and December 31, 2018. (j) Prepaid expenses Prepaid expenses represent advance payments made to vendors for services such as rent, consulting and certification. (k) Equipment, net Equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3%‑5% residual value. The depreciation expense on assets acquired under capital leases is included with depreciation expense on owned assets. The estimated useful lives are as follows: Office equipment 5 Years The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. (l) Right-of-use asset and lease liabilities In February 2016, the FASB issued ASU 2016‑02 “Leases (Topic 842).” The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under generally accepted accounting principles on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company has adopted ASC 2016‑02 since January 1, 2019. See note 12 for details. (m) Operations held for sale In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the components of an entity meet the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management having the authority to approve the action and committing to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from the balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations held for sale), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations are classified as held for sale in the consolidated balance sheets. Carrying amounts of major classes of assets included as part of discontinued operations: June 30, December 31, 2019 2018 (In thousands) (Unaudited) ASSETS: Cash, prepaid expense and other current assets $ 5 $ 5 Investment in unconsolidated entities 9,296 12,972 Total current assets held for sale 9,301 12,977 Total assets of the disposal group classified as held for sale $ 9,301 $ 12,977 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Other payables and accrued liabilities $ 81 $ 37 Other payables - related parties 8,890 8,857 Total current liabilities held for sale 8,971 8,894 Total liabilities of the disposal group classified as held for sale $ 8,971 $ 8,894 Reconciliation of the amounts of major classes of income and losses from operations held for sale in the unaudited condensed consolidated statements of operations and comprehensive loss, including General Steel Investment Co., Ltd. and its subsidiaries for the three and six months ended June 30, 2019. For the three For the three months ended months ended June 30, 2019 June 30, 2018 (In thousands) (Unaudited) (Unaudited) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 41 $ 2 LOSS FROM OPERATIONS (41) (2) OTHER EXPENSE Loss from equity investment (3,289) (558) Other expense, net (3,289) (558) LOSS BEFORE PROVISION FOR INCOME TAXES (3,330) (560) PROVISION FOR INCOME TAXES — — NET LOSS FROM OPERATIONS HELD FOR SALE $ (3,330) $ (560) For the six For the six months ended months ended June 30, 2019 June 30, 2018 (In thousands) (Unaudited) (Unaudited) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 44 $ 3 LOSS FROM OPERATIONS (44) (3) OTHER INCOME (EXPENSE) Finance/interest expense (1) — (Loss)Income from equity investment (3,789) 2,909 Other expense, net (3,790) 2,909 (LOSS)INCOME BEFORE PROVISION FOR INCOME TAXES (3,834) 2,906 PROVISION FOR INCOME TAXES — — NET LOSS (INCOME) FROM OPERATIONS HELD FOR SALE $ (3,834) $ 2,906 (n) Investments in unconsolidated entities - operations held for sale Entities in which the Company has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. The Company accounts for investments with ownership less than 20% using the cost method. On December 28, 2015, General Steel (China) Co., Ltd sold its 32% equity interest in Tianwu General Steel Material Trading Co., Ltd. to Tongyong Shengyuan, one of the Company’s wholly owned subsidiaries, for $14.9 million (RMB 96.6 million). As of June 30, 2019 and December 31, 2018, Tongyong Shengyuan’s net investment in the unconsolidated entity- operations held for sale was $9.3 million and $13.0 million, respectively. Total investment income (loss) in unconsolidated subsidiaries, which was included in “Income (Loss) from equity investment” in the consolidated statements of operations and comprehensive income of discontinued operations, amounted to $(3.3) million and $(0.6) million for the three months ended June 30, 2019 and 2018, respectively, and amounted to $(3.8) million and $2.9 million for the six months ended June 30, 2019 and 2018, respectively. The Company performed significance tests in accordance with SEC Rule 1-02(w) of Regulation S-X and determined Tianwu qualifies as significant equity investee. The condensed financial statements of Tianwu is presented as follows: CONSOLIDATED BALANCE SHEETS June 30, December 31, 2019 2018 (In thousands) (Unaudited) CURRENT ASSETS: Cash $ 2,341 $ 250 Purchase deposit 22 — Other receivables, net 6,628 7,349 Other receivables - related party 67,288 64,825 Prepayments — 1,060 Inventories 5 5 Total current assets 76,284 73,489 Property and equipment, net 19 6,080 Investment 606 605 Intangible asset 15,943 19,317 Total other assets 16,568 26,002 TOTAL ASSETS $ 92,852 $ 99,491 CURRENT LIABILITIES: Accounts payable $ 3,234 $ — Accounts payable - related party — 3,965 Short term loans 39,326 39,254 Other payables and accrued liabilities 16,934 14,330 Other payable - related party 3,613 — Customer Deposits — 1,146 Taxes payable 695 259 Total current liabilities 63,802 58,954 Total liabilities 63,802 58,954 Total equity 29,050 40,537 TOTAL LIABILITIES AND EQUITY $ 92,852 $ 99,491 CONDENSED STATEMENT OF OPERATIONS For the six (In thousands) months ended June 30, 2019 2018 NET SALES $ 9 $ 54 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 149 187 FINANCE EXPENSES 2,496 2,614 TOTAL EXPENSES 2,645 2,801 LOSS BEFORE PROVISION FOR INCOME TAXES (2,636) (2,747) PROVISION FOR INCOME TAXES 721 — NET LOSS FOR CONTINUING OPERATIONS (3,357) (2,747) NET (LOSS) INCOME FROM OPERATIONS HELD FOR SALE (8,485) 11,837 NET (LOSS) INCOME $ (11,842) 9,090 (o) Revenue recognition The Company receives fees for collecting, testing, freezing and storing stem cell units. Once the cell units are collected, tested, screened and successfully meet all of the required attributes, the Company freezes the units and stores them in a cryogenic freezer. Under the cell processing and storage agreement (the “Agreement”) signed with the customer, the Company charges separate processing fees and storage fees to the customer, and such Agreement provides a storage period of 5-20 years. Pursuant to the Agreement, the processing fee is non-refundable unless the cell is non-viable for storage, and no penalty is charged to customers for early termination of the cell storage service. The Company offers discounts to customers from time to time. The core principle underlying revenue recognition ASU 606 is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized over time. The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance, and confirmed that there were no differences in the pattern of revenue recognition. According to ASC 606, the Company recognizes revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Agreement includes two promised services which are (i) the processing service of cell unit; and (ii) the storage service of cell unit. As the promise to provide the processing service to subscribers is distinct from the promise to provide the storage service in the contract, two performance obligations are identified in the Agreement. The consideration expected to be received is allocated at contract inception among the performance obligations based on their relative selling prices determined by prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each performance obligation. The Company considers all reasonably available information to allocate the overall arrangement fee to processing and storage services based on their relative selling prices. The Company recognizes processing fee revenue when the performance obligation is satisfied at a point in time, which is upon successful completion of processing services and when the cell unit meets all required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period as the performance obligation is satisfied over time. The Company believes the methodology of recognizing storage revenues over time meaningfully depicts the timing of storage services delivered to customers as it exerts the necessary efforts to deliver such services equally over time. (p) Cost of revenues Cost of revenues consist primarily of costs related to processing materials, and salary and laboratory expenses directly attributable to the Company's revenues. (q) Research and development costs Research and development costs are incurred for research activities conducted to enhance collection and storage technologies, and measures to improve the results in cell extraction and separation. Research and development costs are expensed as incurred. (r) Earnings (loss) per share The Company has adopted the accounting principles generally accepted in the United States regarding earnings per share (“EPS”), which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share. Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. (s) Treasury Stock Treasury stock consists of shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. The Company repurchased 494,462 total shares of its common stock between 2010 and 2012, giving retroactive effect to the 1‑for‑5 reverse stock split effective on October 29, 2015, under the share repurchase plan approved by the Board of Directors in December 2010. (t) Income taxes The Company accounts for income taxes in accordance with the accounting principles generally accepted in the United States for income taxes. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets accounts for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes. The accounting principles generally accepted in the United States for accounting for uncertainty in income taxes clarify the accounting and disclosure for uncertain tax positions. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The charge for taxation is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of June 30, 2019, the Company’s income tax returns for December 31, 2017, 2016, 2015 and 2014 remain subject to examination by the taxing authorities. (u) Share-based compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with the accounting standards regarding accounting for stock-based compensation and accounting for equity instruments that are issued to other than employees for acquiring or in conjunction with selling goods or services. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by these accounting standards. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. (v) Recently issued accounting pronouncements In June 2016, the FASB issued ASU No. 2016‑13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, rather than the “incurred loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. ASU 2016‑13 is effective for public entities for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company does not believe the adoption of ASU 2016‑13 will have a material effect on the Company’s unaudited consolidated financial statements. In June 2018, the FASB issued ASU No. 2018‑07, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , or ASU 2018‑07. ASU 2018‑07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to Accounting Standards Codification (“ASC”) 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company have adopted this ASU with no material effect on the Company’s unaudited condensed consolidated financial statements.

Variable interest entity ("VIE"

Variable interest entity ("VIE")	6 Months Ended
	Jun. 30, 2019
Variable interest entity ("VIE")
Variable interest entity ("VIE")	Note 3 – Variable interest entity (“VIE”) On December 19, 2018, Tuotuo River WFOE entered into Contractual Arrangements with Beijing Ouruixi and its shareholders who collectively own 100% of Beijing Ouruixi. The significant terms of these Contractual Arrangements are summarized in “Note 1 - Nature of business and organization” above. As a result, the Company classifies Beijing Ouruixi as a VIE. A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Tuotuo River WFOE is deemed to have a controlling financial interest and be the primary beneficiary of Beijing Ouruixi because it has both of the following characteristics: (1) The power to direct activities at Beijing Ouruixi that most significantly impact such entity’s economic performance, and (2) The obligation to absorb losses of, and the right to receive benefits from, Beijing Ouruixi that could potentially be significant to such entity. Pursuant to the Contractual Arrangements, Beijing Ouruixi pays service fees equal to all of its net income to Tuotuo River WFOE. At the same time, Tuotuo River WFOE is obligated to absorb all of Beijing Ouruixi’s losses. The Contractual Arrangements are designed so that Beijing Ouruixi operates for the benefit of Tuotuo River WFOE and ultimately, the Company. Accordingly, the accounts of Beijing Ouruixi are consolidated in the accompanying financial statements pursuant to ASC 810‑10, Consolidation. In addition, its financial positions and results of operations are included in the Company’s financial statements. The carrying amount of the VIE’s assets and liabilities are as follows: (In thousands) June 30, 2019 Current assets $ 4,625 Total assets 4,715 Total liabilities (675) Net assets $ 4,040 (In thousands) June 30, 2019 Current liabilities: Account payable $ 27 Other payables and accrued liabilities 1 Other payable – related party 574 Lease liabilities - current 53 Total current liabilities 655 Lease liabilities – non-current 20 Total liabilities $ 675 The summarized operating results of the VIEs are as follows: For the three months ended For the six months ended (In thousands) June 30, 2019 June 30, 2019 Operating revenues $ 117 $ 117 Operating expenses $ 128 $ 296 Loss from operations $ (10) $ (178) Net loss $ 8 $ (159) Under the VIE Arrangements, the Company has the power to direct activities of Beijing Ouruixi and can have assets transferred out of Beijing Ouruixi. Therefore, the Company considers that there is no asset in Beijing Ouruixi that can be used only to settle obligations of Beijing Ouruixi, except for registered capital and PRC statutory reserves, if any. As Beijing Ouruixi is incorporated as limited liability company under the Company Law of the PRC, creditors of Beijing Ouruixi do not have recourse to the general credit of the Company for any of the liabilities of Beijing Ouruixi.

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2019
Cash and cash equivalents
Cash and cash equivalents	Note 4 – Cash and cash equivalents Cash and cash equivalents consisted of the following as of June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 (in thousands) (in thousands) Cash and cash equivalents: Cash in bank and on hand $ 867 $ 459 Time deposit – with original maturities less than three months — 4,362 Total Cash and cash equivalents: $ 867 $ 4,821 As of December 31, 2018, the Company had time deposits of approximately $4.4 million (RMB 30 million), pledged as collateral for a unrelated third party Tianjin Guangtai Changxin International Trading Co to its bank. The loan matured on March 18 and March 25, 2019 and the pledged collaterals were released. As of June 30, 2019, the Company had no time deposits. See Note 11. As of June 30, 2019, one of the Company’s bank accounts, totaling approximately $111,000, was under the third party trust account.

Accounts receivable

Accounts receivable	6 Months Ended
	Jun. 30, 2019
Accounts receivable
Accounts receivable	Note 5– Accounts receivable Accounts receivables, net of zero allowance for doubtful accounts, consists of the following: June 30, 2019 December 31, 2018 (in thousands) (in thousands) Accounts receivable $ 167 $ 55 Less: allowance for doubtful accounts — — Net accounts receivable $ 167 $ 55

Loan receivables

Loan receivables	6 Months Ended
	Jun. 30, 2019
Loan receivables
Loan receivables	Note 6– Loan receivables Loans receivables represents advances to Beijing Spark Cell Technology Co., Ltd. which is a third party. Loan receivables amounted to approximately $3,641,000 and nil as of June 30, 2019 and December 31, 2018, respectively. These advances carried an interest rate of 7.3% per annum. Interest income was approximately $3,000 for the three and six months ended June 30, 2019, respectively. Beijing Spark Cell Technology Co., Ltd. agreed to repay approximately $728,000 by September 30, 2019 and approximately $2,913,000 by December 20, 2019.

Other payable and accrued liabi

Other payable and accrued liabilities	6 Months Ended
	Jun. 30, 2019
Other payable and accrued liabilities
Other payable and accrued liabilities	Note 7– Other payable and accrued liabilities Other payable and accrued liabilities consist of the following: June 30, 2019 December 31, 2018 (in thousands) (in thousands) Salary payable $ 142 $ 142 Short term payable, no interest due on demand 239 37 Professional fees 140 364 Net other payable and accrued liabilities 521 543 Less: other payable and accrued liabilities – held for sale 81 37 Net other payable and accrued liabilities – continuing operations $ 440 $ 506

Taxes

Taxes	6 Months Ended
	Jun. 30, 2019
Taxes
Taxes	Note 8– Taxes Income tax Cayman Islands Under the current laws of the Cayman Islands, Fresh Human is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Tuotuo River HK is incorporated in Hong Kong and are subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, Tuotuo River HK is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. PRC The subsidiaries and VIEs incorporated in the PRC are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), domestic enterprises and Foreign Investment Enterprises (the “FIE”) are usually subject to a unified 25% enterprise income tax rate. Beijing Ouruixi’s operations have incurred a cumulative net operating loss (“NOL”) of approximately RMB 2,310,000 (USD 345,000) as of June 30, 2019, which may reduce future taxable income. The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Since Beijing Ouruixi had continuing losses, the Company made a full allowance of related deferred tax assets. Deferred taxes assets – China According to Chinese tax regulations, net operating losses can be carried forward to offset operating income for the next five years. Management took into consideration its operating forecast for the next five years and concluded that the beginning-of-the-year balance of deferred tax assets mainly relating to the net operating loss carry forward may not be fully realizable due to the reduction in the projection of income available in the next 5 years. Management therefore decided to provide a 100% valuation allowance for the deferred tax assets. Deferred taxes assets – U.S. General Steel Holdings, Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes for the six months ended June 30, 2019. The net operating loss carry forwards for United States income taxes amounted to $6.8 million, which may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, starting in 2027 through 2037. Management believes that the realization of the benefits from these losses appears uncertain due to the Company’s limited operating history and continuing losses for United States income tax purposes. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset benefit to reduce the asset to zero. The valuation allowance as of June 30, 2019 was $3.0 million. Management will review this valuation allowance periodically and make adjustments as warranted. The Company has no cumulative proportionate retained earnings from profitable subsidiaries as of June 30, 2019. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if we concluded that such earnings will be remitted in the future. On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 35% to 21%. Additionally, the Tax Act imposes a one-time transition tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The enactment of the Act did not have a material effect on the Company’s financials, as the Company has accumulated deficits and has provided full valuation allowance to its deferred tax assets.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2019
Related party transactions
Related party transactions	Note 9 – Related party transactions a. Other payables – related parties: Other payables – related parties are those nontrade payables arising from transactions between the Company and its related parties, such as advances or payments from these related parties on behalf of the Company. June 30, December 31, Name of related parties Relationship 2019 2018 (in thousands) (in thousands) Yangpu Capital Automobile Partially owned by Zuosheng Yu indirectly $ 95 $ 95 General Steel (China) Co., Ltd Partially owned by Zuosheng Yu indirectly 7,519 7,388 Zuosheng Yu Chief Executive Officer and Chairman of the Board of the Company until July 8, 2019 1,374 1,471 Baoning Shi Major shareholder 510 173 Beijing Ronghuida Investment Consulting Co., Ltd. Common control by major shareholder 63 60 Beijing Hanjiang International Investment Consulting Co., Ltd. Common control by major shareholder 1 1 Total 9,562 9,188 Less: other payables – related parties - held for sale 8,890 8,857 Other payables – related parties - continuing operations $ 672 $ 331

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity
Equity	Note 10 – Equity On August 24, 2018, the Company entered into a subscription agreement with Hummingbird. Pursuant to the Subscription Agreement, the Investor purchased 7,352,941 shares of the Company’s common stock, par value $0.001 per share, at a purchase price of $0.034 per share for aggregate gross proceeds of $250,000. On November 30, 2018, the Company entered into another subscription agreement with Hummingbird. Pursuant to the Subscription Agreement, the Investor purchased 14,285,715 shares of the Company’s common stock, par value $0.001 per share, at a purchase price of $0.035 per share for aggregate gross proceeds of $500,000. On December 31, 2018, the Company entered into a Share Exchange Agreement (the “Agreement”) with Fresh Human and Hummingbird. Pursuant to the terms of the Agreement, Hummingbird exchanged its equity interest in Fresh Human for 4,175,095 shares of restricted stock (the “Shares”) of the Company (the “Exchange”). As a result of the Exchange, Fresh Human is now a wholly owned subsidiary of the Company. Fresh Human was valued at $4,175,095. The transactions contemplated by the Agreement are related party transactions. Hummingbird was a shareholder of the Company at the time of Exchange, holding 51.1% of the Company’s outstanding common stock, and through ownership of the Company’s Series A Preferred Stock has voting power of 30% of the combined voting power of our common stock and preferred stock, and immediately after the Exchange, Hummingbird held 55.5 % of the common stock of the Company. Currently, Hummingbird holds 50.45 % of the common stock of the Company. Restricted net assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary and VIE. Relevant PRC statutory laws and regulations permit payments of dividends only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries and VIE. The Company’s subsidiaries and VIE are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, the Company’s subsidiaries and VIE may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare funds at its discretion. The Company’s subsidiaries and VIE may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by the State Administration of Foreign Exchange. As of June 30, 2019 and December 31, 2018, the Company’s subsidiaries and VIE collectively attributed none of retained earnings for their statutory reserves, respectively due to operation losses for both years.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2019
Contingencies
Contingencies	Note 11 – Contingencies Contingencies From time to time, the Company’s VIE Beijing Ouruixi may be a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company’s management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company’s consolidated financial position, results of operations and cash flows. In December 2018, Beijing Ouruixi signed a bank acceptance pledge contract with the Tianjin Branch of Shengjing Bank in China and pledged its 30 million RMB time deposits in Shengjing Bank as collateral for the bank loans which Tianjin Guangtai Changxin International Trading Co. borrowed. The maturity date of the loans was March 18 and March 25, 2019. The time deposits were released, along with the collateral obligation. As of June 30, 2019, the Company had no time deposits outstanding. Variable interest entity structure In the opinion of management, (i) the corporate structure of the Company is in compliance with existing PRC laws and regulations; (ii) the Contractual Arrangements are valid and binding, and do not result in any violation of PRC laws or regulations currently in effect; and (iii) the business operations of the Company’s subsidiaries and VIE are in compliance with existing PRC laws and regulations in all material respects. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to the foregoing opinion of its management. If the current corporate structure of the Company or the Contractual Arrangements are found to be in violation of any existing or future PRC laws and regulations, the Company may be required to restructure its corporate structure and operations in the PRC to comply with changing PRC laws and regulations. In the opinion of management, the likelihood of loss in respect of the Company’s current corporate structure or the Contractual Arrangements is remote based on current facts and circumstances.

Lease

Lease	6 Months Ended
	Jun. 30, 2019
Lease
Lease	Note 12 – Lease Effective January 1, 2019, the Company adopted ASU 2016‑02, “Leases” (Topic 842), and elected the package of practical expedients that does not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases; (2) the lease classification for any expired or existing leases; and (3) initial direct costs for any expired or existing leases. The Company adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component. The impact of the adoption of ASC 842, as of January 1, 2019, was approximately $106,000 to our assets, approximately $86,000 to our current liability, and approximately $20,000 to our long-term liability. Under the transition method selected by the Company, leases expiring at, or entered into after, January 1, 2019, were required to be recognized and measured. Prior period amounts have not been adjusted and continue to be reflected in accordance with the Company’s historical accounting under ASC 840. The adoption of this standard resulted in the recording of operating lease assets and operating lease liabilities as of January 1, 2019, with no related impact on the Company’s Consolidated Statement of Stockholders’ Equity or Consolidated Statement of Income (Loss). The Company also leases a space on a month-to-month basis which classifies as an operating lease. Leases with an initial term of 12 months or fewer are not recorded on the balance sheet. Short-term leases for the six months ended June 30, 2019 amounted to $7,659. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. For the three and six months ended June 30, 2019, lease expenses under operating leases amounted to $15,215 and $30,589 under ASC 842 and recorded in the general and administrative expenses in the accompanying unaudited condensed statements of operations, respectively. The two year and beyond maturity of the Company’s lease obligations is presented below: Twelve months ended June 30, Operating lease amount 2020 $ 60,460 2021 15,115 Total lease payments 75,575 Less: Interest (2,645) Present value of lease liabilities $ 72,930

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2019
Subsequent events
Subsequent events	Note 13 – Subsequent events The Company has evaluated subsequent events through the date these consolidated financial statements were issued and determine that there were no subsequent events or transactions statements that require recognition or disclosures in the consolidated financial except the follow: On July 31, 2019, the Company entered into a Share Transfer Agreement (the “Agreement”) with Tianjin Shuangsi Trading Co. Limited, a company incorporated in China (“Tianjin Shuangsi” or “Buyer”). Pursuant to the terms of the Agreement, the Company will sell all of the issued and outstanding shares of General Steel Investment Co., Ltd. (“GSI BVI”), a wholly owned subsidiary of the Company, to the Buyer for a total of $300,000 (the “Transaction”), which value is primarily derived from GSI BVI’s direct wholly-owned operating entity Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong”) and Tongyong’s 32% owned subsidiary Tianwu Tongyong (Tianjin) International Trade Co., Ltd (“Tianwu”). The $300,000 purchase price will be paid by cancellation of the payables owed by the Company to the Buyer, including its principal amount and interest accrued. The closing of the Transaction is subject to the approval by the shareholders of both parties.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2019
Summary of significant accounting policies
Basis of presentation	(a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).
Principles of consolidation	(b) Principles of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the wholly-foreign owned enterprise ("WFOE") and variable interest entities ("VIEs") over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All inter-company transactions and balances have been eliminated upon consolidation.
Liquidity	(c) Liquidity Historically, the Company finances its operations through internally generated cash and payables from related parties. As of June 30, 2019, the Company had approximately $0.9 million in cash, which primarily consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use and are deposited with banks in China. Although the Company’s working capital was $3.9 million, $0.3 million of this was operations to held for sale. After the operations are disposed, the Company believes working capital is sufficient to support its operations for the next twelve months.
Use of estimates	(d) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and footnotes. Actual results could differ from these estimates.
Concentration of risks and other uncertainties	(e) Concentration of risks and other uncertainties The Company’s operations are carried out in the PRC. 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 by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. 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. The Company maintains cash with banks in the PRC. In China, a depositor can have up to RMB500,000 insured by the People’s Bank of China Financial Stability Bureau (“FSD”). In US, a depositor can have up to $250,000 insured by the Federal Deposit Insurance Corporation (“FDIC”). As of June 30, 2019 and December 31, 2018, approximately $146,000 and $145,000 of the Company’s cash held by financial institutions were insured, respectively, and the remaining balances of approximately $721,000 and $4,670,000 were not insured. Two of the Company's customers accounted for 100% of total sales for the three and six months ended June 30, 2019, and none of the Company's customers individually accounted for more than 10% of total sales for the three and six months ended June 30, 2018. Two of the Company's customers accounted for 100% of total accounts receivable as of June 30, 2019. None of the Company's customers accounted for more than 10% of the total customer deposit as of December 31, 2018. Two of the Company's suppliers accounted for 79.9% of the total purchases for the three and six months ended June 30, 2019. None of the Company's suppliers accounted for more than 10% of the total purchases for the three and six months ended June 30, 2018. Two of the Company's suppliers individually accounted for more than 69.5% of total accounts payable as of June 30, 2019. None of the Company's suppliers accounted for more than 10% of total accounts payable as of December 31, 2018 from operations held for sale.
Foreign currency translation and other comprehensive income	(f) Foreign currency translation and other comprehensive income The reporting currency of the Company is the U.S. dollar. The Company’s subsidiaries in China use the local currency, Renminbi (“RMB”), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People’s Bank of China at the end of the period. The statements of operations accounts are translated at the average translation rates and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Translation adjustments included in accumulated other comprehensive income amounted to $3.25 million and $3.21 million as of June 30, 2019 and December 31, 2018, respectively. The balance sheet amounts, with the exception of equity at June 30, 2019 and December 31, 2018 were translated at 6.87 RMB and 6.88 RMB to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of operations accounts for the six months ended June 30, 2019 and 2018 were 6.79 RMB and 6.37 RMB to $1.00, respectively. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions.
Financial instruments	(g) Financial instruments The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, other receivables, other payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement, and enhance disclosure requirements for fair value measures. The three levels are defined as follow: · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. The Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value.
Cash and cash equivalents	(h) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits and time deposits in banks, with original maturities of three months or fewer than three months.
Accounts receivable and allowance for doubtful accounts	(i) Accounts receivable and allowance for doubtful accounts Accounts receivable include trade accounts due from customers. An allowance for doubtful accounts is established and recorded based on management’s assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written off against allowances for doubtful accounts, after management has determined that the likelihood of collection is not probable. There was no allowance for doubtful accounts as of June 30, 2019 and December 31, 2018.
Prepaid expenses	(j) Prepaid expenses Prepaid expenses represent advance payments made to vendors for services such as rent, consulting and certification.
Equipment, net	(k) Equipment, net Equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3%‑5% residual value. The depreciation expense on assets acquired under capital leases is included with depreciation expense on owned assets. The estimated useful lives are as follows: Office equipment 5 Years The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations.
Right-of-use asset and lease liabilities	(l) Right-of-use asset and lease liabilities In February 2016, the FASB issued ASU 2016‑02 “Leases (Topic 842).” The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under generally accepted accounting principles on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company has adopted ASC 2016‑02 since January 1, 2019. See note 12 for details.
Operations held for sale	(m) Operations held for sale In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the components of an entity meet the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management having the authority to approve the action and committing to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from the balances of the continuing operations. At the same time, the results of all discontinued operations (which we presented as operations held for sale), less applicable income taxes (benefit), shall be reported as components of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45. Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations are classified as held for sale in the consolidated balance sheets. Carrying amounts of major classes of assets included as part of discontinued operations: June 30, December 31, 2019 2018 (In thousands) (Unaudited) ASSETS: Cash, prepaid expense and other current assets $ 5 $ 5 Investment in unconsolidated entities 9,296 12,972 Total current assets held for sale 9,301 12,977 Total assets of the disposal group classified as held for sale $ 9,301 $ 12,977 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Other payables and accrued liabilities $ 81 $ 37 Other payables - related parties 8,890 8,857 Total current liabilities held for sale 8,971 8,894 Total liabilities of the disposal group classified as held for sale $ 8,971 $ 8,894 Reconciliation of the amounts of major classes of income and losses from operations held for sale in the unaudited condensed consolidated statements of operations and comprehensive loss, including General Steel Investment Co., Ltd. and its subsidiaries for the three and six months ended June 30, 2019. For the three For the three months ended months ended June 30, 2019 June 30, 2018 (In thousands) (Unaudited) (Unaudited) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 41 $ 2 LOSS FROM OPERATIONS (41) (2) OTHER EXPENSE Loss from equity investment (3,289) (558) Other expense, net (3,289) (558) LOSS BEFORE PROVISION FOR INCOME TAXES (3,330) (560) PROVISION FOR INCOME TAXES — — NET LOSS FROM OPERATIONS HELD FOR SALE $ (3,330) $ (560) For the six For the six months ended months ended June 30, 2019 June 30, 2018 (In thousands) (Unaudited) (Unaudited) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 44 $ 3 LOSS FROM OPERATIONS (44) (3) OTHER INCOME (EXPENSE) Finance/interest expense (1) — (Loss)Income from equity investment (3,789) 2,909 Other expense, net (3,790) 2,909 (LOSS)INCOME BEFORE PROVISION FOR INCOME TAXES (3,834) 2,906 PROVISION FOR INCOME TAXES — — NET LOSS (INCOME) FROM OPERATIONS HELD FOR SALE $ (3,834) $ 2,906
Investments in unconsolidated entities - operations held for sale	(n) Investments in unconsolidated entities - operations held for sale Entities in which the Company has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. The Company accounts for investments with ownership less than 20% using the cost method. On December 28, 2015, General Steel (China) Co., Ltd sold its 32% equity interest in Tianwu General Steel Material Trading Co., Ltd. to Tongyong Shengyuan, one of the Company’s wholly owned subsidiaries, for $14.9 million (RMB 96.6 million). As of June 30, 2019 and December 31, 2018, Tongyong Shengyuan’s net investment in the unconsolidated entity- operations held for sale was $9.3 million and $13.0 million, respectively. Total investment income (loss) in unconsolidated subsidiaries, which was included in “Income (Loss) from equity investment” in the consolidated statements of operations and comprehensive income of discontinued operations, amounted to $(3.3) million and $(0.6) million for the three months ended June 30, 2019 and 2018, respectively, and amounted to $(3.8) million and $2.9 million for the six months ended June 30, 2019 and 2018, respectively. The Company performed significance tests in accordance with SEC Rule 1-02(w) of Regulation S-X and determined Tianwu qualifies as significant equity investee. The condensed financial statements of Tianwu is presented as follows: CONSOLIDATED BALANCE SHEETS June 30, December 31, 2019 2018 (In thousands) (Unaudited) CURRENT ASSETS: Cash $ 2,341 $ 250 Purchase deposit 22 — Other receivables, net 6,628 7,349 Other receivables - related party 67,288 64,825 Prepayments — 1,060 Inventories 5 5 Total current assets 76,284 73,489 Property and equipment, net 19 6,080 Investment 606 605 Intangible asset 15,943 19,317 Total other assets 16,568 26,002 TOTAL ASSETS $ 92,852 $ 99,491 CURRENT LIABILITIES: Accounts payable $ 3,234 $ — Accounts payable - related party — 3,965 Short term loans 39,326 39,254 Other payables and accrued liabilities 16,934 14,330 Other payable - related party 3,613 — Customer Deposits — 1,146 Taxes payable 695 259 Total current liabilities 63,802 58,954 Total liabilities 63,802 58,954 Total equity 29,050 40,537 TOTAL LIABILITIES AND EQUITY $ 92,852 $ 99,491 CONDENSED STATEMENT OF OPERATIONS For the six (In thousands) months ended June 30, 2019 2018 NET SALES $ 9 $ 54 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 149 187 FINANCE EXPENSES 2,496 2,614 TOTAL EXPENSES 2,645 2,801 LOSS BEFORE PROVISION FOR INCOME TAXES (2,636) (2,747) PROVISION FOR INCOME TAXES 721 — NET LOSS FOR CONTINUING OPERATIONS (3,357) (2,747) NET (LOSS) INCOME FROM OPERATIONS HELD FOR SALE (8,485) 11,837 NET (LOSS) INCOME $ (11,842) 9,090
Revenue recognition	(o) Revenue recognition The Company receives fees for collecting, testing, freezing and storing stem cell units. Once the cell units are collected, tested, screened and successfully meet all of the required attributes, the Company freezes the units and stores them in a cryogenic freezer. Under the cell processing and storage agreement (the “Agreement”) signed with the customer, the Company charges separate processing fees and storage fees to the customer, and such Agreement provides a storage period of 5-20 years. Pursuant to the Agreement, the processing fee is non-refundable unless the cell is non-viable for storage, and no penalty is charged to customers for early termination of the cell storage service. The Company offers discounts to customers from time to time. The core principle underlying revenue recognition ASU 606 is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company’s revenue streams are recognized over time. The ASU requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The application of the five-step model to the revenue streams compared to the prior guidance did not result in significant changes in the way the Company records its revenue. Upon adoption, the Company evaluated its revenue recognition policy for all revenue streams within the scope of the ASU under previous standards and using the five-step model under the new guidance, and confirmed that there were no differences in the pattern of revenue recognition. According to ASC 606, the Company recognizes revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Agreement includes two promised services which are (i) the processing service of cell unit; and (ii) the storage service of cell unit. As the promise to provide the processing service to subscribers is distinct from the promise to provide the storage service in the contract, two performance obligations are identified in the Agreement. The consideration expected to be received is allocated at contract inception among the performance obligations based on their relative selling prices determined by prices of these elements as sold on a stand-alone basis, and the applicable revenue recognition criteria are applied to each performance obligation. The Company considers all reasonably available information to allocate the overall arrangement fee to processing and storage services based on their relative selling prices. The Company recognizes processing fee revenue when the performance obligation is satisfied at a point in time, which is upon successful completion of processing services and when the cell unit meets all required attributes for storage, and recognizes the storage fee revenues ratably over the annual storage period as the performance obligation is satisfied over time. The Company believes the methodology of recognizing storage revenues over time meaningfully depicts the timing of storage services delivered to customers as it exerts the necessary efforts to deliver such services equally over time.
Cost of revenues	(p) Cost of revenues Cost of revenues consist primarily of costs related to processing materials, and salary and laboratory expenses directly attributable to the Company's revenues.
Research and development costs	(q) Research and development costs Research and development costs are incurred for research activities conducted to enhance collection and storage technologies, and measures to improve the results in cell extraction and separation. Research and development costs are expensed as incurred.
Earnings (loss) per share	(r) Earnings (loss) per share The Company has adopted the accounting principles generally accepted in the United States regarding earnings per share (“EPS”), which requires presentation of basic and diluted earnings (loss) per share in conjunction with the disclosure of the methodology used in computing such earnings (loss) per share. Basic earnings (loss) per share are computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.
Treasury Stock	(s) Treasury Stock Treasury stock consists of shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. The Company repurchased 494,462 total shares of its common stock between 2010 and 2012, giving retroactive effect to the 1‑for‑5 reverse stock split effective on October 29, 2015, under the share repurchase plan approved by the Board of Directors in December 2010.
Income taxes	(t) Income taxes The Company accounts for income taxes in accordance with the accounting principles generally accepted in the United States for income taxes. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets accounts for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes. The accounting principles generally accepted in the United States for accounting for uncertainty in income taxes clarify the accounting and disclosure for uncertain tax positions. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The charge for taxation is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. As of June 30, 2019, the Company’s income tax returns for December 31, 2017, 2016, 2015 and 2014 remain subject to examination by the taxing authorities.
Share-based compensation	(u) Share-based compensation The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with the accounting standards regarding accounting for stock-based compensation and accounting for equity instruments that are issued to other than employees for acquiring or in conjunction with selling goods or services. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by these accounting standards. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.
Recently issued accounting pronouncements	(v) Recently issued accounting pronouncements In June 2016, the FASB issued ASU No. 2016‑13, (Topic 326), Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments which amends the current accounting guidance and requires the use of the new forward-looking “expected loss” model, rather than the “incurred loss” model, which requires all expected losses to be determined based on historical experience, current conditions and reasonable and supportable forecasts. This guidance amends the accounting for credit losses for most financial assets and certain other instruments including trade and other receivables, held-to-maturity debt securities, loans and other instruments. ASU 2016‑13 is effective for public entities for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company does not believe the adoption of ASU 2016‑13 will have a material effect on the Company’s unaudited consolidated financial statements. In June 2018, the FASB issued ASU No. 2018‑07, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , or ASU 2018‑07. ASU 2018‑07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to Accounting Standards Codification (“ASC”) 718 upon vesting which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company have adopted this ASU with no material effect on the Company’s unaudited condensed consolidated financial statements.

Organization and Operations (Ta

Organization and Operations (Tables)	6 Months Ended
	Jun. 30, 2019
Organization and Operations
Schedule of subsidiary of limited liability company or limited partnership	The accompanying consolidated financial statements reflect the activities of the Company’s subsidiaries and VIEs: Percentage Subsidiary/VIE Place of incorporation of Ownership General Steel Investment Co., Ltd.* British Virgin Islands 100.0 % Tongyong Shengyuan (Tianjin) Technology Development Co., Ltd. (“Tongyong Shengyuan”)* PRC 100.0 % Fresh Human Global Ltd. (“Fresh Human”) Cayman 100.0 % Tuotuo River HK Limited (“Tuotuo River”) Hong Kong 100.0 % Beijing Qianhaitong Technology Development Co., Ltd. (“Tuotuo River WFOE”) PRC 100.0 % Beijing Ouruixi Medical Technology Co., Ltd. (“Beijing Ouruixi”) PRC VIE * Operation held for sale, see Note 2 (m)

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of significant accounting policies
Schedule estimated useful lives	The estimated useful lives are as follows: Office equipment 5 Years
Summary of carrying amounts of major classes of assets and liabilities and amounts of major classes of income and losses from operations held for sale of discontinued operations	Reconciliation of the carrying amounts of major classes of assets and liabilities of discontinued operations are classified as held for sale in the consolidated balance sheets. Carrying amounts of major classes of assets included as part of discontinued operations: June 30, December 31, 2019 2018 (In thousands) (Unaudited) ASSETS: Cash, prepaid expense and other current assets $ 5 $ 5 Investment in unconsolidated entities 9,296 12,972 Total current assets held for sale 9,301 12,977 Total assets of the disposal group classified as held for sale $ 9,301 $ 12,977 Carrying amounts of major classes of liabilities included as part of discontinued operations: CURRENT LIABILITIES: Other payables and accrued liabilities $ 81 $ 37 Other payables - related parties 8,890 8,857 Total current liabilities held for sale 8,971 8,894 Total liabilities of the disposal group classified as held for sale $ 8,971 $ 8,894 Reconciliation of the amounts of major classes of income and losses from operations held for sale in the unaudited condensed consolidated statements of operations and comprehensive loss, including General Steel Investment Co., Ltd. and its subsidiaries for the three and six months ended June 30, 2019. For the three For the three months ended months ended June 30, 2019 June 30, 2018 (In thousands) (Unaudited) (Unaudited) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 41 $ 2 LOSS FROM OPERATIONS (41) (2) OTHER EXPENSE Loss from equity investment (3,289) (558) Other expense, net (3,289) (558) LOSS BEFORE PROVISION FOR INCOME TAXES (3,330) (560) PROVISION FOR INCOME TAXES — — NET LOSS FROM OPERATIONS HELD FOR SALE $ (3,330) $ (560) For the six For the six months ended months ended June 30, 2019 June 30, 2018 (In thousands) (Unaudited) (Unaudited) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 44 $ 3 LOSS FROM OPERATIONS (44) (3) OTHER INCOME (EXPENSE) Finance/interest expense (1) — (Loss)Income from equity investment (3,789) 2,909 Other expense, net (3,790) 2,909 (LOSS)INCOME BEFORE PROVISION FOR INCOME TAXES (3,834) 2,906 PROVISION FOR INCOME TAXES — — NET LOSS (INCOME) FROM OPERATIONS HELD FOR SALE $ (3,834) $ 2,906
Summary of significant equity investee	The Company performed significance tests in accordance with SEC Rule 1-02(w) of Regulation S-X and determined Tianwu qualifies as significant equity investee. The condensed financial statements of Tianwu is presented as follows: CONSOLIDATED BALANCE SHEETS June 30, December 31, 2019 2018 (In thousands) (Unaudited) CURRENT ASSETS: Cash $ 2,341 $ 250 Purchase deposit 22 — Other receivables, net 6,628 7,349 Other receivables - related party 67,288 64,825 Prepayments — 1,060 Inventories 5 5 Total current assets 76,284 73,489 Property and equipment, net 19 6,080 Investment 606 605 Intangible asset 15,943 19,317 Total other assets 16,568 26,002 TOTAL ASSETS $ 92,852 $ 99,491 CURRENT LIABILITIES: Accounts payable $ 3,234 $ — Accounts payable - related party — 3,965 Short term loans 39,326 39,254 Other payables and accrued liabilities 16,934 14,330 Other payable - related party 3,613 — Customer Deposits — 1,146 Taxes payable 695 259 Total current liabilities 63,802 58,954 Total liabilities 63,802 58,954 Total equity 29,050 40,537 TOTAL LIABILITIES AND EQUITY $ 92,852 $ 99,491 CONDENSED STATEMENT OF OPERATIONS For the six (In thousands) months ended June 30, 2019 2018 NET SALES $ 9 $ 54 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 149 187 FINANCE EXPENSES 2,496 2,614 TOTAL EXPENSES 2,645 2,801 LOSS BEFORE PROVISION FOR INCOME TAXES (2,636) (2,747) PROVISION FOR INCOME TAXES 721 — NET LOSS FOR CONTINUING OPERATIONS (3,357) (2,747) NET (LOSS) INCOME FROM OPERATIONS HELD FOR SALE (8,485) 11,837 NET (LOSS) INCOME $ (11,842) 9,090

Variable interest entity ("VI_2

Variable interest entity ("VIE") (Tables)	6 Months Ended
	Jun. 30, 2019
Variable interest entity ("VIE")
Schedule Of VIE's consolidated assets and liabilities	The carrying amount of the VIE’s assets and liabilities are as follows: (In thousands) June 30, 2019 Current assets $ 4,625 Total assets 4,715 Total liabilities (675) Net assets $ 4,040 (In thousands) June 30, 2019 Current liabilities: Account payable $ 27 Other payables and accrued liabilities 1 Other payable – related party 574 Lease liabilities - current 53 Total current liabilities 655 Lease liabilities – non-current 20 Total liabilities $ 675
Schedule Operating results of the VIE's	The summarized operating results of the VIEs are as follows: For the three months ended For the six months ended (In thousands) June 30, 2019 June 30, 2019 Operating revenues $ 117 $ 117 Operating expenses $ 128 $ 296 Loss from operations $ (10) $ (178) Net loss $ 8 $ (159)

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2019
Cash and cash equivalents
Schedule of Cash and Cash Equivalents	Cash and cash equivalents consisted of the following as of June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 (in thousands) (in thousands) Cash and cash equivalents: Cash in bank and on hand $ 867 $ 459 Time deposit – with original maturities less than three months — 4,362 Total Cash and cash equivalents: $ 867 $ 4,821

Accounts receivable (Tables)

Accounts receivable (Tables)	6 Months Ended
	Jun. 30, 2019
Accounts receivable
Schedule of Accounts Receivables	Accounts receivables, net of zero allowance for doubtful accounts, consists of the following: June 30, 2019 December 31, 2018 (in thousands) (in thousands) Accounts receivable $ 167 $ 55 Less: allowance for doubtful accounts — — Net accounts receivable $ 167 $ 55

Other payable and accrued lia_2

Other payable and accrued liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Other payable and accrued liabilities
Schedule of other payable and accrued liabilities	Other payable and accrued liabilities consist of the following: June 30, 2019 December 31, 2018 (in thousands) (in thousands) Salary payable $ 142 $ 142 Short term payable, no interest due on demand 239 37 Professional fees 140 364 Net other payable and accrued liabilities 521 543 Less: other payable and accrued liabilities – held for sale 81 37 Net other payable and accrued liabilities – continuing operations $ 440 $ 506

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Related party transactions
Schedule of related party transactions, other payable related parties	Other payables – related parties are those nontrade payables arising from transactions between the Company and its related parties, such as advances or payments from these related parties on behalf of the Company. June 30, December 31, Name of related parties Relationship 2019 2018 (in thousands) (in thousands) Yangpu Capital Automobile Partially owned by Zuosheng Yu indirectly $ 95 $ 95 General Steel (China) Co., Ltd Partially owned by Zuosheng Yu indirectly 7,519 7,388 Zuosheng Yu Chief Executive Officer and Chairman of the Board of the Company until July 8, 2019 1,374 1,471 Baoning Shi Major shareholder 510 173 Beijing Ronghuida Investment Consulting Co., Ltd. Common control by major shareholder 63 60 Beijing Hanjiang International Investment Consulting Co., Ltd. Common control by major shareholder 1 1 Total 9,562 9,188 Less: other payables – related parties - held for sale 8,890 8,857 Other payables – related parties - continuing operations $ 672 $ 331

Lease (Tables)

Lease (Tables)	6 Months Ended
	Jun. 30, 2019
Lease
Schedule of lease obligations	The two year and beyond maturity of the Company’s lease obligations is presented below: Twelve months ended June 30, Operating lease amount 2020 $ 60,460 2021 15,115 Total lease payments 75,575 Less: Interest (2,645) Present value of lease liabilities $ 72,930

Organization and Operations - S

Organization and Operations - Summary of activities of Company's subsidiaries and VIEs (Details)	6 Months Ended
	Jun. 30, 2019
General Steel Investment Co Ltd [Member]
Entity Incorporation, State Country Name	British Virgin Islands
Equity Method Investment, Ownership Percentage	100.00%
Tongyong Shengyuan Tianjin Technology Development Co., Ltd. [Member]
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Ownership Percentage	100.00%
Fresh Human Global Ltd [Member]
Entity Incorporation, State Country Name	Cayman
Equity Method Investment, Ownership Percentage	100.00%
Tuotuo River HK Limited [Member]
Entity Incorporation, State Country Name	Hong Kong
Equity Method Investment, Ownership Percentage	100.00%
Beijing Qianhaitong Technology Development Co Ltd [Member]
Entity Incorporation, State Country Name	PRC
Equity Method Investment, Ownership Percentage	100.00%
Beijing Ouruixi Medical Technology Co Ltd [Member]
Entity Incorporation, State Country Name	PRC

Organization and Operations - A

Organization and Operations - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jul. 31, 2019	Dec. 31, 2017	Dec. 28, 2015
Business Acquisition, Share Price	$ 0.001
Fresh Human Global Ltd [Member]
Business Acquisition, Percentage of Voting Interests Acquired	30.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage	51.10%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage	55.50%
Business Combination Step Acquisition Equity Interest In Acquiree Of Common Stock Percentage	50.45%
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 4,189,657
Fresh Human Global Ltd [Member] | Restricted Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		4,175,095
Beijing Ouruixi Medical Technology Co Ltd [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	4,175,095
Tianjin Shuangsi Trading Co. Ltd [Member] | Subsequent Event [Member]
Disposal Group, Including Discontinued Operation, Consideration			$ 300,000
General Steel Investment Co Ltd [Member]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Tianwu General Steel Material Trading Co Ltd [Member]
Equity Method Investment, Ownership Percentage	32.00%			32.00%	32.00%
Tianjin Shuangsi Trading Co. Ltd [Member] | Subsequent Event [Member]
Equity Method Investment, Ownership Percentage			32.00%

Summary of significant accoun_4

Summary of significant accounting policies - Estimated useful lives (Details)	6 Months Ended
	Jun. 30, 2019
Office equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	5 years

Summary of significant accoun_5

Summary of significant accounting policies - Major classes of assets and liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
ASSETS:
Cash, prepaid expense and other current assets	$ 5,000		$ 5,000		$ 5,000
Investment in unconsolidated entities	9,296,000		9,296,000		12,972,000
Total current assets held for sale	9,300,658		9,300,658		12,976,864
Total assets of the disposal group classified as held for sale	9,301,000		9,301,000		12,977,000
CURRENT LIABILITIES:
Other payables and accrued liabilities	81,000		81,000		37,000
Other payables - related parties	8,890,000		8,890,000		8,857,000
Total current liabilities held for sale	8,971,099		8,971,099		8,893,326
Total liabilities of the disposal group classified as held for sale	8,971,000		8,971,000		$ 8,894,000
Amounts of major classes of income and losses from operations held for sale
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	41,000	$ 2,000	44,000	$ 3,000
LOSS FROM OPERATIONS	(41,000)	(2,000)	(44,000)	(3,000)
Finance/interest expense			(1,000)
OTHER INCOME (EXPENSE): Loss from equity investment	(3,289,000)	(558,000)	(3,789,000)	2,909,000
Other expense, net	(3,289,000)	(558,000)	(3,790,000)	2,909,000
(LOSS)INCOME BEFORE PROVISION FOR INCOME TAXES	(3,330,000)	(560,000)	(3,834,000)	2,906,000
NET LOSS (INCOME) FROM OPERATIONS HELD FOR SALE	$ (3,330,858)	$ (560,071)	$ (3,834,201)	$ 2,905,278

Summary of significant accoun_6

Summary of significant accounting policies - Income (Loss) from equity investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	$ (3,330)	$ (560)	$ (3,834)	$ 2,906
Tianwu General Steel Material Trading Co Ltd [Member]
CURRENT ASSETS:
Cash	2,341		2,341		$ 250
Purchase deposit			22
Other receivables, net	6,628		6,628		7,349
Other receivables - related party	67,288		67,288		64,825
Prepayments					1,060
Inventories	5		5		5
Total current assets	76,284		76,284		73,489
Property and equipment, net	19		19		6,080
Investment	606		606		605
Intangible asset	15,943		15,943		19,317
Total other assets	16,568		16,568		26,002
TOTAL ASSETS	92,852		92,852		99,491
CURRENT LIABILITIES:
Accounts payable	3,234		3,234
Accounts payable - related party					3,965
Short term loans	39,326		39,326		39,254
Other payables and accrued liabilities	16,934		16,934		14,330
Other payables - related parties	3,613		3,613
Customer Deposits					1,146
Taxes payable	695		695		259
Total current liabilities	63,802		63,802		58,954
Total liabilities	63,802		63,802		58,954
Total equity	29,050		29,050		40,537
TOTAL LIABILITIES AND EQUITY	92,852		$ 92,852		$ 99,491
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
NET SALES	9	54
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	149	187
FINANCE EXPENSES	(2,496)	(2,614)
TOTAL EXPENSES	2,645	2,801
LOSS BEFORE PROVISION FOR INCOME TAXES	(2,636)	(2,747)
PROVISION FOR INCOME TAXES	721	0
NET LOSS FOR CONTINUING OPERATIONS	(3,357)	(2,747)
NET (LOSS) INCOME FROM OPERATIONS HELD FOR SALE	(8,485)	11,837
NET (LOSS) INCOME	$ (11,842)	$ 9,090

Summary of significant accoun_7

Summary of significant accounting policies - Revenue recognition (Details)	6 Months Ended
	Jun. 30, 2019
Minimum [Member]
Storage period	5 years
Maximum [Member]
Storage period	20 years

Summary of significant accoun_8

Summary of significant accounting policies - Additional Information (Details)	6 Months Ended				12 Months Ended
	Jun. 30, 2019CNY (¥)¥ / sharesshares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2018¥ / shares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2018¥ / shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017	Dec. 28, 2015CNY (¥)	Dec. 28, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent		$ 3,250,000			$ 3,210,000
Foreign Currency Exchange Translation Rate Balance Sheet Items | (per share)	¥ 6.87					$ 1	¥ 6.88
Foreign Currency Exchange Average Translation Rate | (per share)	¥ 6.79	$ 1	¥ 6.37
Allowance for Doubtful Accounts Receivable						$ 0		$ 0
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions		$ (3,300,000)		$ (600,000)
Treasury Stock, Shares | shares	494,462					494,462		494,462
Cash, FDIC Insured Amount	¥ 500,000					$ 146,000		$ 145,000
Cash, Uninsured Amount						721,000		4,670,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents						866,990		4,818,833
US
Summary Of Significant Accounting Policies [Line Items]
Cash, FDIC Insured Amount						250,000
Accounts Payable [Member]
Summary Of Significant Accounting Policies [Line Items]
Working Capital Deficit						3,900,000
Concentration risk		69.50%
Due to Other Related Parties, Current						$ 300,000
Revenue from Contract with Customer, Product and Service Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		100.00%
Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		100.00%
Cost of Goods, Product Line [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		79.90%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Salvage Value, Percentage	5.00%					5.00%
Percentage Of Ownership, Significant Influence	50.00%					50.00%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Salvage Value, Percentage	3.00%					3.00%
Percentage Of Ownership, Significant Influence	20.00%					20.00%
Tianwu General Steel Material Trading Co Ltd [Member]
Summary Of Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	32.00%					32.00%			32.00%	32.00%	32.00%
Due from Related Parties										¥ 96,600,000	$ 14,900,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures						$ 9,300,000		$ 13,000,000

Variable interest entity ("VI_3

Variable interest entity ("VIE") - Assets and liabilities (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Variable interest entity ("VIE")
Current assets	$ 4,625,000
Total assets	4,715,000
Total liabilities	(675,000)
Net assets	4,040,000
Current liabilities:
Account payable	27,000
Other payables and accrued liabilities	1,000
Other payable - related party	574,000
Lease liabilities - current	52,970	$ 0
Total current liabilities	655,000
Lease liabilities - non-current	19,960	$ 0
Total liabilities	$ 675,000

Variable interest entity ("VI_4

Variable interest entity ("VIE") - Operating results (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Variable interest entity ("VIE")
Operating revenues	$ 117	$ 117
Operating expenses	128	296
Loss from operations	(10)	(178)
Net loss	$ 8	$ (159)

Variable interest entity ("VI_5

Variable interest entity ("VIE") - Additional information (Details)	Dec. 19, 2018
Beijing Ouruixi [Member]
Equity Method Investment, Ownership Percentage	100.00%

Cash and cash equivalents - Cas

Cash and cash equivalents - Cash and cash equivalents (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Cash and cash equivalents:
Cash in bank and on hand	$ 867,000	$ 459,000
Time deposit - with original maturities less than three months		4,362,000
Total Cash and cash equivalents:	$ 866,990	$ 4,818,833

Cash and cash equivalents - Add

Cash and cash equivalents - Additional information (Details) ¥ in Millions	Jun. 30, 2019USD ($)	Dec. 31, 2018CNY (¥)	Dec. 31, 2018USD ($)
Time Deposits		¥ 30	$ 4,400,000
Cash	$ 867,000		$ 459,000
Third Party Trust Account [Member]
Cash	$ 111,000

Accounts receivable (Details)

Accounts receivable (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Accounts receivable
Accounts receivable	$ 167,000	$ 55,000
Less: allowance for doubtful accounts	0	0
Net accounts receivable	$ 167,070	$ 55,246

Loan receivables (Details)

Loan receivables (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 20, 2019USD ($)	Sep. 30, 2019USD ($)
Loan receivables	$ 3,641,289	$ 3,641,289	$ 0
Beijing Spark Cell Technology Co., Ltd. [Member]
Loan receivables	3,641,000	$ 3,641,000	$ 0
Loans receivables, interest rate		7.3	7.3
Interest income	$ 3,000	$ 3,000
Scenario, Forecast [Member] | Beijing Spark Cell Technology Co., Ltd. [Member]
Loan receivables				$ 2,913,000	$ 728,000

Other payable and accrued lia_3

Other payable and accrued liabilities (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Other payable and accrued liabilities
Salary payable	$ 142,000	$ 142,000
Short term payable, no interest due on demand	239,000	37,000
Professional fees	140,000	364,000
Net other payable and accrued liabilities	521,000	543,000
Less: other payable and accrued liabilities - held for sale	81,000	37,000
Net other payable and accrued liabilities - continuing operations	$ 440,192	$ 506,174

Taxes (Details)

Taxes (Details)	1 Months Ended	6 Months Ended
	Dec. 22, 2017	Jun. 30, 2019CNY (¥)	Jun. 30, 2019USD ($)
Taxes [Line Items]
Percentage Of Deferred Tax Asset		100.00%	100.00%
Net operating losses carried forward			$ 6,800,000
Deferred Tax Assets Valuation Period		5 years
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	35.00%	21.00%
US
Taxes [Line Items]
Percentage Of Deferred Tax Asset		100.00%	100.00%
Deferred Tax Assets, Valuation Allowance			$ 3,000,000
Hong Kong [Member]
Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		16.50%
Subsidiaries [Member]
Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Percent		25.00%
Beijing Ouruixi [Member]
Taxes [Line Items]
Operating Loss Carryforwards		¥ 2,310,000	$ 345,000

Related party balances (Details

Related party balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Other payables - related parties		$ 9,562	$ 9,188
Less: other payables - related parties - held for sale		8,890	8,857
Other payables - related parties - continuing operations		672	331
Yangpu Capital Automobile [Member]
Related Party Transaction [Line Items]
Related Party Relationship	Partially owned by Zuosheng Yu indirectly
Other payables - related parties		95	95
General Steel (China) Co., Ltd [Member]
Related Party Transaction [Line Items]
Related Party Relationship	Partially owned by Zuosheng Yu indirectly
Other payables - related parties		7,519	7,388
Zuosheng Yu [Member]
Related Party Transaction [Line Items]
Related Party Relationship	Chief Executive Officer and Chairman of the Board of the Company until July 8, 2019
Other payables - related parties		1,374	1,471
Baoning Shi [Member]
Related Party Transaction [Line Items]
Related Party Relationship	Major shareholder
Other payables - related parties		510	173
Beijing Ronghuida Investment Consulting Co., Ltd. [Member]
Related Party Transaction [Line Items]
Related Party Relationship	Common control by major shareholder
Other payables - related parties		63	60
Beijing Hanjiang International Investment Consulting Co., Ltd. [Member]
Related Party Transaction [Line Items]
Related Party Relationship	Common control by major shareholder
Other payables - related parties		$ 1	$ 1

Equity (Details)

Equity (Details) - USD ($)	1 Months Ended		6 Months Ended	12 Months Ended
	Nov. 30, 2018	Aug. 24, 2018	Jun. 30, 2019	Dec. 31, 2018
Common Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001
Percentage Of After Tax Profits Retained			10.00%
Percentage Of Statutory Reserve Funds Of Registered Capital			50.00%
Hummingbird Holdings Limited [Member]
Stock Issued During Period, Shares, New Issues	14,285,715	7,352,941
Sale of Stock, Price Per Share	$ 0.035	$ 0.034
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Proceeds from Issuance of Common Stock	$ 500,000	$ 250,000
Fresh Human [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares				4,175,095
Sale of Stock, Percentage of Ownership before Transaction				51.10%
Business Acquisition, Percentage of Voting Interests Acquired				30.00%
Sale of Stock, Percentage of Ownership after Transaction			50.45%	55.50%

Contingencies (Details)

Contingencies (Details) - Dec. 31, 2018 ¥ in Millions, $ in Millions	CNY (¥)	USD ($)
Contingencies
Time Deposits	¥ 30	$ 4.4

Lease - Comapny's lease obligat

Lease - Comapny's lease obligations (Details)	Jun. 30, 2019USD ($)
Lease
2020	$ 60,460
2021	15,115
Total lease payments	75,575
Less: Interest	(2,645)
Present value of lease liabilities	$ 72,930

Lease - Additional information

Lease - Additional information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 77,968	$ 77,968	$ 0
Operating Lease, Liability, Current	52,970	52,970	0
Operating Lease, Liability, Noncurrent	19,960	19,960	$ 0
Short-term Lease Payments		7,659
General and Administrative Expense [Member]
Operating Leases, Rent Expense	$ 15,215	$ 30,589

Subsequent events - (Details)

Subsequent events - (Details) - USD ($)	Jul. 31, 2019	Jun. 30, 2019	Dec. 31, 2017	Dec. 28, 2015
Tianjin Shuangsi Trading Co. Ltd [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 300,000
Purchase Price Cancellation Payable Amount and Interest Accrued	$ 300,000
Tianwu General Steel Material Trading Co Ltd [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage		32.00%	32.00%	32.00%
Tianjin Shuangsi Trading Co. Ltd [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage	32.00%