Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | |
Net income (loss) | $ (6,146,196) | $ (677,351) |
Net loss from discontinued operations | (10,294,489) | (325,026) |
Net income (loss) from continued operations | 4,148,293 | (352,325) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | |
Depreciation and amortization | 622,812 | |
Stock-based compensation | 860,457 | |
Loss (income) from investments | (114,930) | |
Deferred tax expense (benefit) | (85,246) | |
Changes in operating assets and liabilities: | | |
Accounts receivable | (40,711) | |
Prepaid expenses and other current assets | (3,742,853) | |
Accounts payable | 347,340 | |
Advance from customers | 797,100 | |
Taxes payable | 231,784 | |
Operating lease liabilities | (141,625) | |
Accrued expenses and other current liabilities | (511,492) | |
Net Cash Provided by (Used in) Operating Activities from Continuing Operations | 2,370,929 | (352,325) |
Net Cash (Used in) Operating Activities from Discontinued Operations | (510,306) | (209,040) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,860,623 | (561,365) |
CASH FLOWS FROM INVESTING ACTIVITIES: | | |
Acquisition of property and equipment | (25,768) | |
Purchase of intangible asset | (22,713) | |
Acquisition of cash in connection with acquisition of Nami | 5,062,170 | |
Repayments from loans to third parties | 1,706,351 | |
Payments made for loans to third parties | (284,392) | |
Net cash provided from investing activities from continuing operations | 6,435,648 | |
Net cash (used in) investing activities from discontinued operations | | (12,429) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 6,435,648 | (12,429) |
CASH FLOWS FROM FINANCING ACTIVITIES: | | |
Repayment made to related party | (6,678,943) | |
Proceeds from private placement | 6,503,378 | |
Capital contribution by majority shareholder | 4,550,000 | |
Net cash provided from investing activities from continuing operations | 4,374,435 | |
Net cash (used in) investing activities from discontinued operations | | (404,751) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,374,435 | (404,751) |
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS | (40,002) | 27 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 12,630,704 | (978,518) |
Cash and cash equivalent and restricted cash from continuing operations - Beginning | 2,781,506 | 631 |
Cash and cash equivalent and restricted cash from discontinued operations - Beginning | 696,157 | 3,071,612 |
CASH AND CASH EQUIVALENT AND RESTRICTED CASH-BEGINNING | 3,477,663 | 3,072,243 |
Cash and cash equivalent and restricted cash from continuing operations - Ending | 15,922,516 | 93 |
Cash and cash equivalent and restricted cash from discontinued operations - Ending | 185,851 | 2,093,632 |
CASH AND CASH EQUIVALENT AND RESTRICTED CASH-ENDING | 16,108,367 | 2,093,725 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | | |
Cash paid for income taxes | 13,972 | |
Cash paid for interest | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | | |
Financing for acquisition of Nami | 25,477,346 | |
Accrued lease liabilities | 1,679,556 | |
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATION ARE COMPRISED OF THE FOLLOWING: | | |
Cash and cash equivalent | 15,916,743 | 93 |
Restricted cash | 5,773 | |
Total cash, cash equivalents and restricted cash | $ 15,922,516 | $ 93 |