Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information Line Items | |
Entity Registrant Name | China Customer Relations Centers, Inc. |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 18,329,600 |
Amendment Flag | false |
Entity Central Index Key | 0001620664 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | true |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
Entity File Number | 001-37655 |
Entity Incorporation, State or Country Code | VA |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 43,669,538 | $ 25,328,486 |
Accounts receivable | 63,493,891 | 42,606,485 |
Prepayments | 2,352,988 | 2,396,646 |
Prepayments, related parties | 359,142 | 90,429 |
Due from related parties, current | 470,076 | |
Income taxes recoverable | 104,721 | 712,459 |
Other current assets | 4,420,220 | 3,408,704 |
Total current assets | 114,870,576 | 74,543,209 |
Equity investments | 3,678,171 | 3,446,346 |
Property and equipment, net | 12,543,156 | 10,115,782 |
Deferred tax assets | 259,200 | 242,863 |
Due from related party, non-current | 215,307 | |
Operating lease right-of-use assets | 12,265,679 | 9,827,114 |
Operating lease right-of-use assets - related party | 341,078 | 172,121 |
Total non-current assets | 29,087,284 | 24,019,533 |
Total assets | 143,957,860 | 98,562,742 |
LIABILITIES AND EQUITY | ||
Accounts payable | 4,315,457 | 2,602,972 |
Accounts payable - related parties | 260,790 | 149,658 |
Accrued liabilities and other payables | 11,018,516 | 4,641,892 |
Deferred revenue | 1,196,659 | 456,331 |
Wages payable | 15,663,312 | 10,472,596 |
Income taxes payable | 974,510 | 452,961 |
Operating lease liabilities, current | 5,678,812 | 3,797,069 |
Operating lease liability - related party, current | 165,734 | 163,995 |
Short-term loans | 1,531,933 | 4,306,138 |
Total current liabilities | 40,805,723 | 27,043,612 |
Operating lease liabilities, non-current | 7,461,337 | 6,068,702 |
Operating lease liability - related party, non-current | 175,002 | |
Total non-current liabilities | 7,636,339 | 6,068,702 |
Total liabilities | 48,442,062 | 33,112,314 |
Equity | ||
Common shares, $0.001 par value, 100,000,000 shares authorized, 18,329,600 shares issued and outstanding as of December 31, 2020 and December 31, 2019 | 18,330 | 18,330 |
Additional paid-in capital | 18,424,483 | 15,074,267 |
Retained earnings | 66,854,353 | 47,347,781 |
Statutory reserves | 7,761,226 | 5,818,330 |
Accumulated other comprehensive income (loss) | 2,457,406 | (3,411,744) |
Total China Customer Relations Centers, Inc. shareholders’ equity | 95,515,798 | 64,846,964 |
Noncontrolling interest | 603,464 | |
Total equity | 95,515,798 | 65,450,428 |
Total liabilities and equity | $ 143,957,860 | $ 98,562,742 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,329,600 | 18,329,600 |
Common stock, shares outstanding | 18,329,600 | 18,329,600 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues, net | $ 240,316,024 | $ 173,409,113 | $ 141,433,641 |
Cost of revenues | 188,725,246 | 134,504,540 | 102,567,896 |
Gross profit | 51,590,778 | 38,904,573 | 38,865,745 |
Operating expenses: | |||
Selling, general & administrative expenses | 27,772,891 | 26,318,771 | 21,329,908 |
Total operating expenses | 27,772,891 | 26,318,771 | 21,329,908 |
Income from operations | 23,817,887 | 12,585,802 | 17,535,837 |
Interest expense | (176,422) | (190,808) | (404,958) |
Government grants | 2,989,897 | 1,825,402 | 1,709,297 |
Other income | 1,803,014 | 1,547,788 | 552,205 |
Other expense | (434,048) | (202,688) | (124,370) |
Total other income | 4,182,441 | 2,979,694 | 1,732,174 |
Income before provision for income taxes | 28,000,328 | 15,565,496 | 19,268,011 |
Income tax provision | 3,069,477 | 2,391,371 | 2,966,880 |
Net income | 24,930,851 | 13,174,125 | 16,301,131 |
Less: net income attributable to noncontrolling interest | 70,052 | 118,114 | 208,593 |
Net income attributable to China Customer Relations Centers, Inc. | 24,860,799 | 13,056,011 | 16,092,538 |
Comprehensive income | |||
Net income | 24,930,851 | 13,174,125 | 16,301,131 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | 5,855,857 | (828,331) | (2,741,283) |
Total Comprehensive income | 30,786,708 | 12,345,794 | 13,559,848 |
Less: Comprehensive income attributable to noncontrolling interest | 56,759 | 109,238 | 140,467 |
Comprehensive income attributable to China Customer Relations Centers, Inc. | $ 30,729,949 | $ 12,236,556 | $ 13,419,381 |
Earnings per share attributable to China Customer Relations Centers, Inc. | |||
Basic (in Dollars per share) | $ 1.36 | $ 0.71 | $ 0.88 |
Diluted (in Dollars per share) | $ 1.36 | $ 0.71 | $ 0.88 |
Weighted average common shares outstanding | |||
Basic (in Shares) | 18,329,600 | 18,329,600 | 18,329,600 |
Diluted (in Shares) | 18,329,600 | 18,329,600 | 18,329,600 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Common Stock | Additional Paid-in Capital | Statutory Reserves | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total |
Balance, at Dec. 31, 2017 | $ 18,330 | $ 11,202,396 | $ 2,597,031 | $ 25,292,402 | $ 80,868 | $ 922,713 | $ 40,113,740 |
Balance, (in Shares) at Dec. 31, 2017 | 18,329,600 | ||||||
Net income | 16,092,538 | 208,593 | 16,301,131 | ||||
Foreign currency translation adjustment | (2,673,157) | (68,126) | (2,741,283) | ||||
Distribution of dividend to noncontrolling investor | (355,232) | (355,232) | |||||
Transfer to reserve | 1,319,118 | (1,319,118) | |||||
Balance, at Dec. 31, 2018 | $ 18,330 | 11,202,396 | 3,916,149 | 40,065,822 | (2,592,289) | 707,948 | 53,318,356 |
Balance, (in Shares) at Dec. 31, 2018 | 18,329,600 | ||||||
Net income | 13,056,011 | 118,114 | 13,174,125 | ||||
Foreign currency translation adjustment | (819,455) | (8,876) | (828,331) | ||||
Distribution of dividend to noncontrolling investor | (213,722) | (213,722) | |||||
Capital increase from retained earnings | 3,871,871 | 3,871,871 | |||||
Transfer to reserve | 1,902,181 | (1,902,181) | |||||
Balance, at Dec. 31, 2019 | $ 18,330 | 15,074,267 | 5,818,330 | 47,347,781 | (3,411,744) | 603,464 | 65,450,428 |
Balance, (in Shares) at Dec. 31, 2019 | 18,329,600 | ||||||
Net income | 24,860,799 | 70,052 | 24,930,851 | ||||
Foreign currency translation adjustment | 5,869,150 | (13,293) | 5,855,857 | ||||
Contribution from noncontrolling investor | 363,232 | 363,232 | |||||
Distribution of dividend to noncontrolling investor | (254,262) | (254,262) | |||||
Capital increase from retained earnings | 3,411,331 | (3,411,331) | |||||
Acquisition of noncontrolling interest | (61,115) | $ (769,193) | (830,308) | ||||
Transfer to reserve | 1,942,896 | (1,942,896) | |||||
Balance, at Dec. 31, 2020 | $ 18,330 | $ 18,424,483 | $ 7,761,226 | $ 66,854,353 | $ 2,457,406 | $ 95,515,798 | |
Balance, (in Shares) at Dec. 31, 2020 | 18,329,600 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income | $ 24,930,851 | $ 13,174,125 | $ 16,301,131 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 4,070,582 | 3,404,912 | 2,635,242 |
Allowance for credit losses | 952,439 | ||
Loss on disposal of property and equipment | 59,366 | 19,091 | 34,166 |
Deferred income taxes | 298,228 | 238,883 | (196,909) |
Non-cash lease expense | 4,319,670 | 3,501,753 | |
Changes in operating lease right-of-use assets and operating lease liabilities upon lease modification | 634,328 | ||
Changes in assets and liabilities: | |||
Accounts receivable | (17,048,770) | (13,057,615) | (7,937,804) |
Due from related parties | (9,929) | ||
Prepayments | (447,976) | (2,097,963) | (887,778) |
Prepayments, related parties | (248,456) | (95,244) | |
Other current assets | (740,237) | (1,510,847) | (970,199) |
Operating lease liabilities | (3,955,614) | (3,037,030) | |
Accounts payable | 1,454,416 | 2,017,431 | 147,818 |
Accounts payable - related parties | 95,611 | (10,440) | 122,630 |
Wages payable | 4,245,097 | 3,511,093 | 1,884,440 |
Income taxes recoverable | 620,277 | (192,965) | (548,893) |
Income taxes payable | 464,576 | 94,336 | (153,896) |
Deferred revenue | 671,332 | 100,245 | (221,771) |
Accrued liabilities and other payables | 4,934,855 | (941,772) | 1,077,098 |
Net cash provided by operating activities | 24,049,979 | 5,213,237 | 12,142,470 |
Cash flows from investing activities | |||
Purchase of property and equipment | (5,334,709) | (4,481,450) | (4,768,139) |
Proceeds from sale of property and equipment | 7,179 | 36,693 | 9,197 |
Advance to equity investee | (435,445) | (1,461) | |
Collection from equity investee | 429,068 | ||
Advance to related parties | (381,309) | (214,111) | (105,827) |
Repayment from related parties | 171,179 | 198,017 | 117,802 |
Net cash used in investing activities | (5,544,037) | (4,460,851) | (4,748,428) |
Cash flows from financing activities | |||
Contribution from noncontrolling investor in subsidiary | 108,970 | ||
Dividend distributed to noncontrolling investor in subsidiary | (213,722) | (355,232) | |
Borrowings from short-term loans | 4,351,712 | 4,452,368 | 3,891,596 |
Repayment of short-term loans | (7,124,316) | (3,694,345) | (3,625,448) |
Net cash provided by (used in) financing activities | (2,663,634) | 544,301 | (89,084) |
Effect of exchange rate changes on cash and cash equivalents | 2,498,744 | (388,113) | (1,513,411) |
Net change in cash and cash equivalents | 18,341,052 | 908,574 | 5,791,547 |
Cash and cash equivalents, beginning of the year | 25,328,486 | 24,419,912 | 18,628,365 |
Cash and cash equivalents, end of the year | 43,669,538 | 25,328,486 | 24,419,912 |
Supplemental cash flow information | |||
Interest paid | 175,811 | 190,808 | 404,958 |
Income taxes paid | 2,924,643 | 2,993,733 | 3,929,237 |
Non-cash investing and financing activities | |||
Transfer from prepayments to property and equipment | 705,933 | 904,309 | 392,637 |
Liabilities assumed in connection with purchase of property and equipment | 7,200 | 24,512 | 88,112 |
Liability assumed in connection with acquisition of noncontrolling interest | 830,308 | ||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 7,069,165 | $ 5,496,939 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
ORGANIZATION | Note 1 – ORGANIZATION China Customer Relations Centers, Inc. (the “Company”), was incorporated on March 6, 2014 under the laws of British Virgin Islands. China BPO Holdings Limited (“CBPO”), the Company’s 100% owned subsidiary, was established in Hong Kong on March 28, 2014 as a limited liability company. Other than the equity interest in CBPO, the Company does not own any material assets or liabilities or conduct any operations. CBPO holds all of the outstanding equity interest in Shandong Juncheng Information Technology Co., Ltd., a company established on August 19, 2014 in the People’s Republic of China (“PRC”) as a wholly foreign owned enterprise (“WFOE”). Other than the equity interest in WFOE, CBPO does not own any material assets or liabilities or conduct any operations. Shandong Taiying Technology Co., Ltd (“Taiying”) was incorporated on December 18, 2007 as a domestic Chinese corporation. Taiying and its wholly owned or majority owned subsidiaries are engaged in business process outsourcing (“BPO”), acting as a service provider focusing on the complex voice-based and online-based segment of customer care services, including customer relationship management, sales, customer retention, marketing surveys and research for some of China’s big enterprises. The Company does not conduct any substantive operations of its own, rather, it conducts its primary business operations through WFOE, which in turn, conducts its business substantially through Taiying. Effective control over Taiying was transferred to the Company through the series of contractual arrangements without transferring legal ownership in Taiying (“reorganization”). As a result of these contractual arrangements, the Company maintained the ability to approve decisions made by Taiying and was entitled to substantially all of the economic benefits of Taiying. Under the laws and regulations of the PRC, foreign persons and foreign companies are restricted from investing directly in certain businesses within the PRC. Call center businesses are subject to these restrictions on foreign investment. In order to comply with these laws and regulations, on September 3, 2014, Taiying and its sole shareholder, Beijing Taiying Anrui Holding Co., Ltd. (“Beijing Taiying”), entered into an entrusted management agreement with WFOE, which provides that WFOE will be entitled to the full guarantee for the performance of such contracts, agreements or transactions entered into by Taiying. WFOE is also entitled to receive the residual return of Taiying. As a result of the agreement, WFOE will absorb 100% of the expected losses and gains of Taiying. WFOE also entered into a pledge of equity agreement with Taiying’s sole shareholder, Beijing Taiying, who pledged all its equity interest in these entities to WFOE. The pledge of equity agreement, which was entered into by Beijing Taiying, pledged its equity interest in WFOE as a guarantee for the entrustment payment under the Entrusted Management Agreement. The provincial Administration for Industry and Commerce approved and registered such pledge of equity by which WFOE owns the right of pledge legally. In addition, WFOE entered into an option agreement to acquire its sole shareholder’s equity interest in these entities at such times as it may wish to do so. The followings are brief descriptions of contracts entered between WFOE, Taiying and its sole shareholder, Beijing Taiying: (1) Entrusted Management Agreement. (2) Exclusive Option Agreement. (3) Shareholder’s Voting Proxy Agreement. (4) Pledge of Equity Agreement Upon executing the above agreements, Taiying is considered a Variable Interest Entity (“VIE”) and WFOE is the primary beneficiary. Accordingly, Taiying is consolidated into WFOE under the guidance of FASB Accounting Standards Codification (“ASC”) 810, Consolidation. Except for the disclosed above, there are no arrangements that could require the Company to provide financial support to Taiying, including events or circumstances that could expose the Company to a loss. As stated in the disclosure of various agreements between the Company and Taiying, the Company has rights to acquire any portion of the equity interests of Taiying. Also, the Company may allocate its available funds to Taiying for business purposes. There are no fixed terms of such arrangements. Although the structure the Company has adopted is consistent with longstanding industry practice, and is commonly adopted by comparable companies in China, the PRC government may not agree that these arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. There are uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the Company’s contractual arrangements, which could limit the Company’s ability to enforce these contractual arrangements. If the Company or any of its variable interest entities are found to be in violation of any existing or future PRC laws, rules or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures, including levying fines, revoking business and other licenses of the Company’s variable interest entities, requiring the Company to discontinue or restrict its operations, restricting its right to collect revenue, requiring the Company to restructure its operations or taking other regulatory or enforcement actions against the Company. In addition, it is unclear what impact the PRC government actions would have on the Company and on its ability to consolidate the financial results of its variable interest entities in the consolidated financial statements, if the PRC government authorities were to find the Company’s legal structure and contractual arrangements to be in violation of PRC laws, rules and regulations. If the imposition of any of these government actions causes the Company to lose its right to direct the activities of Taiying and through Taiying’s equity interest in its subsidiaries or the right to receive their economic benefits, the Company would no longer be able to consolidate the Taiying and its subsidiaries. Immediately before and after the reorganization, the shareholder of Taiying controlled Taiying and the Company; therefore, for accounting purposes, the reorganization is accounted for as a transaction of entities under common control. Accordingly, the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout the periods presented. As of December 31, 2020, the Company’s subsidiaries and variable interest entities are as follows: Name Date of Place of Percentage of Principal Activities China BPO Holdings Limited, (“CBPO”) March 28, 2014 Hong Kong 100% Holding company of WFOE Shandong Juncheng Information Technology Co., Ltd. (“WFOE”) August 19, 2014 PRC 100% Holding company Shandong Taiying Technology Co., Ltd. (“Taiying”) December 18, 2007 PRC Contractual arrangements (1) BPO service provider principally serves North China Chongqing Central BPO Industry Co., Ltd. (“Central BPO”) January 28, 2010 PRC 100% (2) BPO service provider principally serves South China Jiangsu Taiying Technology Co., Ltd. (“JTTC”) February 25, 2010 PRC 100% (2) BPO service provider which principally serves East China Hebei Taiying Communication BPO Co., Ltd. (“HTCC”) April 20, 2010 PRC 100% (4) BPO service provider which principally serves North China Shandong Central BPO Industry Co., Ltd. (“SCBI”) August 9, 2012 PRC 100% (5) BPO service provider which principally serves North China Shandong Taiying Technology Chongqing Branch Company (“STTCB”) February 22, 2013 PRC 100% (2) BPO service provider principally serves South China Jiangsu Central Information Service Co., Ltd. (“JCBI”) December 12, 2013 PRC 100% (2) BPO service provider principally serves East China Anhui Taiying Information Technology Co., Ltd. (“ATIT”) December 26, 2013 PRC 100% (2) BPO service provider principally serves East China Jiangsu Taiying Information Service Co., Ltd. (“JTIS”) July 1, 2014 PRC 100% (2) BPO service provider principally serves East China Nanjing Taiying E-Commercial Business Co., Ltd. (“NTEB”) December 25, 2014 PRC 100% (2) BPO service provider principally serves East China Name Date of Place of Percentage of Principal Activities Jiangxi Taiying Technology Co., Ltd. (“JXTT”) January 8, 2015 PRC 100% (2) BPO service provider principally serves Southeast China Xinjiang Taiying Technology Co., Ltd (“XTTC”) March 20, 2015 PRC 100% (2) BPO service provider principally serves Northwest, China Beijing Taiying Technology Co., Ltd. (“BTTC”) June 30, 2015 PRC 100% (2) BPO service provider principally serves North China Zaozhuang Shenggu E-commerce Co., Ltd. (“ZSEC”) June 16, 2016 PRC 100% (3) E-commerce service provider for the Company Baoding Taiying Information Technology Service Co., Ltd. (“BTIT”) June 16, 2017 PRC 100% (2) BPO service provider principally serves Hebei Province, China Sichuan Taiying Technology Co., Ltd. (“STTC”) November 8, 2017 PRC 100% (2) BPO service provider principally serves Sichuan Province, China Guangxi Taiying Information Technology Co., Ltd. (“GTTC”) March 28, 2018 PRC 100% (2) BPO service provider principally serves Guangxi Zhuang Autonomous Region, China Guangdong Taiying Technology Co., Ltd. (“GDTT”) September 6, 2018 PRC 100% (2) BPO service provider principally serves Guangdong Province Shandong Taiying Technology Wuhan Branch Company (“STTWB”) November 8, 2018 PRC 100% (2) BPO service provider principally serves Hubei Province Yangzhou Taiying Information Technology Co., Ltd. (“YTIT”) July 8, 2019 PRC 100% (2) BPO service provider principally serves Jiangshu Province Ganjiang New District Taiying Information Services Co., Ltd. (“GNDT”) July 25, 2019 PRC 100% (2) BPO service provider principally serves Jiangxi Province Shandong Taiying Technology Hefei Branch Company (“STTHB”) November 28, 2019 PRC 100% (2) BPO service provider principally serves Anhui Province Shandong Taiying Technology Jiangxi Branch Company (“STTJB”) December 6, 2019 PRC 100% (2) BPO service provider principally serves Jiangxi Province Shandong Taiying Technology Guangdong Branch Company (“STTGB”) January 22, 2020 PRC 100% (2) BPO service provider principally serves Guangdong Province Zaozhuang Taiying Technology Co., Ltd. (“ZTTC”) March 19, 2020 PRC 100% (2) BPO service provider principally serves Hebei Province Tianjin Taiying Zhongbao Network Technology Co., Ltd. (“TTZN”) May 18, 2020 PRC 100% (2) BPO service provider principally serves North China Shandong Taiying Technology Shanghai Branch Company (“STTSH”) September 30, 2020 PRC 100% (2) BPO service provider principally serves City of Shanghai Weifang Taiying Information Technology Co., Ltd. (“WFIT”) October 29, 2020 PRC 100% (2) BPO service provider principally serves Shandong Province Suzhou Taiying Technology Co., Ltd. (“SZTT”) November 18, 2020 PRC 100% (2) BPO service provider principally serves Jiangxi Province Fuzhou Taiying Technology Co., Ltd. (“FZTT”) November 26, 2020 PRC 100% (2) BPO service provider principally serves Anhui Province Chengdu Taiying Technology Co., Ltd., (“CDTT”) December 18, 2020 PRC 100% (2) BPO service provider principally serves Sichuan Province Hainan Taiying Technology Co., Ltd. (“HNTT”) December 18, 2020 PRC 100% (2) BPO service provider principally serves Hainan Province (1) VIE effectively controlled by WFOE through a series of contractual agreements (2) Wholly-owned subsidiaries of Taiying (3) Wholly-owned subsidiary of BTTC (4) 49% owned by Beijing Jiate Information Technology Co., Ltd. (“Jiate”) prior to November 8, 2020 and wholly-owned by the Company following the acquisition of the 49% equity interest from Jiate effective November 8, 2020. See Note 3. (5) Wholly-owned subsidiary of Central BPO As of December 31, 2020 and 2019, the assets and liabilities in the Company’s balance sheets relate to CCRC, CBPO, and WOFE are as follows: December 31, December 31, Held by CCRC Held by CBPO Held by WFOE Held by CCRC Held by CBPO Held by WFOE Assets Cash and cash equivalents $ 38,581 $ 17,092 $ 4,838,608 $ 119,778 $ 17,125 $ 4,793,416 Other receivables - - - 24,000 - - Prepayments 79,698 - - 22,740 - - Income taxes recoverable - - - - - 46,579 Long term investment - 5,000,000 - - 5,000,000 - Property and equipment, net - - - - - - Liabilities Other payables $ - $ 52,000 $ 1,123 $ - $ 52,000 $ 2,017 Wages payable - - - 100,000 - - As of December 31, 2020 and 2019, the carrying amount and classification of the assets and liabilities in the Company’s balance sheets that relate to the Company’s VIE and VIE’s subsidiaries is as follows: December 31, December 31, ASSETS Cash and cash equivalents $ 38,775,257 $ 20,398,167 Accounts receivable 63,493,891 42,606,485 Prepayments 2,273,290 2,373,906 Prepayments, related parties 359,142 90,429 Due from related party, current 470,076 - Income taxes recoverable 104,721 665,880 Other current assets 4,420,220 3,384,704 Total current assets of VIE and its subsidiaries 109,896,597 69,519,571 Equity investments 3,678,171 3,446,346 Property and equipment, net 12,543,156 10,115,782 Operating lease right-of-use assets 12,265,679 9,827,114 Operating lease right-of-use asset, related party 341,078 172,121 Due from related party, non-current - 215,307 Deferred tax assets 259,200 242,863 Total non-current assets of VIE and its subsidiaries 29,087,284 24,019,533 Total assets of VIE and its subsidiaries $ 138,983,881 $ 93,539,104 LIABILITIES Accounts payable $ 4,315,457 $ 2,602,972 Accounts payable - related parties 260,790 149,658 Accrued liabilities and other payables 10,135,085 4,587,875 Operating lease liabilities – current 5,678,812 3,797,069 Operating lease liability – related party, current 165,734 163,995 Deferred revenue 1,196,659 456,331 Wages payable 15,663,312 10,372,596 Income taxes payable 974,510 452,961 Short term loans 1,531,933 4,306,138 Total current liabilities of VIE and its subsidiaries 39,922,292 26,889,595 Operating lease liabilities, non-current 7,461,337 6,068,702 Operating lease liability – related party, non-current 175,002 - Total non-current liabilities of VIE and its subsidiaries 7,636,339 6,068,702 Total liabilities of VIE and its subsidiaries $ 47,558,631 $ 32,958,297 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principals of Consolidation The accompanying audited financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and Taiying, which is a variable interest entity with the Company as the primary beneficiary. In accordance with U.S. GAAP regarding “Consolidation of Variable Interest Entities (“VIE”)”, the Company identifies entities for which control is achieved through means other than through voting rights, and determines when and which business enterprise, if any, should consolidate the VIE. The Company evaluated its participating interest in Taiying and concluded it is the primary beneficiary of Taiying, a VIE. The Company consolidated Taiying and all significant intercompany transactions and balances have been eliminated. Noncontrolling Interest Noncontrolling interest on the consolidated balance sheets is resulted from the consolidation of HTCC, a 51% owned subsidiary starting from January 31, 2017 and through November 8, 2020, when the Company increased its controlling interest in HTCC to 100%. The portion of the income or loss applicable to the noncontrolling interest in subsidiary is reflected in the consolidated statements of income and comprehensive income. Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The functional currency of China Customer Relations Centers, Inc. and CBPO is United States dollar. The functional currency of the Company’s subsidiary and VIEs located in the PRC is Renminbi (“RMB”). For the subsidiaries whose functional currencies are RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income. Transaction gains and losses are reflected in the consolidated statements of income and comprehensive income. For the years ended December 31, 2020, 2019 and 2018, the Company had gain (loss) of ($309,372), $77,348, and $231,928, respectively, resulting from foreign currency transactions, which was included in other income (expense) in the consolidated statements of income and comprehensive income. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, impairment of equity investments, allowance for credit losses, income taxes including the valuation allowance for deferred tax assets, estimated amounts of variable consideration in the Company’s revenue recognition, and estimate on the execution of modification and right of renewal and termination of lease arrangements. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less. Current Expected Credit Losses In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Company adopted this ASC Topic 326 and its amendments on January 1, 2020 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2020, the Company’s accounts receivable and other current assets, are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related receivables and other current assets which include type of the services the Company provides, nature of the customers or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. Impairment of Long-Lived Assets The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of the asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial position. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and include expenditures for additions and major improvements. Significant improvements and betterments are capitalized where it is probable that the expenditure resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance. Routine repairs and maintenance are expensed when incurred. The Company disposes property and equipment once the Company determines the possibility of receiving future benefit from such property or equipment is remote. Substantially all of the property and equipment are abandoned when disposed. Gains and losses on disposal are included in selling, general and administrative expenses in the consolidated statements of income and comprehensive income based on the net disposal proceeds less the carrying amount of the assets. Certain call center decoration projects were still under construction as of December 31, 2020 and 2019, and the costs of construction were reported as construction in progress. No provision for depreciation is made on the assets under construction until such time as the relevant assets are completed and ready for their intended use. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Electronic equipment 3-5 years Furniture and fixture 5 years Motor vehicles 4 years Computer software 5 years Leasehold improvements 3-5 years Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, net, prepayments, income taxes recoverable, other current assets, accounts payable, accrued liabilities and other payables, deferred revenue, wages payable, income taxes payable, current portion of operating lease liabilities, and short term loans, the carrying amounts approximate their fair values due to the short maturities. Lease Commitments Upon adoption of ASU No. 2016-02 and other related ASUs (collectively, “ASC Topic 842”) on January 1, 2019, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For leases with a term of 12 months or less, the Company makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company recognizes lease expenses for such leases on a straight-line basis over the lease term. Modification to existing lease agreements, including changes to the lease term or payment amounts, are reviewed to determine whether they result in a sperate contract. For modifications that do not result in a separate contract, management reviews the lease classification and re-measures the related right-of-use assets and liabilities at the effective date of the modification. Earnings Per Share Basic earnings per common share is computed by dividing net earnings attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shareholders by the sum of the weighted average number of common stock outstanding and dilutive potential common stock during the period. Revenue Recognition The Company operates call centers and generates revenues primarily by providing BPO services, which focus on complex, voice-based and online-based segment of customer care services. Under ASC 606, revenue is recognized when control of the promised services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those services, net of value-added tax. The Company determines revenue recognition through the following steps: ● Identify the contract with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. The Company provides BPO service, such as i) inbound call service, which includes directory assistance, mobile phone service plan, billing questions, hotline consultation, complaints, customer feedbacks and customer relationship management, and ii) outbound call service, which includes products selling, marketing surveys, new products informing, plans expiration and bills overdue notification, etc., for its customers. The Company makes arrangement and provides service to its customer pursuant to a master agreement that specifies service content and the price of an individual performance of each service, generally on monthly basis. The BPO inbound and outbound service fees are based on either a per minute, per hour, per transaction or per call basis. For outbound call service, certain business successful rate was obtained. The fee is determined on a per call basis where the Company receives a basic standard fee for each call plus an extra fee for such things as successfully selling a product or completing a survey. The nature of the Company’s contracts with customers gives rise to certain types of variable consideration. Certain client programs provide for adjustments to monthly billings based upon whether the Company achieves, exceeds or fails certain performance criteria. Adjustments to monthly billings consist of contractual bonuses/penalties, holdbacks and other performance based contingencies. The Company includes estimated amounts of variable consideration in the transaction price to the extent that it is probable there will not be a significant reversal of revenue. Estimates are based on historical or anticipated performance and represent the Company’s best judgment at the time. Revenues are recognized as the performance obligations are satisfied over time over the service period as the service is rendered. The Company’s chief operating decision maker reviews results analyzed by customers and the analysis is only presented at the revenue level with no allocation of direct or indirect costs. The Company determines that it has only one operating segment. Consequently, the Company does not disaggregate revenue recognized from contracts with customers. Contract liabilities represented receipt in advance from customers. As of December 31, 2020, receipt in advance from customers was $1,196,659. As of December 31, 2019, receipt in advance from customers was $456,331, of which $456,331 was recognized as revenue during the year ended December 31, 2020. Receipt in advance from customers is included in deferred revenue in the consolidated balance sheets. The Company does not have any contract assets. Government Grants Government grants include cash subsidies as well as other subsidies received from various government agencies by the subsidiaries of the Company. Such subsidies are generally provided as incentives from the local government to encourage the expansion of local business. The government grant is recognized in the consolidated statements of income and comprehensive income when the relevant performance criteria specified in the grant are met, for instance, locating contact centers in their jurisdictions or helping local employment needs. Grants applicable to purchase of property and equipment are credited to deferred revenue upon receipt and are amortized over the life of depreciable assets. Research and Development Expenses Research and development expenses consist primarily of wage expense incurred to personnel to continuously upgrade the Company’s existing software products. For the years ended December 31, 2020, 2019, and 2018, research and development expenses of $3,073,906, $3,994,464 and $4,069,794 were included in selling, general and administrative expenses in the consolidated statements of income and comprehensive income. Income Taxes The Company accounts for income taxes under the provision of ASC 740-10, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company routinely assesses the financial strength of the customer and, based upon factors surrounding the credit risk, establishes an allowance, if required, for credit losses and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. Related Parties Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. Equity Investments The Company’s equity investments consist of investments in equity securities of privately held companies without readily determinable fair value, where the Company’s level of ownership is such that it cannot exercise significant influence over the investees. Investments are initially recorded at the amount of the Company’s initial investment and adjusted for declines in fair value that are considered other than temporary. The Company accounted for these investments pursuant to ASC 321 and the Company elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The Company makes a qualitative assessment of whether the investments is impaired at each reporting date. If a qualitative assessment indicates that an investment is impaired, the Company estimates the investment’s fair value in accordance with ASC 820. If the fair value is less than the investment’s carrying value, the Company has to recognize an impairment loss in net income equal to the difference between the carrying value and fair value. Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment. Recently Issued Accounting Pronouncements In January 2020, the FASB issued ASU 2020-01, “Investments—Equity securities (Topic 321), Investments—Equity method and joint ventures (Topic 323), and Derivatives and hedging (Topic 815)—Clarifying the interactions between Topic 321, Topic 323, and Topic 815”, which clarify the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 for public companies. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated financial statements |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTEREST | Note 3 –NONCONTROLLING INTEREST Jiate held 49% of the equity interest in HTCC effective January 31, 2017 pursuant to an investment agreement entered into in July 2016 between HTCC, its parent company Taiying and Jiate, pursuant to which Taiying and Jiate agreed to fund a total of RMB 5.1 million and RMB 4.9 million registered capital, respectively, of HTCC subsequently. Profits of HTCC will be allocated to Taiying and Jiate based on the determined 51% and 49% equity interest. On October 15, 2020, May 6, 2019, and April 10, 2018, HTCC declared a dividend of RMB 3.5 million (approximately $519,000), RMB 3 million (approximately $460,000) and RMB 5 million (approximately $766,000) to Taiying and Jiate, respectively. The dividend was allocated based on the equity interest percentage as of the date of declaration. As a result, Jiate was entitled to $254,262, $213,722 and $355,232 of total dividend distributed during the years ended December 31, 2020, 2019 and 2018, respectively. Subsequent to the declaration of the 2020 dividend, Jiate announced an increase in the registered capital of HTCC by RMB 2.45 million (approximately $363,000) by attributing all of the dividend declared by HTCC yet to be received in the amount of RMB 1.72 million (approximately $254,000) to HTCC, and made an additional cash investment of RMB 0.73 million (approximately $109,000). As a result, the total amount of registered capital funded by Jiate to HTCC reached RMB 4.9 million. On November 8, 2020, the Company entered into an equity exchange agreement with Jiate, pursuant to which the Company agreed to acquire Jiate’s 49% of equity interest in HTCC for the consideration of RMB 5.42 million (approximately $830,000). The transfer of ownership effectively occurred on November 8, 2020, upon which the Company holds 100% of equity interest in HTCC. The consideration was paid in full on January 5, 2021. The Company retains control of HTCC before and after the acquisition, the difference between the consideration and the carrying value of noncontrolling interest acquired is accounted for as an equity transaction in the consolidated statements of changes in equity. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
EQUITY INVESTMENTS | Note 4 – EQUITY INVESTMENTS The Company presents its investments in Beijing Ling Ban Future Technology Co., Ltd. (“Ling Ban”), Beijing Ling Ban Intelligence Online Services Co., Ltd. (“Ling Ban Online”) and Tai’an Taiying Wealth and Equity Investment and Management Co., Ltd. (“TWIC”) as equity investments. During the years ended December 31, 2020 and 2019, the Company conducted various transactions with Ling Ban Online. As of December 31, 2020 and 2019, service performed but uncollected in the amount of approximately $129,000 and $109,000 from Ling Ban Online was included in accounts receivable, net, respectively. On January 15, 2020, the Company and Ling Ban Online entered into a loan agreement, where the Company agreed to lend approximately $435,000 to Ling Ban Online. The loan matures on June 15, 2020, bears an interest of 6.5% per annum, and is guaranteed by the CEO of Ling Ban and Ling Ban Online and pledged by a portion of Ling Ban Online’s equity interest, worth approximately $1.29 million on the date of the agreement. Ling Ban Online repaid this loan in full amount with accrued interests in July 2020. The Company makes a qualitative assessment of whether the investments are impaired at each reporting date. No impairment loss was identified during the years ended December 31, 2020, 2019 and 2018. The following table entails the carrying value and change of the Company’s investments in Ling Ban, Ling Ban Online and TWIC made in the years ended December 31, 2020, 2019 and 2018. For the Years Ended 2020 2019 2018 Beginning Balance $ 3,446,346 $ 3,491,653 $ 3,688,676 Investment made to Ling Ban - - - Investment made to Ling Ban Online - - - Investment made to TWIC - - 1,461 Translation adjustment 231,825 (45,307 ) (198,484 ) Ending Balance $ 3,678,171 $ 3,446,346 $ 3,491,653 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable Disclosure [Abstract] | |
ACCOUNTS RECEIVABLE, NET | Note 5 – ACCOUNTS RECEIVABLE Accounts receivable consists principally of amounts due from trade customers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not generally required. Certain credit sales are made to industries that are subject to cyclical economic changes. As of December 31, 2020 and 2019, accounts receivable, net, consists of the following: December 31, 2020 2019 Accounts receivable $ 63,493,891 $ 42,606,485 Less: Allowance for credit losses - - Accounts receivable, net $ 63,493,891 $ 42,606,485 The changes in allowance for credit losses consist of the following: For the Years Ended December 31, 2020 2019 2018 Balance, beginning of the year $ - $ 422,340 $ 446,357 Provision for credit losses - - - Recovery of allowance for credit losses - (420,456 ) - Translation adjustments - (1,884 ) (24,017 ) Balance, end of the year $ - $ - $ 422,340 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | Note 6 – OTHER CURRENT ASSETS Other current assets mainly consist of other receivables and deposits. Other receivables principally include advances to employees for business travel or business development purposes, deferred VAT deductions and other miscellaneous receivables such as utility fees, social insurances, and personal income tax paid in advance on behalf of employees. Deposits include guarantee deposits, rent deposits, and security deposits for bidding on customer projects. As of December 31, 2020 and 2019, other current assets consist of the following: December 31, 2020 2019 Other receivables $ 695,149 $ 844,173 Deposits 3,725,071 2,564,531 Total other current assets $ 4,420,220 $ 3,408,704 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | Note 7 – PROPERTY AND EQUIPMENT, NET As of December 31, 2020 and 2019, property and equipment consist of the following: December 31, 2020 2019 Electronic equipment $ 16,771,570 $ 12,714,533 Office furniture and equipment 4,449,042 3,760,690 Motor vehicles 895,249 760,635 Construction in progress 978,010 438,709 Computer software 1,464,518 1,121,528 Leasehold improvements 4,246,532 3,466,295 Total property and equipment 28,804,921 22,262,390 Accumulated depreciation (16,261,765 ) (12,146,608 ) Property and equipment, net $ 12,543,156 $ 10,115,782 Depreciation expenses for the years ended December 31, 2020, 2019 and 2018 were $4,070,582, $3,404,912, and $2,635,242, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company acquired property and equipment on credit in the amount of $7,200, $24,512 and $88,112. |
Accrued Liabilities and Other P
Accrued Liabilities and Other Payables | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER PAYABLES | Note 8 – ACCRUED LIABILITIES AND OTHER PAYABLES Accrued liabilities and other payables mainly consist of bonus payables, VAT and other taxes payables, and other accrued liabilities. Other accrued liabilities principally include accrued network rental expense in the telecommunication industry, unpaid travel expense, accrued professional service expense, and accrued employee welfares and benefits. December 31, 2020 2019 Bonus payables $ 4,841,040 $ 1,258,449 VAT and other taxes payables 1,802,577 830,795 Liability assumed in connection with acquisition of noncontrolling interest in HTCC 830,308 - Other accrued liabilities 3,544,591 2,552,648 Total accrued liabilities and other payables $ 11,018,516 $ 4,641,892 |
Deferred Tax Assets and Deferre
Deferred Tax Assets and Deferred Tax Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Tax Assets And Liabilities [Abstract] | |
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES | Note 9 – DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES As of December 31, 2020 and 2019, the components of the deferred tax assets and liabilities are as follows: December 31, 2020 2019 Deferred tax assets Revenue and expense cutoff $ 61,365 $ 57,497 Allowance for credit losses 267,783 250,906 Loss carryforward 1,417,511 1,623,542 1,746,659 1,931,945 Less: valuation allowance (1,417,511 ) (1,623,542 ) Total deferred tax assets, net $ 329,148 $ 308,403 Deferred tax liabilities Depreciation of property and equipment $ 69,948 $ 65,540 For the purpose of presentation in the consolidated balance sheets, certain deferred income tax assets and liabilities have been offset. The following is the analysis of the deferred income tax balances for financial reporting purpose: December 31, 2020 2019 Deferred tax assets $ 259,200 $ 242,863 Deferred tax liabilities $ - $ - |
Short Term Loans
Short Term Loans | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
SHORT TERM LOANS | Note 10 – SHORT TERM LOANS Loans from Bank of China (“BOC”) On January 18, 2018, the Company borrowed a one-year loan of RMB 25 million (approximately $3,890,000) from BOC, bears an annual interest rate of 5.22%. The loan was repaid on January 17, 2019. On March 19, 2019, the Company borrowed a one-year loan of RMB 25 million (approximately $3,730,000) from BOC, which had an effective annual interest rate of 4.79%. The loan was repaid on March 17, 2020. On March 19, 2020, the Company borrowed a one-year loan of RMB 25 million (approximately $3,623,000) from BOC, which had an effective annual interest rate of 4.57%. The Company repaid RMB 15 million (approximately $2,123,000) on June 11, 2020 and the remaining RMB 10 million (approximately $1,539,000) on March 8, 2021. All loans borrowed from BOC are guaranteed by Gary Wang, David Wang, Guoan Xu, and their family spouses. Line of Credit (“LOC”) from China Merchants Bank (“CMB”) On July 2, 2019, the Company obtained a LOC from CMB (the “2019 LOC”), pursuant to which the Company is able to obtain revolving loans and issue letters of credit, which, upon borrowing, reduces the amount available for other extensions of credit. Accordingly, the total amount outstanding under the letters of credit and indebtedness incurred under the 2019 LOC cannot exceed RMB 100 million (approximately $15 million). The 2019 LOC is guaranteed by Gary Wang, the Chief Executive Officer of the Company. The interest rate and purpose of each borrowing under the 2019 LOC are approved by CMB separately. CMB has the right to perform annual evaluations of the Company’s business and financial performance, and the total line of credit available under the 2019 LOC may be adjusted based on the result of such evaluations. The 2019 LOC expired on July 1, 2020. On November 4, 2020, the Company obtained a LOC from CMB (the “2020 LOC”) bearing substantially the same term as the 2019 LOC. The 2020 LOC expires on November 3, 2021 and is guaranteed by Gary Wang. During the years ended December 31, 2020 and 2019, the Company borrowed RMB 5 million (approximately $729,000) under each LOC at an effective annual interest rate of 4.35%. The Company repaid the RMB 5 million loan on July 19, 2020 and January 18, 2020 upon their respectively maturity. The interest expenses for the years ended December 31, 2020, 2019 and 2018 were $176,422, $190,808 and $404,958, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 11 – RELATED PARTY TRANSACTIONS The related parties had transactions for the years ended December 31, 2020, 2019 and 2018 consist of the following: Name of Related Party Nature of Relationship Beijing Taiying Anrui Holding Co., Ltd. (“Beijing Taiying”) Sole Shareholder Guangxi Shenggu Human Resource Management Co., Ltd. (“GSHR”) Controlled by Gary Wang Beijing Jiate Information Technology Co., Ltd. (“Jiate”) Noncontrolling shareholder of HTCC prior to November 8, 2020 Jiangsu Sound Valley Human Resource Management Co., Ltd. (“JSVH”) Controlled by Gary Wang Beijing Shenggu Education Investment Co., Ltd. (“BSEI”) Controlled by Gary Wang Shenzhen Shenggu Human Resources Management Co., Ltd. (“SSHR”) Controlled by Gary Wang Tai’an Taiying Wealth and Equity Investment and Management Co., Ltd. (“TWIC”) David Wang being the legal person of TWIC Significant balances and transactions with related parties are as follows: December 31, Name of Related Party 2020 2019 Nature of Transaction Associated with the Balance PREPAYMENTS - RELATED PARTIES Beijing Taiying $ 81,192 $ 90,429 Prepayment for services SSHR 277,950 - Prepayment for services Prepayments - related parties, total $ 359,142 $ 90,429 DUE FROM RELATED PARTIES, CURRENT JSVH $ 240,286 $ - A loan bearing annual interest of 4.35%. Loan matures on December 14, 2021. Beijing Taiying 229,790 - Interest-free loan payable on demand Due from related parties, current, total $ 470,076 $ - DUE FROM RELATED PARTY, NON-CURRENT JSVH $ - $ 215,307 A loan bearing annual interest rate of 4.35% Due from related party, non-current, total $ - $ 215,307 ACCOUNTS PAYABLE - RELATED PARTIES JSVH $ 18,775 $ 60,664 Outstanding unpaid human resource service fee SSHR 242,015 88,994 Outstanding unpaid human resource service fee Accounts payable - related parties, total $ 260,790 $ 149,658 EQUITY INVESTMENT TWIC $ 1,532 $ 1,435 Equity investment (See Note 4) Equity investment, total $ 1,532 $ 1,435 Related party lease BSEI leased certain office space at Zaozhuang Software and Service Industrial Park with a total area of 18,000 square meters, of which 6,500 square meters were subleased to ZSEC at a price of RMB 0.5 per square meter per day, from July 1, 2018 to January 1, 2021 and the Company anticipates to renew the lease for another year. Lease expense incurred associated with the BSEI lease for the years ended December 31, 2020, 2019 and 2018 was approximately $170,000, $164,000 and $88,000, respectively. The Company does not have any outstanding balance owed to BSEI as of December 31, 2020 and 2019. Related party advances For the year ended December 31, 2020, the Company made RMB 2 million (approximately $294,000) loan to Beijing Taiying. The loan is interest-free and due on demand. During the year ended December 31, 2020, Beijing Taiying repaid RMB 500,000 (approximately $77,000) to the Company, with the remainder paid in full in January 2021. For the year ended December 31, 2020, the Company made RMB 617,400 (approximately $87,000) loan to SSHR. The loan is interest-free and due on demand. During the year ended December 31, 2020, SSHR repaid the loan in full. |
Major Customers and Credit Risk
Major Customers and Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
MAJOR CUSTOMERS AND CREDIT RISK | Note 12 – MAJOR CUSTOMERS AND CREDIT RISK The Company had two customers for the year ended December 31, 2020 that contributed 10% or more of total net revenues and one customer for the year ended December 31, 2020 that contributed 10% or more of total net accounts receivable. The Company had one customer for the year ended December 31, 2019 that contributed 10% or more of total net revenues and one customer for the year ended December 31, 2019 that contributed 10% or more of total net accounts receivable. The Company had two customers for the year ended December 31, 2018 that contributed 10% or more of total net revenues. The accounts receivable balance due from each of these two customers also accounted for 10% or more of accounts receivable as of December 31, 2018. The loss of one or more of its significant customers could have a material adverse effect on the Company’s business, operating results, or financial condition. The Company does not require collateral from its customers. To limit the Company’s credit risk, management performs periodic credit evaluations of its customers and maintains allowance for credit losses. Although the Company’s accounts receivable could increase dramatically as the Company grows its sales, management does not believe significant credit risk exists as of December 31, 2020 and 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 13 – INCOME TAXES British Virgin Islands (“BVI”) Under the current laws of BVI, China Customer Relations Centers, Inc. is not subject to tax on income or capital gain. In addition, payments of dividends by the Company to their shareholders are not subject to withholding tax in the BVI. Hong Kong The Company’s subsidiary, CBPO, is incorporated in Hong Kong and has no operating profit or tax liabilities during the period. CBPO is subject to tax at 16.5% on the assessable profits arising in or derived from Hong Kong. PRC The Company’s subsidiary, VIE and VIE’s subsidiaries registered in the PRC are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises. According to the tax law, entities that qualify as high and new technology enterprises (“HNTE”) supported by the PRC government are allowed a 15% preferential tax rate instead of the uniform tax rate of 25%. The qualification of HNTE will be renewed after evaluation by relevant government authorities every three years. On April 6, 2012, State Administration of Taxation circulated the Announcement on Enterprise Income Tax Regarding Further Implementing the Western China Development Strategy (the “Announcement”), effective retroactively on January 1, 2011, pursuant to which a qualified enterprise will be granted for a preferential tax rate of 15%. For the years ended December 31, 2020, 2019 and 2018, the following subsidiaries were entitled to a 15% preferential tax rate pursuant to being either a HNTE or a qualified enterprise as indicated in the Announcement: For the Years Ended December 31, 2020 2019 2018 Taiying Taiying Taiying Central BPO Central BPO Central BPO SCBI JTTC JTTC JTIS SCBI SCBI JXTT JTIS JTIS ZSEC HTCC HTCC XTTC JXTT JXTT ATIT ZSEC ZSEC GTTC XTTC XTTC STTC ATIT GTTC STTC Other PRC entities are subject to the 25% EIT rate of their taxable income. The provision for income taxes consists of the following: For the Years Ended December 31, 2020 2019 2018 Current $ 2,771,249 $ 2,152,488 $ 3,163,789 Deferred 298,228 238,883 (196,909 ) Total $ 3,069,477 $ 2,391,371 $ 2,966,880 The reconciliations of the PRC statutory income tax rate and the Company’s effective income tax rate are as follows: For the Years Ended December 31, 2020 2019 2018 PRC statutory income tax rate 25 % 25 % 25 % Effect of income tax exemptions and reliefs (6.22 )% (2.84 )% (2.84 )% Effect of expenses not deductible for tax purposes 0.14 % 2.82 % 0.72 % Effect of additional deduction allowed for tax purposes (6.11 )% (14.40 )% (8.74 )% Effect of valuation allowance on deferred income tax assets 1.29 % 3.90 % 1.20 % Effect of income tax rate difference under different tax jurisdictions (0.05 )% -% 0.91 % Others (3.09 )% 0.88 % (0.85 )% Total 10.96 % 15.36 % 15.40 % Accounting for Uncertainty in Income Taxes The tax authority of the PRC Government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises complete their relevant tax filings. Therefore, the Company’s PRC entities’ tax filings results are subject to change. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company’s PRC entities’ tax filings, which may lead to additional tax liabilities. ASC 740 requires recognition and measurement of uncertain income tax positions using a “more-likely-than-not” approach. The management evaluated the Company’s tax positions and concluded that no provision for uncertainty in income taxes was necessary as of December 31, 2020 and 2019. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
OPERATING LEASES | Note 14 – OPERATING LEASES The Company occupies most of its facilities under operating leases. The Company entered into various operating lease agreements for offices and certain of its staff dormitories. The remaining lease term of the Company’s leases ranges from approximately 0.1 to 6 years. The estimated effect of lease renewal and termination options, as applicable, was included in the consolidated financial statements in current period. The Components of lease expense for the years ended December 31, 2020 and 2019 were as follows: For the Years Ended 2020 2019 Operating lease Cost: Amortization of right-of-use assets $ 4,319,670 $ 3,471,796 Interest on lease liabilities 213,342 501,918 Total operating lease cost $ 4,533,012 $ 3,973,714 Short term operating lease cost $ 1,605,903 $ 1,033,398 Supplemental cash flow information related to operating leases for the years ended December 31, 2020 and 2019 were as follows: For the Years Ended 2020 2019 Cash Flows from Operating Activities Cash paid for amounts in the measurement of operating lease liabilities: Operating cash flows for operating leases $ 4,478,584 $ 3,558,887 Supplemental lease cash flow disclosures Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 7,069,165 $ 5,496,939 Supplemental balance sheet information related to leases was as follows: For the Years Ended 2020 2019 Operating lease right-of-use assets $ 12,265,679 $ 9,827,114 Operating lease right-of-use assets, related party 341,078 172,121 Total Operating lease right-of-use assets $ 12,606,757 $ 9,999,235 Operating lease liabilities-current $ 5,678,812 $ 3,797,069 Operating lease liability - related party, current 165,734 163,995 Operating lease liabilities, non-current 7,461,337 6,068,702 Operating lease liability - related party, non-current 175,002 - Total operating lease liabilities $ 13,480,885 $ 10,029,766 For the Years Ended 2020 2019 Weighted-average remaining lease term (years) Operating leases 3.18 years 2.79 years Weighted-average discount rate Operating leases 5.22 % 5.22 % The following table summarizes the maturity of our operating lease liabilities as of December 31, 2020: 2021 $ 6,320,628 2022 4,218,071 2023 2,842,324 2024 531,911 2025 369,663 Thereafter 102,479 Total 14,385,076 Less imputed interest 904,191 Total lease liabilities $ 13,480,885 |
Contingency
Contingency | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCY | Note 15 – CONTINGENCY The Company issued an approximately $140,000 letter of credit under the LOC obtained from CMB to Bank of Communication (“BOCM”) pursuant to a performance guarantee made in connection with a revenue project arranged between the Company and BOCM, in which the Company agreed to provide BPO service to BOCM. Upon the occurrence of a default or nonperformance event, BOCM has the ability to seek damage through the letter of credit, under which circumstance, the Company is obligated to make repayment to CMB plus certain charges including interest. The management is unable to make a reasonable estimate on such charges based on information available at current stage. |
Statutory Reserves and Increase
Statutory Reserves and Increase in Capital | 12 Months Ended |
Dec. 31, 2020 | |
Statutory Reserves Disclosures [Abstract] | |
STATUTORY RESERVES AND INCREASE IN CAPITAL | Note 16 – STATUTORY RESERVES AND INCREASE IN CAPITAL According to the Company Law in the PRC, companies are required to set aside 10% of their after-tax profit to general reserves each year, based on the PRC accounting standards, until the cumulative total of such reserves reaches 50% of the registered capital. These general reserves are not distributable as cash dividends to equity owners. The Company had appropriated $7,761,226 and $5,818,330 to statutory reserves as of December 31, 2020 and 2019, respectively. On April 10, 2020, the Company increased the registered capital of Taiying using funds from its retained earnings. As a result, $3,411,331 of retained earnings was transferred to additional paid-in capital during the year ended December 31, 2020. On March 29, 2019, the Company increased the registered capital of Taiying using funds from its retained earnings. As a result, $3,871,871 of retained earnings was transferred to additional paid-in capital during the year ended December 31, 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 17 – SUBSEQUENT EVENTS In March 2021, the Company obtained a loan from BOC of RMB 25 million (approximately $3.8 million). The loan bears an annual floating interest rate of LPR+0.2%, matures on March 7, 2022 and is subject to various covenants, including on-schedule repayment restriction, prohibition on inappropriate usage of the loan proceeds, violation of which will cause certain portion of the loan to be charged with higher interest. Gary Wang, David Wang, Guoan Xu and their family members provided guarantee for this loan. On November 30, 2020, the Company announced its receipt of a preliminary non-binding proposal letter, dated November 27, 2020, jointly submitted by the chief executive officer and chairman of the Board, Gary Wang, David Wang, the chief financial officer, Guoan Xu, Qingmao Zhang, Long Lin, Jishan Sun and their respective affiliated entities (collectively, the “Buyer Group”), to acquire all of the outstanding shares of the Company not already owned by the Buyer Group (the “Going-Private” transaction). On March 12, 2021, Taiying Group Ltd., a BVI business company with limited liability incorporated under the laws of the British Virgin Islands (“Parent”); Taiying International Inc., a BVI business company with limited liability incorporated under the laws of the British Virgin Islands (“Merger Sub”) and the Company entered into an agreement and plan of merger providing for the merger of the Merger Sub with and into the Company (the “Merger”) in accordance with the British Virgin Islands Business Companies Act, with the Company continuing as the surviving company after the merger as a wholly-owned subsidiary of Parent. Merger Sub is currently wholly owned by the Parent. If completed, the Merger will result in the Company becoming a privately-held company, the Company will no longer be listed on the Nasdaq Capital Market. The Company could be subject to possible litigation during the course of closing the Going-Private transaction, such as class action brought by certain shareholders who voted against the Going-Private transaction. The Company is not aware of such legal proceedings or claims as of the date of this report. In March 2021, Taiying obtained a loan from Qilu Bank Co., Ltd. of RMB 20 million (approximately $3.1 million). The loan bears an annual interest rate of 4.35%, matures on March 28, 2022 and is subject to various covenants, including on-schedule repayment restriction and prohibition on inappropriate usage of the loan proceeds, violation of which will cause certain portion of the loan to be charged with higher interest. Central BPO provided guarantee for this loan. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principals of Consolidation | Basis of Presentation and Principals of Consolidation The accompanying audited financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and Taiying, which is a variable interest entity with the Company as the primary beneficiary. In accordance with U.S. GAAP regarding “Consolidation of Variable Interest Entities (“VIE”)”, the Company identifies entities for which control is achieved through means other than through voting rights, and determines when and which business enterprise, if any, should consolidate the VIE. The Company evaluated its participating interest in Taiying and concluded it is the primary beneficiary of Taiying, a VIE. The Company consolidated Taiying and all significant intercompany transactions and balances have been eliminated. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest on the consolidated balance sheets is resulted from the consolidation of HTCC, a 51% owned subsidiary starting from January 31, 2017 and through November 8, 2020, when the Company increased its controlling interest in HTCC to 100%. The portion of the income or loss applicable to the noncontrolling interest in subsidiary is reflected in the consolidated statements of income and comprehensive income. |
Foreign Currency Translation | Foreign Currency Translation The accompanying consolidated financial statements are presented in United States dollar (“$”), which is the reporting currency of the Company. The functional currency of China Customer Relations Centers, Inc. and CBPO is United States dollar. The functional currency of the Company’s subsidiary and VIEs located in the PRC is Renminbi (“RMB”). For the subsidiaries whose functional currencies are RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. The resulting translation adjustments are included in determining other comprehensive income. Transaction gains and losses are reflected in the consolidated statements of income and comprehensive income. For the years ended December 31, 2020, 2019 and 2018, the Company had gain (loss) of ($309,372), $77,348, and $231,928, respectively, resulting from foreign currency transactions, which was included in other income (expense) in the consolidated statements of income and comprehensive income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, useful lives and impairment of long-lived assets, impairment of equity investments, allowance for credit losses, income taxes including the valuation allowance for deferred tax assets, estimated amounts of variable consideration in the Company’s revenue recognition, and estimate on the execution of modification and right of renewal and termination of lease arrangements. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all highly liquid instruments with original maturities of three months or less. |
Current Expected Credit Losses | Current Expected Credit Losses In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. The Company adopted this ASC Topic 326 and its amendments on January 1, 2020 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. As of January 1, 2020, the Company’s accounts receivable and other current assets, are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related receivables and other current assets which include type of the services the Company provides, nature of the customers or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of the asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial position. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and include expenditures for additions and major improvements. Significant improvements and betterments are capitalized where it is probable that the expenditure resulted in an increase in the future economic benefits expected to be obtained from the use of the asset beyond its originally assessed standard of performance. Routine repairs and maintenance are expensed when incurred. The Company disposes property and equipment once the Company determines the possibility of receiving future benefit from such property or equipment is remote. Substantially all of the property and equipment are abandoned when disposed. Gains and losses on disposal are included in selling, general and administrative expenses in the consolidated statements of income and comprehensive income based on the net disposal proceeds less the carrying amount of the assets. Certain call center decoration projects were still under construction as of December 31, 2020 and 2019, and the costs of construction were reported as construction in progress. No provision for depreciation is made on the assets under construction until such time as the relevant assets are completed and ready for their intended use. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Electronic equipment 3-5 years Furniture and fixture 5 years Motor vehicles 4 years Computer software 5 years Leasehold improvements 3-5 years |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, net, prepayments, income taxes recoverable, other current assets, accounts payable, accrued liabilities and other payables, deferred revenue, wages payable, income taxes payable, current portion of operating lease liabilities, and short term loans, the carrying amounts approximate their fair values due to the short maturities. |
Lease Commitments | Lease Commitments Upon adoption of ASU No. 2016-02 and other related ASUs (collectively, “ASC Topic 842”) on January 1, 2019, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, non-current in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For leases with a term of 12 months or less, the Company makes an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company recognizes lease expenses for such leases on a straight-line basis over the lease term. Modification to existing lease agreements, including changes to the lease term or payment amounts, are reviewed to determine whether they result in a sperate contract. For modifications that do not result in a separate contract, management reviews the lease classification and re-measures the related right-of-use assets and liabilities at the effective date of the modification. |
Earnings Per Share | Earnings Per Share Basic earnings per common share is computed by dividing net earnings attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shareholders by the sum of the weighted average number of common stock outstanding and dilutive potential common stock during the period. |
Revenue Recognition | Revenue Recognition The Company operates call centers and generates revenues primarily by providing BPO services, which focus on complex, voice-based and online-based segment of customer care services. Under ASC 606, revenue is recognized when control of the promised services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those services, net of value-added tax. The Company determines revenue recognition through the following steps: ● Identify the contract with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations in the contract; and ● Recognize revenue when (or as) the entity satisfies a performance obligation. The Company provides BPO service, such as i) inbound call service, which includes directory assistance, mobile phone service plan, billing questions, hotline consultation, complaints, customer feedbacks and customer relationship management, and ii) outbound call service, which includes products selling, marketing surveys, new products informing, plans expiration and bills overdue notification, etc., for its customers. The Company makes arrangement and provides service to its customer pursuant to a master agreement that specifies service content and the price of an individual performance of each service, generally on monthly basis. The BPO inbound and outbound service fees are based on either a per minute, per hour, per transaction or per call basis. For outbound call service, certain business successful rate was obtained. The fee is determined on a per call basis where the Company receives a basic standard fee for each call plus an extra fee for such things as successfully selling a product or completing a survey. The nature of the Company’s contracts with customers gives rise to certain types of variable consideration. Certain client programs provide for adjustments to monthly billings based upon whether the Company achieves, exceeds or fails certain performance criteria. Adjustments to monthly billings consist of contractual bonuses/penalties, holdbacks and other performance based contingencies. The Company includes estimated amounts of variable consideration in the transaction price to the extent that it is probable there will not be a significant reversal of revenue. Estimates are based on historical or anticipated performance and represent the Company’s best judgment at the time. Revenues are recognized as the performance obligations are satisfied over time over the service period as the service is rendered. The Company’s chief operating decision maker reviews results analyzed by customers and the analysis is only presented at the revenue level with no allocation of direct or indirect costs. The Company determines that it has only one operating segment. Consequently, the Company does not disaggregate revenue recognized from contracts with customers. Contract liabilities represented receipt in advance from customers. As of December 31, 2020, receipt in advance from customers was $1,196,659. As of December 31, 2019, receipt in advance from customers was $456,331, of which $456,331 was recognized as revenue during the year ended December 31, 2020. Receipt in advance from customers is included in deferred revenue in the consolidated balance sheets. The Company does not have any contract assets. |
Government Grants | Government Grants Government grants include cash subsidies as well as other subsidies received from various government agencies by the subsidiaries of the Company. Such subsidies are generally provided as incentives from the local government to encourage the expansion of local business. The government grant is recognized in the consolidated statements of income and comprehensive income when the relevant performance criteria specified in the grant are met, for instance, locating contact centers in their jurisdictions or helping local employment needs. Grants applicable to purchase of property and equipment are credited to deferred revenue upon receipt and are amortized over the life of depreciable assets. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist primarily of wage expense incurred to personnel to continuously upgrade the Company’s existing software products. For the years ended December 31, 2020, 2019, and 2018, research and development expenses of $3,073,906, $3,994,464 and $4,069,794 were included in selling, general and administrative expenses in the consolidated statements of income and comprehensive income. |
Income Taxes | Income Taxes The Company accounts for income taxes under the provision of ASC 740-10, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company routinely assesses the financial strength of the customer and, based upon factors surrounding the credit risk, establishes an allowance, if required, for credit losses and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. |
Related Parties Transactions | Related Parties Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. |
Equity Investments | Equity Investments The Company’s equity investments consist of investments in equity securities of privately held companies without readily determinable fair value, where the Company’s level of ownership is such that it cannot exercise significant influence over the investees. Investments are initially recorded at the amount of the Company’s initial investment and adjusted for declines in fair value that are considered other than temporary. The Company accounted for these investments pursuant to ASC 321 and the Company elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. The Company makes a qualitative assessment of whether the investments is impaired at each reporting date. If a qualitative assessment indicates that an investment is impaired, the Company estimates the investment’s fair value in accordance with ASC 820. If the fair value is less than the investment’s carrying value, the Company has to recognize an impairment loss in net income equal to the difference between the carrying value and fair value. |
Segment Reporting | Segment Reporting The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customer. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In January 2020, the FASB issued ASU 2020-01, “Investments—Equity securities (Topic 321), Investments—Equity method and joint ventures (Topic 323), and Derivatives and hedging (Topic 815)—Clarifying the interactions between Topic 321, Topic 323, and Topic 815”, which clarify the interaction of the accounting for equity securities under Topic 321 and investments under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 for public companies. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of this guidance on its consolidated financial statements |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of subsidiaries and variable interest entities | Name Date of Place of Percentage of Principal Activities China BPO Holdings Limited, (“CBPO”) March 28, 2014 Hong Kong 100% Holding company of WFOE Shandong Juncheng Information Technology Co., Ltd. (“WFOE”) August 19, 2014 PRC 100% Holding company Shandong Taiying Technology Co., Ltd. (“Taiying”) December 18, 2007 PRC Contractual arrangements (1) BPO service provider principally serves North China Chongqing Central BPO Industry Co., Ltd. (“Central BPO”) January 28, 2010 PRC 100% (2) BPO service provider principally serves South China Jiangsu Taiying Technology Co., Ltd. (“JTTC”) February 25, 2010 PRC 100% (2) BPO service provider which principally serves East China Hebei Taiying Communication BPO Co., Ltd. (“HTCC”) April 20, 2010 PRC 100% (4) BPO service provider which principally serves North China Shandong Central BPO Industry Co., Ltd. (“SCBI”) August 9, 2012 PRC 100% (5) BPO service provider which principally serves North China Shandong Taiying Technology Chongqing Branch Company (“STTCB”) February 22, 2013 PRC 100% (2) BPO service provider principally serves South China Jiangsu Central Information Service Co., Ltd. (“JCBI”) December 12, 2013 PRC 100% (2) BPO service provider principally serves East China Anhui Taiying Information Technology Co., Ltd. (“ATIT”) December 26, 2013 PRC 100% (2) BPO service provider principally serves East China Jiangsu Taiying Information Service Co., Ltd. (“JTIS”) July 1, 2014 PRC 100% (2) BPO service provider principally serves East China Nanjing Taiying E-Commercial Business Co., Ltd. (“NTEB”) December 25, 2014 PRC 100% (2) BPO service provider principally serves East China Name Date of Place of Percentage of Principal Activities Jiangxi Taiying Technology Co., Ltd. (“JXTT”) January 8, 2015 PRC 100% (2) BPO service provider principally serves Southeast China Xinjiang Taiying Technology Co., Ltd (“XTTC”) March 20, 2015 PRC 100% (2) BPO service provider principally serves Northwest, China Beijing Taiying Technology Co., Ltd. (“BTTC”) June 30, 2015 PRC 100% (2) BPO service provider principally serves North China Zaozhuang Shenggu E-commerce Co., Ltd. (“ZSEC”) June 16, 2016 PRC 100% (3) E-commerce service provider for the Company Baoding Taiying Information Technology Service Co., Ltd. (“BTIT”) June 16, 2017 PRC 100% (2) BPO service provider principally serves Hebei Province, China Sichuan Taiying Technology Co., Ltd. (“STTC”) November 8, 2017 PRC 100% (2) BPO service provider principally serves Sichuan Province, China Guangxi Taiying Information Technology Co., Ltd. (“GTTC”) March 28, 2018 PRC 100% (2) BPO service provider principally serves Guangxi Zhuang Autonomous Region, China Guangdong Taiying Technology Co., Ltd. (“GDTT”) September 6, 2018 PRC 100% (2) BPO service provider principally serves Guangdong Province Shandong Taiying Technology Wuhan Branch Company (“STTWB”) November 8, 2018 PRC 100% (2) BPO service provider principally serves Hubei Province Yangzhou Taiying Information Technology Co., Ltd. (“YTIT”) July 8, 2019 PRC 100% (2) BPO service provider principally serves Jiangshu Province Ganjiang New District Taiying Information Services Co., Ltd. (“GNDT”) July 25, 2019 PRC 100% (2) BPO service provider principally serves Jiangxi Province Shandong Taiying Technology Hefei Branch Company (“STTHB”) November 28, 2019 PRC 100% (2) BPO service provider principally serves Anhui Province Shandong Taiying Technology Jiangxi Branch Company (“STTJB”) December 6, 2019 PRC 100% (2) BPO service provider principally serves Jiangxi Province Shandong Taiying Technology Guangdong Branch Company (“STTGB”) January 22, 2020 PRC 100% (2) BPO service provider principally serves Guangdong Province Zaozhuang Taiying Technology Co., Ltd. (“ZTTC”) March 19, 2020 PRC 100% (2) BPO service provider principally serves Hebei Province Tianjin Taiying Zhongbao Network Technology Co., Ltd. (“TTZN”) May 18, 2020 PRC 100% (2) BPO service provider principally serves North China Shandong Taiying Technology Shanghai Branch Company (“STTSH”) September 30, 2020 PRC 100% (2) BPO service provider principally serves City of Shanghai Weifang Taiying Information Technology Co., Ltd. (“WFIT”) October 29, 2020 PRC 100% (2) BPO service provider principally serves Shandong Province Suzhou Taiying Technology Co., Ltd. (“SZTT”) November 18, 2020 PRC 100% (2) BPO service provider principally serves Jiangxi Province Fuzhou Taiying Technology Co., Ltd. (“FZTT”) November 26, 2020 PRC 100% (2) BPO service provider principally serves Anhui Province Chengdu Taiying Technology Co., Ltd., (“CDTT”) December 18, 2020 PRC 100% (2) BPO service provider principally serves Sichuan Province Hainan Taiying Technology Co., Ltd. (“HNTT”) December 18, 2020 PRC 100% (2) BPO service provider principally serves Hainan Province (1) VIE effectively controlled by WFOE through a series of contractual agreements (2) Wholly-owned subsidiaries of Taiying (3) Wholly-owned subsidiary of BTTC (4) 49% owned by Beijing Jiate Information Technology Co., Ltd. (“Jiate”) prior to November 8, 2020 and wholly-owned by the Company following the acquisition of the 49% equity interest from Jiate effective November 8, 2020. See Note 3. (5) Wholly-owned subsidiary of Central BPO |
Summary of balance sheet | December 31, December 31, Held by CCRC Held by CBPO Held by WFOE Held by CCRC Held by CBPO Held by WFOE Assets Cash and cash equivalents $ 38,581 $ 17,092 $ 4,838,608 $ 119,778 $ 17,125 $ 4,793,416 Other receivables - - - 24,000 - - Prepayments 79,698 - - 22,740 - - Income taxes recoverable - - - - - 46,579 Long term investment - 5,000,000 - - 5,000,000 - Property and equipment, net - - - - - - Liabilities Other payables $ - $ 52,000 $ 1,123 $ - $ 52,000 $ 2,017 Wages payable - - - 100,000 - - December 31, December 31, ASSETS Cash and cash equivalents $ 38,775,257 $ 20,398,167 Accounts receivable 63,493,891 42,606,485 Prepayments 2,273,290 2,373,906 Prepayments, related parties 359,142 90,429 Due from related party, current 470,076 - Income taxes recoverable 104,721 665,880 Other current assets 4,420,220 3,384,704 Total current assets of VIE and its subsidiaries 109,896,597 69,519,571 Equity investments 3,678,171 3,446,346 Property and equipment, net 12,543,156 10,115,782 Operating lease right-of-use assets 12,265,679 9,827,114 Operating lease right-of-use asset, related party 341,078 172,121 Due from related party, non-current - 215,307 Deferred tax assets 259,200 242,863 Total non-current assets of VIE and its subsidiaries 29,087,284 24,019,533 Total assets of VIE and its subsidiaries $ 138,983,881 $ 93,539,104 LIABILITIES Accounts payable $ 4,315,457 $ 2,602,972 Accounts payable - related parties 260,790 149,658 Accrued liabilities and other payables 10,135,085 4,587,875 Operating lease liabilities – current 5,678,812 3,797,069 Operating lease liability – related party, current 165,734 163,995 Deferred revenue 1,196,659 456,331 Wages payable 15,663,312 10,372,596 Income taxes payable 974,510 452,961 Short term loans 1,531,933 4,306,138 Total current liabilities of VIE and its subsidiaries 39,922,292 26,889,595 Operating lease liabilities, non-current 7,461,337 6,068,702 Operating lease liability – related party, non-current 175,002 - Total non-current liabilities of VIE and its subsidiaries 7,636,339 6,068,702 Total liabilities of VIE and its subsidiaries $ 47,558,631 $ 32,958,297 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of property and equipment estimated useful lives | Electronic equipment 3-5 years Furniture and fixture 5 years Motor vehicles 4 years Computer software 5 years Leasehold improvements 3-5 years |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Summary of carrying value and change of the company's investments | For the Years Ended 2020 2019 2018 Beginning Balance $ 3,446,346 $ 3,491,653 $ 3,688,676 Investment made to Ling Ban - - - Investment made to Ling Ban Online - - - Investment made to TWIC - - 1,461 Translation adjustment 231,825 (45,307 ) (198,484 ) Ending Balance $ 3,678,171 $ 3,446,346 $ 3,491,653 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable Disclosure [Abstract] | |
Summary of accounts receivable, net | December 31, 2020 2019 Accounts receivable $ 63,493,891 $ 42,606,485 Less: Allowance for credit losses - - Accounts receivable, net $ 63,493,891 $ 42,606,485 |
Schedule of changes in allowance for doubtful accounts | For the Years Ended December 31, 2020 2019 2018 Balance, beginning of the year $ - $ 422,340 $ 446,357 Provision for credit losses - - - Recovery of allowance for credit losses - (420,456 ) - Translation adjustments - (1,884 ) (24,017 ) Balance, end of the year $ - $ - $ 422,340 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of other current assets | December 31, 2020 2019 Other receivables $ 695,149 $ 844,173 Deposits 3,725,071 2,564,531 Total other current assets $ 4,420,220 $ 3,408,704 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | December 31, 2020 2019 Electronic equipment $ 16,771,570 $ 12,714,533 Office furniture and equipment 4,449,042 3,760,690 Motor vehicles 895,249 760,635 Construction in progress 978,010 438,709 Computer software 1,464,518 1,121,528 Leasehold improvements 4,246,532 3,466,295 Total property and equipment 28,804,921 22,262,390 Accumulated depreciation (16,261,765 ) (12,146,608 ) Property and equipment, net $ 12,543,156 $ 10,115,782 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of accrued liabilities and other payables | December 31, 2020 2019 Bonus payables $ 4,841,040 $ 1,258,449 VAT and other taxes payables 1,802,577 830,795 Liability assumed in connection with acquisition of noncontrolling interest in HTCC 830,308 - Other accrued liabilities 3,544,591 2,552,648 Total accrued liabilities and other payables $ 11,018,516 $ 4,641,892 |
Deferred Tax Assets and Defer_2
Deferred Tax Assets and Deferred Tax Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Tax Assets And Liabilities [Abstract] | |
Schedule of deferred tax assets and liabilities | December 31, 2020 2019 Deferred tax assets Revenue and expense cutoff $ 61,365 $ 57,497 Allowance for credit losses 267,783 250,906 Loss carryforward 1,417,511 1,623,542 1,746,659 1,931,945 Less: valuation allowance (1,417,511 ) (1,623,542 ) Total deferred tax assets, net $ 329,148 $ 308,403 Deferred tax liabilities Depreciation of property and equipment $ 69,948 $ 65,540 |
Schedule of analysis of the deferred income tax balances for financial reporting purpose | December 31, 2020 2019 Deferred tax assets $ 259,200 $ 242,863 Deferred tax liabilities $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of due from related parties | Name of Related Party Nature of Relationship Beijing Taiying Anrui Holding Co., Ltd. (“Beijing Taiying”) Sole Shareholder Guangxi Shenggu Human Resource Management Co., Ltd. (“GSHR”) Controlled by Gary Wang Beijing Jiate Information Technology Co., Ltd. (“Jiate”) Noncontrolling shareholder of HTCC prior to November 8, 2020 Jiangsu Sound Valley Human Resource Management Co., Ltd. (“JSVH”) Controlled by Gary Wang Beijing Shenggu Education Investment Co., Ltd. (“BSEI”) Controlled by Gary Wang Shenzhen Shenggu Human Resources Management Co., Ltd. (“SSHR”) Controlled by Gary Wang Tai’an Taiying Wealth and Equity Investment and Management Co., Ltd. (“TWIC”) David Wang being the legal person of TWIC |
Schedule of related party | December 31, Name of Related Party 2020 2019 Nature of Transaction Associated with the Balance PREPAYMENTS - RELATED PARTIES Beijing Taiying $ 81,192 $ 90,429 Prepayment for services SSHR 277,950 - Prepayment for services Prepayments - related parties, total $ 359,142 $ 90,429 DUE FROM RELATED PARTIES, CURRENT JSVH $ 240,286 $ - A loan bearing annual interest of 4.35%. Loan matures on December 14, 2021. Beijing Taiying 229,790 - Interest-free loan payable on demand Due from related parties, current, total $ 470,076 $ - DUE FROM RELATED PARTY, NON-CURRENT JSVH $ - $ 215,307 A loan bearing annual interest rate of 4.35% Due from related party, non-current, total $ - $ 215,307 ACCOUNTS PAYABLE - RELATED PARTIES JSVH $ 18,775 $ 60,664 Outstanding unpaid human resource service fee SSHR 242,015 88,994 Outstanding unpaid human resource service fee Accounts payable - related parties, total $ 260,790 $ 149,658 EQUITY INVESTMENT TWIC $ 1,532 $ 1,435 Equity investment (See Note 4) Equity investment, total $ 1,532 $ 1,435 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | For the Years Ended December 31, 2020 2019 2018 Current $ 2,771,249 $ 2,152,488 $ 3,163,789 Deferred 298,228 238,883 (196,909 ) Total $ 3,069,477 $ 2,391,371 $ 2,966,880 |
Schedule of reconciliations of company's effective income tax rate | For the Years Ended December 31, 2020 2019 2018 PRC statutory income tax rate 25 % 25 % 25 % Effect of income tax exemptions and reliefs (6.22 )% (2.84 )% (2.84 )% Effect of expenses not deductible for tax purposes 0.14 % 2.82 % 0.72 % Effect of additional deduction allowed for tax purposes (6.11 )% (14.40 )% (8.74 )% Effect of valuation allowance on deferred income tax assets 1.29 % 3.90 % 1.20 % Effect of income tax rate difference under different tax jurisdictions (0.05 )% -% 0.91 % Others (3.09 )% 0.88 % (0.85 )% Total 10.96 % 15.36 % 15.40 % |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Schedule of components of lease expense | For the Years Ended 2020 2019 Operating lease Cost: Amortization of right-of-use assets $ 4,319,670 $ 3,471,796 Interest on lease liabilities 213,342 501,918 Total operating lease cost $ 4,533,012 $ 3,973,714 Short term operating lease cost $ 1,605,903 $ 1,033,398 |
Schedule of supplemental cash flow information related lease | For the Years Ended 2020 2019 Cash Flows from Operating Activities Cash paid for amounts in the measurement of operating lease liabilities: Operating cash flows for operating leases $ 4,478,584 $ 3,558,887 Supplemental lease cash flow disclosures Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 7,069,165 $ 5,496,939 |
Schedule of balance sheet information related to leases | For the Years Ended 2020 2019 Operating lease right-of-use assets $ 12,265,679 $ 9,827,114 Operating lease right-of-use assets, related party 341,078 172,121 Total Operating lease right-of-use assets $ 12,606,757 $ 9,999,235 Operating lease liabilities-current $ 5,678,812 $ 3,797,069 Operating lease liability - related party, current 165,734 163,995 Operating lease liabilities, non-current 7,461,337 6,068,702 Operating lease liability - related party, non-current 175,002 - Total operating lease liabilities $ 13,480,885 $ 10,029,766 For the Years Ended 2020 2019 Weighted-average remaining lease term (years) Operating leases 3.18 years 2.79 years Weighted-average discount rate Operating leases 5.22 % 5.22 % |
Schedule of maturity of our operating lease liabilities | 2021 $ 6,320,628 2022 4,218,071 2023 2,842,324 2024 531,911 2025 369,663 Thereafter 102,479 Total 14,385,076 Less imputed interest 904,191 Total lease liabilities $ 13,480,885 |
Organization (Details)
Organization (Details) | 12 Months Ended | |||
Dec. 31, 2020 | Nov. 08, 2020 | Mar. 06, 2014 | ||
China BPO Holdings Limited, ("CBPO") [Member] | ||||
Organization (Details) [Line Items] | ||||
Percentage of effective ownership | 100.00% | 100.00% | ||
Beijing TaiyingAnrui Holding Co., Ltd [Member] | ||||
Organization (Details) [Line Items] | ||||
Percentage of effective ownership | 100.00% | [1] | 100.00% | |
wholly foreign owned enterprise [Member] | ||||
Organization (Details) [Line Items] | ||||
Expected losses and gains, percentage | 100.00% | |||
Beijing Jiate Information Technology [Member] | ||||
Organization (Details) [Line Items] | ||||
Ownership percentage | 49.00% | |||
acquisition of equity interest percentage | 49.00% | |||
[1] | Wholly-owned subsidiaries of Taiying |
Organization (Details) - Summar
Organization (Details) - Summary of subsidiaries and variable interest entities | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 06, 2014 | |||
China BPO Holdings Limited, ("CBPO") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Mar. 28, 2014 | |||
Entity Incorporation, Place of incorporation | Hong Kong | |||
Percentage of effective ownership | 100.00% | 100.00% | ||
Principal Activities | Holding company of WFOE | |||
Shandong Juncheng Information Technology Co., Ltd. (''WFOE'') [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Aug. 19, 2014 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | 100.00% | |||
Principal Activities | Holding company | |||
Shandong Taiying Technology Co., Ltd. ("Taiying") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 18, 2007 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [1] | |||
Principal Activities | BPO service provider principally serves North China | |||
Chongqing Central BPO Industry Co., Ltd. ("Central BPO") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jan. 28, 2010 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves South China | |||
Jiangsu Taiying Technology Co., Ltd. ("JTTC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Feb. 25, 2010 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider which principally serves East China | |||
Hebei Taiying Communication BPO Co., Ltd. ("HTCC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Apr. 20, 2010 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [3] | 100.00% | ||
Principal Activities | BPO service provider which principally serves North China | |||
Shandong Central BPO Industry Co., Ltd. ("SCBI") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Aug. 9, 2012 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [4] | 100.00% | ||
Principal Activities | BPO service provider which principally serves North China | |||
Shandong Taiying Technology Chongqing Branch Company ("STTCB") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Feb. 22, 2013 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves South China | |||
Jiangsu Central Information Service Co., Ltd. ("JCBI") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 12, 2013 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves East China | |||
Anhui Taiying Information Technology Co., Ltd. ("ATIT") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 26, 2013 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves East China | |||
Jiangsu Taiying Information Service Co., Ltd. ("JTIS") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jul. 1, 2014 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves East China | |||
Nanjing Taiying E-Commercial Business Co., Ltd. ("NTEB") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 25, 2014 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves East China | |||
Jiangxi Taiying Technology Co., Ltd. ("JXTT") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jan. 8, 2015 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Southeast China | |||
Xinjiang Taiying Technology Co., Ltd ("XTTC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Mar. 20, 2015 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Northwest, China | |||
Beijing Taiying Technology Co., Ltd. ("BTTC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jun. 30, 2015 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | 100.00% | [2] | 100.00% | |
Principal Activities | BPO service provider principally serves North China | |||
Zaozhuang Shenggu E-commerce Co., Ltd. ("ZSEC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jun. 16, 2016 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [5] | 100.00% | ||
Principal Activities | E-commerce service provider for the Company | |||
Baoding Taiying Information Technology Service Co., Ltd. ("BTIT") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jun. 16, 2017 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Hebei Province, China | |||
Sichuan Taiying Technology Co., Ltd. ("STTC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Nov. 8, 2017 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Sichuan Province, China | |||
Guangxi Taiying Information Technology Co., Ltd. ("GTTC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Mar. 28, 2018 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Guangxi Zhuang Autonomous Region, China | |||
Guangdong Taiying Technology Co., Ltd. ("GDTT") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Sep. 6, 2018 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Guangdong Province | |||
Shandong Taiying Technology Wuhan Branch Company ("STTWB") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Nov. 8, 2018 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Hubei Province | |||
Yangzhou Taiying Information Technology Co., Ltd. ("YTIT") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jul. 8, 2019 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Jiangshu Province | |||
Ganjiang New District Taiying Information Services Co., Ltd. ("GNDT") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jul. 25, 2019 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Jiangxi Province | |||
Shandong Taiying Technology Hefei Branch Company ("STTHB") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Nov. 28, 2019 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Anhui Province | |||
Shandong Taiying Technology Jiangxi Branch Company ("STTJB") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 6, 2019 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Jiangxi Province | |||
Shandong Taiying Technology Guangdong Branch Company ("STTGB") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Jan. 22, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Guangdong Province | |||
Zaozhuang Taiying Technology Co., Ltd. ("ZTTC") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Mar. 19, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Hebei Province | |||
Tianjin Taiying Zhongbao Network Technology Co., Ltd. ("TTZN") [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | May 18, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves North China | |||
Shandong Taiying Technology Shanghai Branch Company [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Sep. 30, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves City of Shanghai | |||
Weifang Taiying Information Technology Co., Ltd. (“WFIT”) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Oct. 29, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Shandong Province | |||
Suzhou Taiying Technology Co., Ltd. (“SZTT”) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Nov. 18, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Jiangxi Province | |||
Fuzhou Taiying Technology Co., Ltd. (“FZTT”) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Nov. 26, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Anhui Province | |||
Chengdu Taiying Technology Co., Ltd., (“CDTT”) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 18, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Sichuan Province | |||
Hainan Taiying Technology Co., Ltd. (“HNTT”) [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Entity Incorporation, Date of Incorporation | Dec. 18, 2020 | |||
Entity Incorporation, Place of incorporation | PRC | |||
Percentage of effective ownership | [2] | 100.00% | ||
Principal Activities | BPO service provider principally serves Hainan Province | |||
[1] | VIE effectively controlled by WFOE through a series of contractual agreements | |||
[2] | Wholly-owned subsidiaries of Taiying | |||
[3] | 49% owned by Beijing Jiate Information Technology Co., Ltd. (“Jiate”) prior to November 8, 2020 and wholly-owned by the Company following the acquisition of the 49% equity interest from Jiate effective November 8, 2020. See Note 3. | |||
[4] | Wholly-owned subsidiary of Central BPO | |||
[5] | Wholly-owned subsidiary of BTTC |
Organization (Details) - Summ_2
Organization (Details) - Summary of balance sheet - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash and cash equivalents | $ 43,669,538 | $ 25,328,486 | $ 24,419,912 | $ 18,628,365 |
Accounts receivable, net | 63,493,891 | 42,606,485 | ||
Prepayments | 2,352,988 | 2,396,646 | ||
Prepayment, related party | 359,142 | 90,429 | ||
Due from related party, current | 470,076 | |||
Income taxes recoverable | 104,721 | 712,459 | ||
Other current assets | 4,420,220 | 3,408,704 | ||
Total current assets of VIE and its subsidiaries | 114,870,576 | 74,543,209 | ||
Equity investments | 3,678,171 | 3,446,346 | ||
Property and equipment, net | 12,543,156 | 10,115,782 | ||
Operating lease right-of-use assets | 12,265,679 | 9,827,114 | ||
Operating lease right-of-use asset, related party | 341,078 | 172,121 | ||
Due from related party, non-current | 215,307 | |||
Deferred tax assets | 259,200 | 242,863 | ||
Total non-current assets of VIE and its subsidiaries | 29,087,284 | 24,019,533 | ||
Total assets of VIE and its subsidiaries | 143,957,860 | 98,562,742 | ||
LIABILITIES | ||||
Accounts payable | 4,315,457 | 2,602,972 | ||
Accounts payable - related parties | 260,790 | 149,658 | ||
Operating lease liabilities – current | 5,678,812 | 3,797,069 | ||
Operating lease liability – related party, current | 165,734 | 163,995 | ||
Deferred revenue | 1,196,659 | 456,331 | ||
Wages payable | 15,663,312 | 10,472,596 | ||
Income taxes payable | 974,510 | 452,961 | ||
Short term loans | 1,531,933 | 4,306,138 | ||
Total current liabilities of VIE and its subsidiaries | 40,805,723 | 27,043,612 | ||
Operating lease liabilities, non-current | 7,461,337 | 6,068,702 | ||
Operating lease liability – related party, non-current | 175,002 | |||
Total liabilities of VIE and its subsidiaries | 48,442,062 | 33,112,314 | ||
Liabilities | ||||
Wages payable | 15,663,312 | 10,472,596 | ||
CCRC [Member] | ||||
Assets | ||||
Cash and cash equivalents | 38,581 | 119,778 | ||
Property and equipment, net | ||||
Other receivables | 24,000 | |||
Prepayments | 79,698 | 22,740 | ||
Income taxes recoverable | ||||
Long term investment | ||||
LIABILITIES | ||||
Wages payable | 100,000 | |||
Liabilities | ||||
Other payables | ||||
Wages payable | 100,000 | |||
CBPO [Member] | ||||
Assets | ||||
Cash and cash equivalents | 17,092 | 17,125 | ||
Property and equipment, net | ||||
Other receivables | ||||
Prepayments | ||||
Income taxes recoverable | ||||
Long term investment | 5,000,000 | 5,000,000 | ||
LIABILITIES | ||||
Wages payable | ||||
Liabilities | ||||
Other payables | 52,000 | 52,000 | ||
Wages payable | ||||
WFOE [Member] | ||||
Assets | ||||
Cash and cash equivalents | 4,838,608 | 4,793,416 | ||
Property and equipment, net | ||||
Other receivables | ||||
Prepayments | ||||
Income taxes recoverable | 46,579 | |||
Long term investment | ||||
LIABILITIES | ||||
Wages payable | ||||
Liabilities | ||||
Other payables | 1,123 | 2,017 | ||
Wages payable | ||||
VIE and VIE's subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 38,775,257 | 20,398,167 | ||
Accounts receivable, net | 63,493,891 | 42,606,485 | ||
Prepayments | 2,273,290 | 2,373,906 | ||
Prepayment, related party | 359,142 | 90,429 | ||
Due from related party, current | 470,076 | |||
Income taxes recoverable | 104,721 | 665,880 | ||
Other current assets | 4,420,220 | 3,384,704 | ||
Total current assets of VIE and its subsidiaries | 109,896,597 | 69,519,571 | ||
Equity investments | 3,678,171 | 3,446,346 | ||
Property and equipment, net | 12,543,156 | 10,115,782 | ||
Operating lease right-of-use assets | 12,265,679 | 9,827,114 | ||
Operating lease right-of-use asset, related party | 341,078 | 172,121 | ||
Due from related party, non-current | 215,307 | |||
Deferred tax assets | 259,200 | 242,863 | ||
Total non-current assets of VIE and its subsidiaries | 29,087,284 | 24,019,533 | ||
Total assets of VIE and its subsidiaries | 138,983,881 | 93,539,104 | ||
LIABILITIES | ||||
Accounts payable | 4,315,457 | 2,602,972 | ||
Accounts payable - related parties | 260,790 | 149,658 | ||
Accrued liabilities and other payables | 10,135,085 | 4,587,875 | ||
Operating lease liabilities – current | 5,678,812 | 3,797,069 | ||
Operating lease liability – related party, current | 165,734 | 163,995 | ||
Deferred revenue | 1,196,659 | 456,331 | ||
Wages payable | 15,663,312 | 10,372,596 | ||
Income taxes payable | 974,510 | 452,961 | ||
Short term loans | 1,531,933 | 4,306,138 | ||
Total current liabilities of VIE and its subsidiaries | 39,922,292 | 26,889,595 | ||
Operating lease liabilities, non-current | 7,461,337 | 6,068,702 | ||
Operating lease liability – related party, non-current | 175,002 | |||
Total non-current liabilities of VIE and its subsidiaries | 7,636,339 | 6,068,702 | ||
Total liabilities of VIE and its subsidiaries | 47,558,631 | 32,958,297 | ||
Liabilities | ||||
Wages payable | $ 15,663,312 | $ 10,372,596 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2017 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Foreign currency transactions | $ (309,372) | $ 77,348 | $ 231,928 | |
Advance from customers | 1,196,659 | 456,331 | ||
Revenue recognized | 456,331 | |||
Research and development expenses | $ 3,073,906 | $ 3,994,464 | $ 4,069,794 | |
Owned subsidiary [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Noncontrolling interest, ownership percentage | 51.00% | |||
Maximum [Member] | Owned subsidiary [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Noncontrolling interest, ownership percentage | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives | 12 Months Ended |
Dec. 31, 2020 | |
Electronic equipment [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 3 years |
Electronic equipment [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 5 years |
Furniture and fixture [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 5 years |
Motor vehicles [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 4 years |
Computer software [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 5 years |
Leasehold improvements [Member] | Minimum [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 3 years |
Leasehold improvements [Member] | Maximum [Member] | |
Summary of Significant Accounting Policies (Details) - Summary of property and equipment estimated useful lives [Line Items] | |
Estimated useful lives | 5 years |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) ¥ in Thousands | Nov. 08, 2020 | Jun. 02, 2016CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 15, 2020USD ($) | Oct. 15, 2020CNY (¥) | May 06, 2019USD ($) | May 06, 2019CNY (¥) | Apr. 10, 2018USD ($) | Apr. 10, 2018CNY (¥) | Jan. 31, 2017 |
Noncontrolling Interest (Details) [Line Items] | |||||||||||||
Dividends declared | $ 519,000 | ¥ 3,500 | $ 460,000 | ¥ 3,000 | $ 766,000 | ¥ 5,000 | |||||||
Distribution of dividend to noncontrolling investor | $ | $ (254,262) | $ (213,722) | $ (355,232) | ||||||||||
Increase in registered capital | 363,000 | ¥ 2,450 | |||||||||||
Unreceived dividend declared | 254,000 | 1,720 | |||||||||||
Additional cash investment | $ 109,000 | 730 | |||||||||||
Registered capital | ¥ 4,900 | ||||||||||||
Equity exchange agreement, description | the Company entered into an equity exchange agreement with Jiate, pursuant to which the Company agreed to acquire Jiate’s 49% of equity interest in HTCC for the consideration of RMB 5.42 million (approximately $830,000). The transfer of ownership effectively occurred on November 8, 2020, upon which the Company holds 100% of equity interest in HTCC. The consideration was paid in full on January 5, 2021. | ||||||||||||
Jiate [Member] | |||||||||||||
Noncontrolling Interest (Details) [Line Items] | |||||||||||||
Percentage of equity interest | 49.00% | 49.00% | |||||||||||
Capital amount | ¥ 4,900 | ||||||||||||
Taiying [Member] | |||||||||||||
Noncontrolling Interest (Details) [Line Items] | |||||||||||||
Percentage of equity interest | 51.00% | ||||||||||||
Capital amount | ¥ 5,100 |
Equity Investments (Details)
Equity Investments (Details) - Ling Ban Online [Member] - USD ($) | Dec. 31, 2020 | Jan. 15, 2020 | Dec. 31, 2019 |
Equity Investments (Details) [Line Items] | |||
Uncollected service including accounts receivable, net | $ 129,000 | $ 109,000 | |
Equity investments | $ 435,000 | ||
Equity interest, percentage | 6.50% | ||
Chief Executive Officer [Member] | |||
Equity Investments (Details) [Line Items] | |||
Equity investments | $ 1.29 |
Equity Investments (Details) -
Equity Investments (Details) - Summary of carrying value and change of the company's investments - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of carrying value and change of the company's investments [Abstract] | |||
Beginning Balance | $ 3,446,346 | $ 3,491,653 | $ 3,688,676 |
Investment made to Ling Ban | |||
Investment made to Ling Ban Online | |||
Investment made to TWIC | 1,461 | ||
Translation adjustment | 231,825 | (45,307) | (198,484) |
Ending Balance | $ 3,678,171 | $ 3,446,346 | $ 3,491,653 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) - Summary of accounts receivable, net - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of accounts receivable, net [Abstract] | ||
Accounts receivable | $ 63,493,891 | $ 42,606,485 |
Less: Allowance for credit losses | ||
Accounts receivable, net | $ 63,493,891 | $ 42,606,485 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of changes in allowance for doubtful accounts - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of changes in allowance for doubtful accounts [Abstract] | |||
Balance, beginning of the year | $ 422,340 | $ 446,357 | |
Provision for credit losses | |||
Recovery of allowance for credit losses | (420,456) | ||
Translation adjustments | (1,884) | (24,017) | |
Balance, end of the year | $ 422,340 |
Other Current Assets (Details)
Other Current Assets (Details) - Schedule of other current assets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of other current assets [Abstract] | ||
Other receivables | $ 695,149 | $ 844,173 |
Deposits | 3,725,071 | 2,564,531 |
Total other current assets | $ 4,420,220 | $ 3,408,704 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 4,070,582 | $ 3,404,912 | $ 2,635,242 |
Purchase of property and equipment | $ 7,200 | $ 24,512 | $ 88,112 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of property and equipment - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 28,804,921 | $ 22,262,390 |
Accumulated depreciation | (16,261,765) | (12,146,608) |
Property and equipment, net | 12,543,156 | 10,115,782 |
Electronic equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 16,771,570 | 12,714,533 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,449,042 | 3,760,690 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 895,249 | 760,635 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 978,010 | 438,709 |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,464,518 | 1,121,528 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,246,532 | $ 3,466,295 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Payables (Details) - Schedule of accrued liabilities and other payables - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accrued liabilities and other payables [Abstract] | ||
Bonus payables | $ 4,841,040 | $ 1,258,449 |
VAT and other taxes payables | 1,802,577 | 830,795 |
Liability assumed in connection with acquisition of noncontrolling interest in HTCC | 830,308 | |
Other accrued liabilities | 3,544,591 | 2,552,648 |
Total accrued liabilities and other payables | $ 11,018,516 | $ 4,641,892 |
Deferred Tax Assets and Defer_3
Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of deferred tax assets and liabilities - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Revenue and expense cutoff | $ 61,365 | $ 57,497 |
Allowance for credit losses | 267,783 | 250,906 |
Loss carryforward | 1,417,511 | 1,623,542 |
Deferred tax assets, gross | 1,746,659 | 1,931,945 |
Less: valuation allowance | (1,417,511) | (1,623,542) |
Total deferred tax assets, net | 329,148 | 308,403 |
Deferred tax liabilities | ||
Depreciation of property and equipment | $ 69,948 | $ 65,540 |
Deferred Tax Assets and Defer_4
Deferred Tax Assets and Deferred Tax Liabilities (Details) - Schedule of analysis of the deferred income tax balances for financial reporting purpose - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of analysis of the deferred income tax balances for financial reporting purpose [Abstract] | ||
Deferred tax assets | $ 259,200 | $ 242,863 |
Deferred tax liabilities |
Short Term Loans (Details)
Short Term Loans (Details) ¥ in Millions | Jul. 04, 2019USD ($) | Mar. 19, 2019 | Jan. 18, 2019 | Jan. 18, 2018 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 08, 2021USD ($) | Jun. 11, 2020USD ($) | Mar. 19, 2020USD ($) | Jul. 04, 2019CNY (¥) |
Short Term Loans (Details) [Line Items] | |||||||||||
Short term loans, term | On March 19, 2019, the Company borrowed a one-year loan of RMB 25 million (approximately $3,730,000) from BOC, which had an effective annual interest rate of 4.79%. | On January 18, 2018, the Company borrowed a one-year loan of RMB 25 million (approximately $3,890,000) from BOC, bears an annual interest rate of 5.22%. | |||||||||
Short term loans, repaid date | Mar. 17, 2020 | ||||||||||
Interest expenses | $ 176,422 | $ 190,808 | $ 404,958 | ||||||||
RMB [Member] | |||||||||||
Short Term Loans (Details) [Line Items] | |||||||||||
Capital lease obligation current | $ 10,000,000 | $ 2,123,000 | $ 15,000,000 | ||||||||
Long term debt current | $ 1,539,000 | ||||||||||
BOC [Member] | |||||||||||
Short Term Loans (Details) [Line Items] | |||||||||||
Short term loans, repaid date | Jan. 17, 2019 | ||||||||||
Short term borrowings | $ 3,623,000 | ||||||||||
Annual interest rate | 4.57% | ||||||||||
RMB [Member] | |||||||||||
Short Term Loans (Details) [Line Items] | |||||||||||
Short-term loans borrowed | 5,000,000 | $ 25,000,000 | |||||||||
Short term borrowings | $ 729,000 | ||||||||||
Capital lease obligation current | $ 5,000,000 | ||||||||||
Letter of credit outstanding amount (in Yuan Renminbi) | ¥ | ¥ 100 | ||||||||||
Short term debt outstanding amount | $ 15,000,000 | ||||||||||
LOC [Member] | |||||||||||
Short Term Loans (Details) [Line Items] | |||||||||||
Annual interest rate | 4.35% |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020CNY (¥) | |
Related Party Transactions (Details) [Line Items] | |||||
Lease expense | $ 170,000 | $ 164,000 | $ 88,000 | ||
Related party advances | $ 215,307 | ||||
BSEI [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Ground lease description | BSEI leased certain office space at Zaozhuang Software and Service Industrial Park with a total area of 18,000 square meters, of which 6,500 square meters were subleased to ZSEC at a price of RMB 0.5 per square meter per day, from July 1, 2018 to January 1, 2021 and the Company anticipates to renew the lease for another year. | BSEI leased certain office space at Zaozhuang Software and Service Industrial Park with a total area of 18,000 square meters, of which 6,500 square meters were subleased to ZSEC at a price of RMB 0.5 per square meter per day, from July 1, 2018 to January 1, 2021 and the Company anticipates to renew the lease for another year. | |||
Beijing Taiying [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Related party advances | $ 294,000 | ¥ 2,000,000 | |||
Repayment of related party debt | 77,000 | ¥ 500,000 | |||
SSHR [Member] | |||||
Related Party Transactions (Details) [Line Items] | |||||
Related party advances | $ 87,000 | ¥ 617,400 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of due from related parties | 12 Months Ended |
Dec. 31, 2020 | |
Beijing Taiying Anrui Holding Co., Ltd. (“Beijing Taiying”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | Sole Shareholder |
Guangxi Shenggu Human Resource Management Co., Ltd. (“GSHR”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | Controlled by Gary Wang |
Beijing Jiate Information Technology Co., Ltd. (“Jiate”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | Noncontrolling shareholder of HTCC prior to November 8, 2020 |
Jiangsu Sound Valley Human Resource Management Co., Ltd. (“JSVH”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | Controlled by Gary Wang |
Beijing Shenggu Education Investment Co., Ltd. (“BSEI”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | Controlled by Gary Wang |
Shenzhen Shenggu Human Resources Management Co., Ltd. (“SSHR”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | Controlled by Gary Wang |
Tai’an Taiying Wealth and Equity Investment and Management Co., Ltd. (“TWIC”) [Member] | |
Related Party Transaction [Line Items] | |
Nature of relationship of related parties | David Wang being the legal person of TWIC |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of related party - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PREPAYMENTS - RELATED PARTIES | ||
Prepayments - related parties, total | $ 359,142 | $ 90,429 |
Due from related parties, current, total | 470,076 | |
Accounts payable - related parties, total | 260,790 | 149,658 |
EQUITY INVESTMENT | ||
Equity investment, total | 1,532 | 1,435 |
Beijing Taiying [Member] | ||
PREPAYMENTS - RELATED PARTIES | ||
Prepayments - related parties, total | $ 81,192 | 90,429 |
Nature of Transaction Associated with the Balance, related party | Prepayment for services | |
Due from related parties, current, total | $ 229,790 | |
Nature of balance, due from related parties current | Interest-free loan payable on demand | |
SSHR [Member] | ||
PREPAYMENTS - RELATED PARTIES | ||
Prepayments - related parties, total | $ 277,950 | |
Nature of Transaction Associated with the Balance, related party | Prepayment for services | |
Accounts payable - related parties, total | $ 242,015 | 88,994 |
Nature of balance, accounts payable - related parties | Outstanding unpaid human resource service fee | |
JSVH [Member] | ||
PREPAYMENTS - RELATED PARTIES | ||
Due from related parties, current, total | $ 240,286 | |
Nature of balance, due from related parties current | A loan bearing annual interest of 4.35%. Loan matures on December 14, 2021. | |
Due from related party, non-current, total | 215,307 | |
Nature of balance, due from related parties non-current | A loan bearing annual interest rate of 4.35% | |
Accounts payable - related parties, total | $ 18,775 | 60,664 |
Nature of balance, accounts payable - related parties | Outstanding unpaid human resource service fee | |
TWIC [Member] | ||
EQUITY INVESTMENT | ||
Equity investment, total | $ 1,532 | $ 1,435 |
Nature of balance, equity investment | Equity investment (See Note 4) |
Major Customers and Credit Ri_2
Major Customers and Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Member] | |||
Major Customers and Credit Risk (Details) [Line Items] | |||
Number of customers | 2 | 1 | 2 |
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Accounts Receivable [Member] | |||
Major Customers and Credit Risk (Details) [Line Items] | |||
Number of customers | 1 | 1 | 2 |
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Income Taxes (Details)
Income Taxes (Details) | Apr. 06, 2012 | Mar. 16, 2007 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes (Details) [Line Items] | |||||
PRC enterprise income tax description | the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises. According to the tax law, entities that qualify as high and new technology enterprises (“HNTE”) supported by the PRC government are allowed a 15% preferential tax rate instead of the uniform tax rate of 25%. The qualification of HNTE will be renewed after evaluation by relevant government authorities every three years. | ||||
Effective date | Jan. 1, 2011 | ||||
Hong Kong [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Tax percentage | 16.50% | ||||
Other PRC [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Tax percentage | 25.00% | ||||
HNTE [Member] | |||||
Income Taxes (Details) [Line Items] | |||||
Preferential tax rate | 15.00% | 15.00% | 15.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of provision for income taxes - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of provision for income taxes [Abstract] | |||
Current | $ 2,771,249 | $ 2,152,488 | $ 3,163,789 |
Deferred | 298,228 | 238,883 | (196,909) |
Total | $ 3,069,477 | $ 2,391,371 | $ 2,966,880 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of reconciliations of company's effective income tax rate | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of reconciliations of company's effective income tax rate [Abstract] | |||
PRC statutory income tax rate | 25.00% | 25.00% | 25.00% |
Effect of income tax exemptions and reliefs | (6.22%) | (2.84%) | (2.84%) |
Effect of expenses not deductible for tax purposes | 0.14% | 2.82% | 0.72% |
Effect of additional deduction allowed for tax purposes | (6.11%) | (14.40%) | (8.74%) |
Effect of valuation allowance on deferred income tax assets | 1.29% | 3.90% | 1.20% |
Effect of income tax rate difference under different tax jurisdictions | (0.05%) | 0.91% | |
Others | (3.09%) | 0.88% | (0.85%) |
Total | 10.96% | 15.36% | 15.40% |
Operating Leases (Details)
Operating Leases (Details) | Dec. 31, 2020 |
Minimum [Member] | |
Operating Leases (Details) [Line Items] | |
Remaining lease term | 36 days |
Maximum [Member] | |
Operating Leases (Details) [Line Items] | |
Remaining lease term | 6 years |
Operating Leases (Details) - Sc
Operating Leases (Details) - Schedule of components of lease expense - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease Cost: | ||
Amortization of right-of-use assets | $ 4,319,670 | $ 3,471,796 |
Interest on lease liabilities | 213,342 | 501,918 |
Total operating lease cost | 4,533,012 | 3,973,714 |
Short term operating lease cost | $ 1,605,903 | $ 1,033,398 |
Operating Leases (Details) - _2
Operating Leases (Details) - Schedule of supplemental cash flow information related lease - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for amounts in the measurement of operating lease liabilities: | |||
Operating cash flows for operating leases | $ 4,478,584 | $ 3,558,887 | |
Supplemental lease cash flow disclosures | |||
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities | $ 7,069,165 | $ 5,496,939 |
Operating Leases (Details) - _3
Operating Leases (Details) - Schedule of balance sheet information related to leases - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of balance sheet information related to leases [Abstract] | ||
Operating lease right-of-use assets | $ 12,265,679 | $ 9,827,114 |
Operating lease right-of-use assets, related party | 341,078 | 172,121 |
Total Operating lease right-of-use assets | 12,606,757 | 9,999,235 |
Operating lease liabilities-current | 5,678,812 | 3,797,069 |
Operating lease liability - related party, current | 165,734 | 163,995 |
Operating lease liabilities, non-current | 7,461,337 | 6,068,702 |
Operating lease liability - related party, non-current | 175,002 | |
Total operating lease liabilities | $ 13,480,885 | $ 10,029,766 |
Weighted-average remaining lease term (years) | ||
Weighted-average remaining lease term (years), Operating leases | 3 years 65 days | 2 years 288 days |
Weighted-average discount rate | ||
Weighted-average discount rate, Operating leases | 5.22% | 5.22% |
Operating Leases (Details) - _4
Operating Leases (Details) - Schedule of maturity of our operating lease liabilities - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of maturity of our operating lease liabilities [Abstract] | ||
2021 | $ 6,320,628 | |
2022 | 4,218,071 | |
2023 | 2,842,324 | |
2024 | 531,911 | |
2025 | 369,663 | |
Thereafter | 102,479 | |
Total | 14,385,076 | |
Less imputed interest | 904,191 | |
Total lease liabilities | $ 13,480,885 | $ 10,029,766 |
Contingency (Details)
Contingency (Details) | Dec. 31, 2020USD ($) |
BOCM [Member] | |
Contingency (Details) [Line Items] | |
Letter of credit under LOC | $ 140,000 |
Statutory Reserves and Increa_2
Statutory Reserves and Increase in Capital (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statutory Reserves Disclosures [Abstract] | ||
General reserves, description | According to the Company Law in the PRC, companies are required to set aside 10% of their after-tax profit to general reserves each year, based on the PRC accounting standards, until the cumulative total of such reserves reaches 50% of the registered capital. | |
Statutory reserves | $ 7,761,226 | $ 5,818,330 |
Retained earnings transferred to additional paid-in capital | $ 3,411,331 | $ 3,871,871 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] ¥ in Millions, $ in Millions | 1 Months Ended | |||
Apr. 30, 2021USD ($) | Apr. 30, 2021CNY (¥) | Mar. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | |
Subsequent Events (Details) [Line Items] | ||||
Interest rate | 4.35% | 4.35% | 0.20% | 0.20% |
Maturity date | Mar. 28, 2022 | Mar. 28, 2022 | ||
BOC []Member | ||||
Subsequent Events (Details) [Line Items] | ||||
Loan amount | $ 3.8 | ¥ 25 | ||
Maturity date | Mar. 7, 2022 | Mar. 7, 2022 | ||
Qilu Bank Co., Ltd. [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Loan amount | $ 3.1 | ¥ 20 |