Freight (FRGT) S-4 12 Nov 20 Registration of securities issued in business combination transactions Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document And Entity Information
Entity Registrant Name	Hudson Capital Inc.
Entity Central Index Key	0001687542
Document Type	S-4
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash	$ 3,779,082	$ 13,567	$ 1,578,828
Accounts receivable, net		7,264	18,839,050
Other receivables	796,948	646,690	3,452,568
Loans to third parties, net	4,800,000	4,800,000	39,849,517
Prepayments and advance to suppliers	8,728
Prepayments		17,047	41,279
Advance for investment			837,802
Due from related parties	75,351	76,466	184,961
Total Current Assets	9,460,109	5,561,034	64,784,005
Non-current assets
Property and Equipment, net	797	1,503	250,886
Intangible assets, net	1,206	1,940	3,426
Long-term office rental deposit
Long-term prepayment	2,793	4,580	8,377
Goodwill
Deferred Tax Assets			1,798,398
Total Assets	9,464,905	5,569,057	66,845,092
Current liabilities
Accrued payroll	606,674	621,483	766,383
Accounts payable
Advance from customers			95,118
Other payables and accruals	225,792	201,469	271,467
Due to related party	334,650	279,925	32,005
Taxes payable	946,930	986,195	798,999
Total Current Liabilities	2,114,046	2,089,072	1,963,972
Provision of other liabilities	945,873	959,881
Deferred tax liabilities
Total Liabilities	3,059,919	3,048,953	1,963,972
Shareholders' equity
Common Stock ($0.005 par value, unlimited shares authorized,5,693,426 and 4,422,837 shares issued and outstanding at June 30, 2020 and December 31, 2019, December 31, 2018)	28,467	22,114	22,114
Additional paid in capital	32,934,692	28,441,045	28,441,045
Statutory reserve	2,949,930	2,949,930	2,912,529
Retained earnings	(26,019,942)	(25,379,699)	36,653,460
Accumulated other comprehensive loss	(3,488,161)	(3,513,286)	(3,148,028)
Total Shareholders' Equity	6,404,986	2,520,104	64,881,120
Total Liabilities and Shareholders' Equity	$ 9,464,905	$ 5,569,057	$ 66,845,092

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.005	$ 0.005	$ 0.005
Common stock, shares authorized	Unlimited	Unlimited	Unlimited
Common stock, shares issued	5,693,426	4,422,837	4,422,838
Common stock, shares outstanding	5,693,426	4,422,837	4,422,838

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Total revenue		$ 605	$ 1,229,981	$ 1,366,417	$ 14,402,329	$ 25,116,139
Cost of revenues			126	123	654,979	729,752
Gross profit		605	1,229,855	1,366,294	13,747,350	24,386,387
Operating expenses
Selling and marketing expenses		10,534	43,290	100,460	576,526	371,383
General and administrative expenses		862,015	1,159,696	1,893,499	11,664,394	3,169,855
Research & Development Expense					3,512,512	92,683
Donation expenses						148,108
Total Operating expenses		872,549	1,202,986	1,993,959	15,753,432	3,782,029
(Loss) income from operations		(871,944)	26,869	(627,665)	(2,006,082)	20,604,358
Other income (expenses)
Interest income on bank deposit		14	537	666	16,182	13,600
Loss on disposal of a subsidiary					(2,062,155)
Other expenses				(5,611,484)	(510,200)	(7,058)
Other income (expenses), net		50,000	(4,550,501)
Interest income from loans to third parties		181,000	2,039,884	2,191,631	6,465,042	4,070,600
Impairment loss on loans to third parties and property and equipment				(57,941,663)	(7,423,651)
Reversal of impairment (Impairment loss) on loans to third parties		687	(51,563,170)
Total other (expenses) income, net		231,701	(54,073,250)	(61,360,850)	(3,514,782)	4,077,142
(Loss) Income before income tax expenses		(640,243)	(54,046,381)	(61,988,515)	(5,520,864)	24,681,499
Income tax (benefit) expenses			1,834,911	7,243	(1,702,127)	633,315
Net (loss) income		(640,243)	(55,881,292)	(61,995,758)	(3,818,737)	24,048,184
Other comprehensive (loss) income
Foreign currency translation (loss) gain		25,125	490,485	(365,258)	(2,415,919)	2,382,488
Comprehensive (loss) Income		$ (615,118)	$ (55,390,807)	$ (62,361,016)	$ (6,234,656)	$ 26,430,672
Weighted average number of shares, basic and diluted	[1]			4,422,837	4,422,837	4,176,141
Basic and diluted (loss) earnings per share				$ (14.02)	$ (0.85)	$ 5.758
Weighted average number of shares: Basic		4,662,656	4,422,837
Weighted average number of shares: Diluted		4,662,656	4,422,837
Earnings per share: Basic		$ (0.137)	$ (12.634)
Earnings per share: Diluted		$ (0.137)	$ (12.634)
Third Parties [Member]
Revenue
Total revenue				$ 1,366,417	$ 14,402,329	$ 25,116,139
Related Parties [Member]
Revenue
Total revenue
International Corporate Financing Advisory [Member]
Revenue
Total revenue			$ 424,928
Factoring Services [Member]
Revenue
Total revenue		$ 605	$ 805,053
[1]	The computation of basic and diluted share and EPS data should be adjusted retroactively for all period presented to reflect the 5 to 1 reverse stock split change which was effective on October 29, 2020.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ (61,995,758)	$ (3,818,737)	$ 24,048,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	62,358	59,907	39,314
Deferred taxes	1,790,260	(1,733,152)	(38,890)
Loss on disposal of a subsidiary		2,062,155
Impairment loss on loans to third parties	56,242,596	7,346,903
Impairment loss on fixed assets		76,748
Changes in operating assets and liabilities:
Accounts receivable	(1,450,857)	(13,327,901)	2,265,897
Other receivables	2,782,583	(3,055,473)	(379,543)
Prepayments	23,842	254,879	(300,280)
Due from related parties	389,337	(191,832)
Long-term office rental deposit		669,888	(442,135)
Accrued payroll	80,431	(454,552)	713,599
Other payables and accruals	(78,971)	(381,174)	(8,048)
Tax payable	202,515	(4,780,002)	1,638,886
Accounts Payable		(70,242)	66,558
Other Assets
Long-term prepayment	3,705
Estimated Liabilities	971,268
Advance from customers	(94,688)	76,203
Net cash (used in)/provided by operating activities	(1,071,379)	(17,266,382)	27,603,542
Cash flows from investing activities:
Purchases of property and equipment		(175,972)	(191,692)
Loans to third parties	(200,000)	(39,417,810)	(41,508,250)
Collection of loans to third parties		31,870,523	20,865,100
Acquisition of Anytrust, net of cash acquired in connection of acquisition of Anytrust			(1,473,365)
Net cash (used in)/provided by investing activities	(200,000)	(7,723,259)	(22,308,207)
Cash flows from financing activities:
Proceeds from related party	(31,201)
Repayment to a related party		(128,407)
Proceeds from IPO (net of offering cost of $1,262,562 )			18,968,888
Proceeds from exercise of underwriter's warrants			1,090,239
Return of capital
Payments of offering costs			(417,998)
Net cash (used in)/ provided by financing activities	(31,201)	(128,407)	19,641,129
Effect of exchange rate changes on cash	(262,681)	(468,386)	348,373
Net (decrease) increase in cash	(1,565,261)	(25,586,434)	25,284,837
Cash at beginning of year	1,578,828	27,165,262	1,880,425
Cash at end of year	13,567	1,578,828	27,165,262
Supplemental disclosure of cash flow information
Interest paid
Income taxes paid		2,503,688	317,150
Non- cash investing activities
Net assets from acquisition of Anytrust			351,225
Deferred offering costs			$ 763,365

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical)	12 Months Ended
	Dec. 31, 2017USD ($)
Statement of Cash Flows [Abstract]
Stock issuance cost	$ 1,262,562

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Statutory Reserve [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Dec. 31, 2016	$ 20,000	$ 9,147,398	$ 1,657,084	$ 17,679,458	$ (3,114,597)	$ 25,389,343
Balance, shares at Dec. 31, 2016	4,000,000
Net (loss) income				24,048,184		24,048,184
Proceeds from issuance of common stock, net of offering costs	$ 2,023	18,203,499				18,205,522
Proceeds from issuance of common stock, net of offering costs, shares	404,629
Proceeds from exercise of underwriter's warrants	$ 91	1,090,148				1,090,239
Proceeds from exercise of underwriter's warrants, shares	18,208
Appropriations of statutory reserves			171,517	(171,517)
Foreign currency translation gain (loss)					2,382,488	2,382,488
Balance at Dec. 31, 2017	$ 22,114	28,441,045	1,828,601	41,556,125	(732,109)	71,115,776
Balance, shares at Dec. 31, 2017	4,422,837
Net (loss) income				(3,818,737)		(3,818,737)
Appropriations of statutory reserves			1,083,928	(1,083,928)
Foreign currency translation gain (loss)					(2,415,919)	(2,415,919)
Balance at Dec. 31, 2018	$ 22,114	28,441,045	2,912,529	36,653,460	(3,148,028)	64,881,120
Balance, shares at Dec. 31, 2018	4,422,837
Net (loss) income				(61,995,758)		(61,995,758)
Appropriations of statutory reserves			37,401	(37,401)
Foreign currency translation gain (loss)					(365,258)	(365,258)
Balance at Dec. 31, 2019	$ 22,114	$ 28,441,045	$ 2,949,930	$ (25,379,699)	$ (3,513,286)	2,520,104
Balance, shares at Dec. 31, 2019	4,422,837
Net (loss) income						(640,243)
Foreign currency translation gain (loss)						25,125
Balance at Jun. 30, 2020						$ 6,404,986

Organization and Principal Acti

Organization and Principal Activities	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Principal Activities	NOTE 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Hudson Capital Inc. (“HUSN” or the “Company”), formerly known as China Internet Nationwide Financial Services, Inc., incorporated in the British Virgin Islands (the “BVI”) on September 28, 2015, is engaged in the business of providing financial advisory services to meet the financial and capital needs of its clients, which comprise largely of small-to-medium sized enterprises, through the Company’s wholly-owned subsidiaries. On April 10, 2020, the board of directors of China Internet Nationwide Financial Services, Inc. (“CIFS”) resolved to change the Company’s name to “Hudson Capital Inc.” to re-brand the Company and better reflect the plans for its next phase of growth. The name change was effected with the British Virgin Islands Registrar of Corporate Affairs on April 23, 2020 and its name change and new ticker symbol on the Nasdaq was changed to HUSN with effect from May 8, 2020. The Company offers commercial payment advisory services, international corporate financing advisory services, intermediary bank loan advisory services and technical services. The Company’s wholly owned subsidiaries include: Hongkong Internet Financial Services Limited, (“HKIFS’) which was established in HongKong on October 7, 2015, and Beijing Yingxin Yijia Internet Technology Co., Ltd., (“Yingxin Yijia”) which was established on December 31, 2015 in Beijing, China by HKIFS. On September 2, 2019, Hong kong Shengqi technology limited(“HKSQ”) company became a shareholder of Beijing Yingxin Yijia. HKSQ was incorporated in Hong Kong on August 29, 2019. Mr. Lin Jianxin is a shareholder of HKSQ. On September 26, 2019, a series of agreements were entered into among HKCIFS, HK Shengqi and its shareholders (the “VIE Agreements”). As a result of the VIE Agreements, HK become the primary beneficiary of HKSQ. HUSN is able to exercise control over Sheng Ying Xin and was entitled to substantially all of the economic benefits of Ying Xin Yi Jia through HKSQ, and HUSN treats Ying Xin Yi Jia as its variable interest entity (“VIE”) under U.S. GAAP. As a result, the results of operations, assets and liabilities of Ying Xin Yi Jia and its subsidiary (collectively “VIEs”) have been included in the accompanying consolidated financial statements. Beijing Sheng Ying Xin Management Consulting Co., Ltd. (“Sheng Ying Xin”) was incorporated in Beijing, China on September 16, 2014. On December 29, 2016, Sheng Ying Xin incorporated Kashgar Sheng Yingxin Enterprise Consulting Co., Ltd. (“Kashgar SYX”) in the People’s Republic of China with registered capital of RMB5,000,000 (approximately $726,600), which capital has to be contributed in full by December 31, 2026. The legal representative of Kashgar SYX is Mr. Shaoyong Huang, who is also a 1% equity shareholder of Sheng Ying Xin. HUSN is 73.89% owned by Mr. Jianxin Lin, who also owned 99% of Sheng Ying Xin directly and 1% of Sheng Ying Xin indirectly since its inception, September 16, 2014; Mr. Jianxin Lin is the former chief executive officer of both HUSN and Sheng Ying Xin. So HUSN and Sheng Ying Xin were considered to be under common control since September 28, 2015. On April 26, 2016, a series of agreements were entered into among Yingxin Yijia, Sheng Ying Xin and its shareholders (the “VIE Agreements”). As a result of the VIE Agreements, Yingxin Yijia become the primary beneficiary of Sheng Ying Xin. HUSN is able to exercise control over Sheng Ying Xin and was entitled to substantially all of the economic benefits of Sheng Ying Xin through Yingxin Yijia, and HUSN treats Sheng Ying Xin as its variable interest entity (“VIE”) under U.S. GAAP. As a result, the results of operations, assets and liabilities of Sheng Ying Xin and its subsidiary (collectively “VIEs”) have been included in the accompanying consolidated financial statements. Since HUSN and its subsidiaries were formed in 2015 and did not have significant operations since inception as well as HUSN and Sheng Ying Xin are under common control, the VIE Agreements dated April 26, 2016 were considered a capital transaction in substance. Accordingly, the consolidated balance sheets as of December 31, 2019 and 2018 include the accounts and balances of HUSN and its subsidiaries, Sheng Ying Xin and its subsidiaries at their respective carrying values. The consolidated statements of income and comprehensive income for the period from inception through September 28, 2015 were the historical operations of Sheng Ying Xin. On July 28, 2017, HUSN completed its initial public offering (“IPO”) and issued 2,023,146 shares of common stock to investors at a price of $10.00 per share for a total of $20,231,460 before underwriting discounts and commissions and offering expenses of $1,262,562 and deferred issuing cost of $763,365. According to the underwriting agreement signed on May 9,2017, the Company issued warrants to the underwriter to purchase 91,042 ordinary shares upon the successful completion of the IPO at an exercise price of 120% of the IPO price, namely $12 dollars per share, and exercisable for two years. On November 21, 2017 the underwriter exercised all the warrants in connection with the IPO to purchase 91,042 shares. As of December 31, 2017 the number of shares issued and outstanding is 22,114,188. On March 10, 2017, Sheng Ying Xin set up a wholly owned subsidiary Fu Hui (Shenzhen) Commercial Factoring Co., Ltd (“FuhuiSZ”) which mainly provides supply chain financing to commercial enterprises. On September 19, 2017 Sheng Ying Xin set up another wholly owned subsidiary Yingda Xincheng (Beijing) Insurance Broker Co., Ltd (“Yin Da Xin Cheng”) which mainly provides insurance brokerage services. On November 23, 2017, Sheng Ying Xin acquired a 100% equity interest in Beijing Anytrust Information Technology Co., Ltd (“Anytrust”) which mainly provides enterprise financial data services, including system management, application development, business intelligence and maintenance services. On September 25, 2019, Yin Da Xin Cheng carried out industrial and commercial deregistration. On May 25, 2018, HKIFS set up a wholly owned subsidiary CIFS (Xiamen) Fianncial leasing company which mainly provides financial leasing services to commercial enterprises. Also on May 25, 2018, Sheng Yin Xin set up another wholly owned subsidiary Fuhui (Xiamen) Commercial Factoring Co., Ltd which mainly provides factoring services to commercial enterprises. On July 11, 2018 Sheng Ying Xin set up another wholly owned subsidiary Zhizhen Investment & Research (Beijing) Information Consulting Co., Ltd which mainly provides investment research services. On July 25, 2018, Sheng Ying Xin set up a wholly-owned subsidiary Hangzhou Yuchuang Investment Partnership (Limited Partnership) which is an investment vehicle for our strategic investing activities. On December 30, 2018, Sheng Yin Xin disposed Anytrust and transferred its equity interest in Anytrust to Mr. Jainxin Lin, the Company’s Chief Executive Officer and Chairman of the Board, with no consideration and incurred approximate loss of $2,062,000. On September 2, 2019, Hongkong Shengqi Technology Limited (“HKSQ”) became a shareholder of WFOE. HKSQ was incorporated in Hong Kong on August 29, 2019. Mr. Jianxin Lin is the sole shareholder of HKSQ. On September 26, 2019, a series of agreements were entered into among HKIFS, HKSQ and its shareholder (the “HKSQ VIE Agreements”). As a result of the HKSQ VIE Agreements, HKIFS become the primary beneficiary of HKSQ. The contractual agreements among HKSQ, WFOE and Sheng Ying Xin essentially confer control and management as well as the economic benefits of Sheng Ying Xin onto WFOE. In spite of the shareholder change in WFOE, we are able to retain full control and management over Sheng Ying Xin and are still entitled to substantially all of the economic benefits of WFOE through the HKSQ VIE Agreements. Accordingly, the results of operations, assets and liabilities of HKSQ, WFOE and Sheng Ying Xin have been included in the accompanying consolidated financial statements. On April 9, 2020, we incorporated a New York subsidiary, Hudson Capital USA Inc. As of December 31, 2019, the Company’s corporate structure is set forth below: The following is a summary of the VIE agreements: Exclusive Business Cooperation Agreement Pursuant to the terms of the certain Exclusive Business Cooperation Agreement dated April 26, 2016, between Sheng Ying Xin and Yingxin Yijia (the “Exclusive Business Cooperation Agreement”), Yingxin Yijia is the exclusive technology services and consultancy service provider to Sheng Ying Xin. Sheng Ying Xin agreed to pay Yingxin Yijia all fees payable for technology services and consultancy service, the amount of which equals 100% of the net profit of Sheng Ying Xin. Any payment from Sheng Ying Xin to Yingxin Yijia must comply with applicable Chinese laws. Yingxin Yijia is also obligated to bears all losses of Sheng Ying Xin. Further, the parties agreed that Yingxin Yijia shall retain sole ownership of all intellectual property developed in connection with providing technology services to Sheng Ying Xin. The Exclusive Business Cooperation Agreement has a ten-year term. The term of these agreements may be extended if confirmed in writing by Yingxin Yijia, prior to the expiration of the term. The extended term shall be determined by Yingxin Yijia, and Sheng Ying Xin shall accept such extended term unconditionally. Pursuant to the terms of the certain Exclusive Business Cooperation Agreement dated September 26, 2019, between HKIFS and HKSQ (the “Exclusive Business Cooperation Agreement”), HKIFS is the exclusive technology services and consultancy service provider to HKSQ. HKSQ agreed to pay HKIFS all fees payable for technology services and consultancy service, the amount of which equals 100% of the net profit of HKSQ. Any payment from HKSQ to HKIFS must comply with applicable Chinese laws. HKIFS is also obligated to bears all losses of HKSQ. Further, the parties agreed that HKIFS shall retain sole ownership of all intellectual property developed in connection with providing technology services to HKSQ. The Exclusive Business Cooperation Agreement has a ten-year term. The term of these agreements may be extended if confirmed in writing by HKIFS, prior to the expiration of the term. The extended term shall be determined by HKIFS, and HKSQ shall accept such extended term unconditionally. Power of Attorney Pursuant to the terms of a certain Power of Attorney Agreement dated April 26, 2016, among Yingxin Yijia and the shareholders of Sheng Ying Xin (the “Power of Attorney”), each of the shareholders of Sheng Ying Xin irrevocably appointed Yingxin Yijia as their proxy to exercise on each of such shareholder’s behalf all of their voting rights as shareholders pursuant to PRC law and the Articles of Association of Sheng Ying Xin, including the appointment and election of directors of Sheng Ying Xin. The term of the Power of Attorney is valid so long as such shareholder is a shareholder of Sheng Ying Xin. Pursuant to the terms of a certain Power of Attorney Agreement dated September 26, 2019, among HKIFS and the shareholders of HKSQ (the “Power of Attorney”), each of the shareholders of HKSQ irrevocably appointed HIIFS as their proxy to exercise on each of such shareholder’s behalf all of their voting rights as shareholders pursuant to PRC law and the Articles of Association of HKSQ, including the appointment and election of directors of HKSQ. The term of the Power of Attorney is valid so long as such shareholder is a shareholder of HKSQ. The contractual agreements between WFOE and Sheng Ying Xin essentially confer control and management as well as the economic benefits of Sheng Ying Xin onto WFOE. In spite of the shareholder change in WFOE, we are able to retain full control and management over Sheng Ying Xin and are still entitled to substantially all of the economic benefits of WFOE through the HKSQ VIE Agreements. Exclusive Option Agreement Pursuant to the terms of a certain Exclusive Option Agreement dated April 26, 2016, among Yingxin Yijia, Sheng Ying Xin and the shareholders of Sheng Ying Xin (the “Exclusive Option Agreement”), the shareholders of Sheng Ying Xin granted Yingxin Yijia an irrevocable and exclusive purchase option (the “Option”) to acquire Sheng Ying Xin’s equity interests and/or remaining assets, but only to the extent that the acquisition does not violate limitations imposed by PRC law on such transactions. Accordingly, the Option is exercisable at any time at Yingxin Yijia’s discretion so long as such exercise and subsequent acquisition of Sheng Ying Xin does not violate PRC law. The consideration for the exercise of the Option is RMB 1 in total. To the extent Sheng Ying Xin shareholders receive any of such consideration, the Option requires Sheng Ying Xin shareholders to transfer (and not retain) the same to Sheng Ying Xin or Yingxin Yijia. The Exclusive Option Agreement has a ten-year term. The term of these agreements may be extended if confirmed in writing by Yingxin Yijia, and if no written confirmation was obtained from Yingxin Yijia, the Exclusive Option Agreement will be automatically renewed, the term of the renewed agreement will be determined till Yingxin Yijia’s written confirmation. Pursuant to the terms of a certain Exclusive Option Agreement dated September 26, 2019, among HKIFS, HKSQ and the shareholders of HKSQ (the “Exclusive Option Agreement”), the shareholders of HKSQ granted HKIFS an irrevocable and exclusive purchase option (the “Option”) to acquire HKSQ’s equity interests and/or remaining assets, but only to the extent that the acquisition does not violate limitations imposed by PRC law on such transactions. Accordingly, the Option is exercisable at any time at HKIFS’s discretion so long as such exercise and subsequent acquisition of HKSQ does not violate PRC law. The consideration for the exercise of the Option is RMB 1 in total. To the extent HKSQ shareholders receive any of such consideration, the Option requires HKSQ shareholders to transfer (and not retain) the same to Sheng HKSQ or HKIFS. The Exclusive Option Agreement has a ten-year term. The term of these agreements may be extended if confirmed in writing by HKIFS, and if no written confirmation was obtained from HKIFS, the Exclusive Option Agreement will be automatically renewed, the term of the renewed agreement will be determined till HKIFS’s written confirmation. Share Pledge Agreement Pursuant to the terms of a certain Share Pledge Agreement dated April 26, 2016 among Yingxin Yijia and the shareholders of Sheng Ying Xin (the “Share Pledge Agreement”), the shareholders of Sheng Ying Xin pledged all of their equity interests in Sheng Ying Xin, including the proceeds thereof, to guarantee all of Yingxin Yijia’s rights and benefits under the Exclusive Business Cooperation agreement, the Power of Attorney and the Exclusive Option Agreement. Prior to termination of the Share Pledge Agreement, the pledged equity interests cannot be transferred without Yingxin Yijia’s prior written consent. All of the equity interest pledges with respect to the equity interests of Sheng Ying Xin according to the Share Pledge Agreement have been registered with the relevant office of the Administration for Industry and Commerce in China. The Share Pledge Agreement will be valid until all the payments related to the services provided by Yingxin Yijia to Sheng Ying Xin due under the Exclusive Business Cooperation Agreements have been fulfilled. Therefore, the Share Pledge Agreement shall only be terminated when the payments related to the ten-year Exclusive Business Cooperation Agreement are paid in full and Yingxin Yijia does not intend to extend the term of the Exclusive Business Cooperation Agreement. Summarized below is the information related to the combined VIEs’ assets and liabilities as of December 31, 2019 and 2018, respectively: As of As of Current assets $ 45,180,787 $ 51,754,573 Plant and equipment, net 1,503 210,790 Other noncurrent assets 6,520 1,560,202 Total assets 45,188,810 53,525,565 Total liabilities (45,964,142 ) (2,111,670 ) Net assets $ (775,332 ) $ 51,413,895 Summarized below is the information related to the financial performance of the VIEs reported in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017, respectively: Year ended Year ended Year ended Revenues $ 1,366,417 $ 14,402,329 $ 25,116,139 Cost of revenues $ 123 $ 654,979 $ 729,752 Total operating expenses $ 784,840 $ 12,329,417 $ 3,477,939 Net loss / (income) $ 53,859,306 $ 1,530,958 $ (24,268,121 )

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of Consolidation The consolidated financial statements include the financial statements of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation (c) Foreign currency translation and transactions The functional currency of HUSN and HKFS is United States dollars (“US$” or “$”). The functional currency of Yingxin Yijia, CIFS (Xiamen) Financial Leasing, Sheng Ying Xin and its subsidiaries are Renminbi (“RMB”), and the PRC is the primary economic environment in which the Company operates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange differences are included in the determination of net income (loss) for the respective periods. For financial reporting purposes, the financial statements of the Company’s PRC subsidiary and the financial statements of the VIEs are prepared using RMB and are translated into the Company’s reporting currency, the US$. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and Shareholders’ equity is translated at historical exchange rates except for the change in retained earnings during the year which is the result of the net income (loss). The cumulative translation adjustments are recorded in accumulated other comprehensive income (loss) in the accompanying consolidated statements of shareholders’ equity. The exchange rates used are as follows: December 31, 2019 December 31, 2018 RMB exchange rate at balance sheets dates, 6.9762 6.8632 Year Ended December 31, 2019 2018 2017 Average exchange rate for each year 6.8944 6.6174 6.7518 No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. The source of the exchange rates is generated from the People’s Bank of China. (d) Use of estimates The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures of contingent assets and liabilities. Management makes its estimates based on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements mainly include the allowance for doubtful accounts, the valuation allowance of deferred tax assets, the estimated useful lives of long-lived assets, the impairment assessment of goodwill, intangibles and other long-lived assets, and the fair value of identifiable assets and liabilities acquired through business combination. (e) Cash Cash and cash equivalents consist of cash on hand, cash on deposit and other highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased. The Company maintains cash with various financial institutions mainly in the PRC. As of December 31, 2019 and 2018, the Company had no cash equivalents. (f) Accounts receivable and loans to third parties Accounts receivable and loans to third parties are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable and loans receivable. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Based on management’s assessment of the collectability of the accounts receivable and loans to third party, allowance for loans to third party was $39,402,683as of December 31, 2019, and, allowance for loans to third party was $7,119,594 as of December 31, 2018. The value-added tax receivable from customers included in the accounts receivable in the balance sheet were $97,287and $1,006,361 as of December 31, 2019 and 2018, respectively. The accounts receivable, except for the principal of factoring as of December 31, 2019 were 0.07% collected as of March 31, 2020. (g) Property and Equipment The Company records equipment at cost less accumulated depreciation. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets with a 5% residual value for electronic equipment, and a 5% residual value for furniture and a 0% residual value for leasehold improvement. Estimated useful lives of property and equipment: Useful Life Furniture 10 years Electronic equipment 3 years Leasehold improvements Shorter of life of asset or lease The Company eliminates the cost and related accumulated depreciation of assets sold or otherwise retired from the accounts and includes any gain or loss in the statement of operations. The Company charges maintenance, repairs and minor renewals directly to expense as incurred. (h) Intangible Assets Intangible assets, comprising accounting software and big data platform, which are separable from the property and equipment, are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the assets. (i) Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. For the year ended December 31, 2019, the Company did not recognize any impairment loss of its long-lived assets. For the year ended December 31, 2018, the Company recognized $73,999 impairment loss of its long-lived assets. For the year ended December 31, 2017, the Company did not recognize any impairment loss of its long-lived assets. (j) Statutory Reserve The Company is required to make appropriations to reserve funds, comprising the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve is required to be at least 10% of the after tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entities’ registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of Board of Directors. (k) Revenue recognition The Company adopted ASC Topic 606, “Revenue from Contracts with Customers” effective January 1, 2019, applying the modified retrospective method. In accordance with ASC Topic 606, revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. In determining when and how much revenue is recognized from contracts with customers, the Company performs the following five-step analysis: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s services include commercial payment advisory services, intermediary bank loan advisory services, international corporate financing advisory services, technical services and factoring services. For commercial payment advisory service after signing contracts with the client, the Company starts to identify and select banks and financial products and coordinates with banks to structure financing solutions for the client. Then the client prepares application materials and sends them to the bank. When approved by the bank, the client will deposit cash with the bank or purchases wealth management products sold by the bank. After this step, the bank will issue a letter of guarantee, which the client will pledge as security for the acceptance bills. The letter of guarantee is a document that the bank provides certifying itself as guarantor. The Company’s service fee is a percentage of the amount of cash deposited with or wealth management products purchased from the bank by the client. The Company recognizes revenue after the client receives a credit contract from the bank and when the Company receives a contract completion confirmation from the client. For intermediary bank loan advisory services, the Company matches small-to-medium sized enterprises (“SMEs”) with financing sources. The Company charges borrowers an introduction fee which is calculated at a percentage of the loan. The Company recognizes revenue after the client receives a bank credit contract from the bank and when the Company receives a contract completion confirmation from the client. The Company typically receives the contract completion confirmation when the client receives the bank financing and signs off on the contract completion confirmation. For international corporate financing advisory services, the Company works with overseas banks to structure and provide clients with financing solutions to obtain facilities from overseas banks for the clients’ offshore affiliates. After signing the contract with the client, the Company will identify overseas banks and domestic banks, structure financing solutions and facilitate application processes. After the client provides security to the domestic bank, the domestic bank will issue a letter of guarantee to the overseas bank. The overseas bank will provide credit to the affiliate designated by the client. The Company’s service fee is a percentage of credit granted by the overseas bank to the offshore affiliate. The Company recognizes revenue after the offshore affiliate receives credit approval notice from the offshore bank and when the Company receives a contract completion confirmation from the client. The Company typically receives the contract completion confirmation when the affiliate receives the bank financing and the client signs off on the contract completion confirmation. For technical services, after signing the contract, the Company provides the clients with the technical services and charges a fee for the technical service. The Company recognizes revenue when the services are rendered. For factoring services, generally after we checked the documents such as client information, contracts, invoices supporting the client’s credit worth, authenticity of the business contracts and the collectability of receivables, we will sign the factoring service contract with client. Upon signing the contract, we request the client to pay us the management fee which we record as revenue upon receipt. After signing the factoring contract, we will wire the factored amount to the client’s designated party, generally its suppliers, and will collect the amount over the contact period. At each month end we will record the factoring service revenue based on the service fee ratio and the amount we factored. There is no claw back provisions or other guarantees. Full services fees are due upon the contract completion confirmation from the client. (l) Taxation The Company follows the guidance of ASC Topic 740 “Income taxes” and uses the assets and liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive income (loss) in the period that includes the enactment date. The Company follows a more likely than not threshold and a two-step approach for the measurement of tax positions and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including the resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company has elected to classify interest related to an uncertain tax position (if and when required) to interest expense, and classify penalties related to an uncertain tax position (if and when required) as part of other expense in the consolidated statements of operations and comprehensive income (loss). 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 had completed their relevant tax filings, hence the Company’s tax filings may not be finalized. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company’s tax filings which may lead to additional tax liabilities. The tax returns of the Company’s PRC subsidiaries and VIEs are subject to examination by the relevant tax authorities. According to the PRC Tax Administration Law on the Levying and Collection of Taxes, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Company did not have any material interest or penalties associated with tax positions for the years ended December 31, 2019, 2018 and 2017 and did not have any significant unrecognized uncertain tax positions as of December 31, 2019, 2018 and 2017. The Company does not expect that the position of unrecognized tax benefits will significantly increase or decrease within 12 months of December 31, 2019. (m) Cost of revenues The Company’s cost of revenues mainly consists of revenue-generating staff costs. (n) Research and development expenses The Company accounts for expenses for the enhancement, maintenance and technical support for the Company’s Internet platforms and intellectual property that are used in its daily operations as research and development expenses. Research and development costs are charged to expense when incurred. Expenses for research and development for the years ended December 31, 2019, 2018 and 2017 were approximately nil and US$3,512,512, US$92,683, respectively. (o) Comprehensive income (loss) The Company presents comprehensive income (loss) in accordance with ASC 220, “Comprehensive Income” (p) Earnings (loss) per Share Earnings (loss) per share (“EPS”) are calculated in accordance with ASC Topic 260, “Earnings Per Share”. Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common stock. The dilutive effect of outstanding common share warrants and options are reflected in the diluted earnings per share by application of the treasury stock method when the impact is dilutive. Potential common shares that have an anti-dilutive effect are excluded from the calculation of diluted EPS. There is no dilutive effect for the years ended December 31, 2019, 2018 and 2017. (q) Fair Value of Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, other receivable and short-term loans approximate their fair values because of the short-term nature of these instruments. (r) Deferred offering costs The Company capitalized all direct and incremental professional fees incurred relating to the Company’s Initial public offering (“IPO”), which were offset against the gross proceeds of the offering. Total deferred offering costs as of December 31, 2016 and December 31, 2017 are $312,202 and $nil, respectively. During the year ended December 31, 2017, deferred offering costs of $864,673 were deducted from the proceeds from IPO. (s) Goodwill Goodwill is the excess of the consideration transferred over the fair value of the acquired assets and assumed liabilities in a business combination. The Company tests goodwill for impairment at the reporting unit level on an annual basis and between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. (t) Jobs Act accounting election The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the Jobs Act, that allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, the financial statements may not be comparable to companies that comply with public company effective dates. (u) Recently issued accounting standards In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (as further amended or clarified by other related ASUs issued subsequently in 2015, 2016 and 2017). ASU No. 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and IFRS. Simultaneously, this ASU supersedes the revenue recognition requirements in ASC Topic 605-Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of this ASU requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation. For public business entities, certain not-for-profit entities, and certain employee benefit plans, the amendments in ASU No. 2014-09 and the amendments in other related ASUs that affected the guidance in ASU 2014-09 should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company, as an EGC, adopted these ASUs related to ASC topic 606 from January 1, 2019. Management assessed that there is no material impact to the beginning balance of its retained earnings. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The amendments in this ASU requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this ASU is permitted for all entities. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842)–Targeted Improvements”, which provide another transition method in addition to the existing transition method by allowing entities to initially apply the new lease standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, and provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606). The Company adopted the amendments in these ASUs on January 1, 2019 using the additional modified retrospective transition method provided by ASU No. 2018-11. The adoption didn’t result in a material adjustment to the Company’s retained earnings as of January 1, 2019. Based on the Company’s current office space lease agreements as of December 31, 2019, the lease term are 12 months or less. The company asses lease, which qualify for the short-term lease measurement and recognition exemption. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU require the measurement and recognition of expected credit losses for financial assets held at amortized cost. The amendments in this ASU replace the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”, which among other things, clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The guidance is effective for an EGC for annual reporting periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact on its consolidated financial position and results of operations upon adopting these amendments. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Others (Topic 350)-Simplify the Test for Goodwill Impairment”. To simplify the subsequent measurement of goodwill, the amendments in this ASU eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The amendments in this ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. An entity should apply the amendments in this ASU on a prospective basis. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this ASU for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has early adopted the amendments in this ASU, and the adoption of this ASU did not have a material impact on its consolidated financial position and results of operations. In June 2018, the FASB issued ASU No. 2018-07: “Compensation—Stock Compensation (Topic 718)-Improvements to Nonemployee Share-Based Payment Accounting”. The Board is issuing this Update as part of its Simplification Initiative. The amendments in this Update expand the scope of Topic 718 to include share based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. An entity should only remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. Upon transition, the entity is required to measure these nonemployee awards at fair value as of the adoption date. The entity must not remeasure assets that are completed. Disclosures required at transition include the nature of and reason for the change in accounting principle and, if applicable, quantitative information about the cumulative effect of the change on retained earnings or other components of equity. Based on the Company’s evaluation, the Company does not expect the adoption of the amendments in this ASU to have a material impact on its consolidated financial position and results of operations. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements. The amendments in this ASU, among other things, require public companies to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company does not expect the adoption of these amendments to have a material impact on its consolidated financial position and results of operations. Other than the above, management does not believe that any of the recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements. 2(v) Going Concern The Company has suffered from losses from operation and significant accumulated deficits. It’s net loss for the year ended December 31, 2019 was 61,995,758, and turned the retained earnings as of December 31, 2018 to 2019 from $36,653,460 to (25,379,698). As of December 31, 2019, the Company has cash and cash equivalents of 13,567 and net cash used in operating activities during the year ended December 31, 2019 was 1,071,378. The Company comes to have insufficient cash flows generated from operations and provided for development. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The management determines that additional effort will be required to improve the operation so that the Company may generate more profits to sustain its continuous. The Company may explore the channels to raise additional capital or any opportunities to improve the cash flow in the years to come.

Cash

Cash	12 Months Ended
	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash	NOTE 3. CASH Cash consisted of the following: As of December 31, 2019 As of December 31, 2018 Cash on hand $ - $ - Cash in banks 13,567 1,578,828 Total cash $ 13,567 $ 1,578,828

Other Receivables

Other Receivables	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Other Receivables	NOTE 4. OTHER RECEIVABLES Other receivables consisted of the following: As of December 31, 2019 As of December 31, 2018 Interest receivable $ 570,862 $ 3,381,550 Others 75,828 71,018 Total $ 646,690 $ 3,452,568 Interest receivable represents interest income earned on loans to third parties (See Note 5).

Loans to Third Parties

Loans to Third Parties	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Loans to Third Parties	NOTE 5. LOANS TO THIRD PARTIES The Company lends their own funds to eligible third parties occasionally and receives interest income to better utilize the Company’s cash. Loans to third parties consisted of direct loans and entrusted loan as follows: As of December 31, 2019 As of December 31, 2018 Direct loans to third parties $ 12,200,000 $ 12,000,000 Entrusted loans to third parties 34,402,684 34,969,111 Impairment on uncollectable loans (41,802,684 ) (7,119,594 ) Total loans to third parties $ 4,800,000 $ 39,849,517 Direct loans The Company lends their own funds directly to third parties. The detailed direct loan information as of December 31, 2019 is as follows: Borrower Amount Annual Interest rate Due dates A $ 4,000,000 5 % Aug 7, 2020 B 5,000,000 15 % Jan 28, 2019 C 3,000,000 5 % Jul 6, 2020 C 200,000 5 % Dec 26, 2020 Total $ 12,200,000 The detailed direct loan information as of December 31, 2018 is as follows: Borrower Amount Annual Interest rate Due dates A $ 4,000,000 5 % August 6,2019 B 5,000,000 15 % January 28,2019 C 3,000,000 5 % July 6,2019 Total $ 12,000,000 Management assessed the collectability of loans to third parties and determined that an impairment of $7,400,000 was required as of December 31, 2019. The interest income from such direct loans was $422,284, $1,133,407 and $1,865,426 for the years ended December 31, 2019, 2018 and 2017, respectively. Entrusted loans The Company also deposits (“entrust”) its funds in trust accounts with certain bank lenders, who will, in turn, make loans to borrowers. The balance of entrusted loans as of December 31, 2019 was $34,402,684 to four borrowers. The detailed entrusted loan information as of December 31, 2019 is as follows: Borrower Amount Annual Interest rate Due dates A $ 2,866,890 16 % October 23, 2018 A 5,733,781 16 % December 26, 2018 B 4,300,335 16 % May 30, 2019 B 5,017,058 16 % July 27, 2019 C 7,167,225 16 % June 9, 2019 C 5,733,781 16 % July 9, 2019 D 3,583,614 16 % September 7, 2019 Total $ 34,402,684 The balance of entrusted loans as of December 31, 2018 was $34,969,111 to four borrowers. The detailed entrusted loan information as of December 31, 2018 is as follows: Borrower Amount Annual Interest rate Due dates A $ 2,914,093 16 % October 23, 2018 A 5,828,185 16 % December 26, 2018 B 4,371,139 16 % May 30, 2019 B 5,099,662 16 % July 27, 2019 C 7,285,231 16 % June 5, 2019 C 5,828,185 16 % July 9, 2019 D 3,642,616 16 % September 7, 2019 Total $ 34,969,111 $34,402,684 of the entrusted loan balance as of December 31, 2019 due from all borrower was not collected subsequently. Management assessed the collectability of these entrusted loans and determined that an impairment of $34,402,684 was required as of December 31, 2019. The interest income from such entrusted loans was $2,043,124, $5,109,237 and $2,205,173 for the years ended December 31, 2019, 2018and 2017.

Due from Related Parties

Due from Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Due from Related Parties	NOTE 6. DUE FROM RELATED PARTIES Due from related party consists of the following: As of December 31, 2019 As of December 31, 2018 Sheng Ying Xin (Beijing) Film Industry Co., Ltd. $ 43,412 $ 44,128 Beijing ZhipingScience and Technology Development Co., Ltd. 28,259 28,724 Anytrust Information Technology Co., Ltd 4,795 112,109 Total due from related party $ 76,466 $ 184,961 As of December 31, 2019, the Company has related party receivable of $76,466, due to advances made on behalf of these related parties.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 7. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: As of December 31, 2019 As of December 31, 2018 Furniture $ 430 $ 209,444 Electronic equipment 7,329 214,300 Leasehold improvement - 47,440 Total property and equipment 7,759 471,184 Less: accumulated depreciation (6,256 ) (146,299 ) Less: impairment - (73,999 ) Property and equipment, net $ 1,503 $ 250,886 Depreciation expense was $60,910, $58,369 and $26,286, respectively for the years ended December 31, 2019, 2018 and 2017.

Intangible Assets, Net

Intangible Assets, Net	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	NOTE 8. INTANGIBLE ASSETS, NET The intangible assets consisted of the following: As of December 31, 2019 As of December 31, 2018 Accounting software $ 7,155 $ 7,272 Less: accumulated amortization (5,215 ) (3,846 ) Intangible assets, net $ 1,940 $ 3,426 Amortization expense was $1,448, $1,538 and $13,028, respectively, for the years ended December 31, 2019, 2018 and 2017.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 9. RELATED PARTY TRANSACTIONS Due from related parties: As of December 31, 2019, the Company has related party receivables of $76,467, due to advances made on behalf of related parties, including $43,414 due from Sheng Ying Xin (Beijing) Film Industry Co., Ltd., $28,259 from Beijing Zhiping Science. Due to related party: As of December 31, 2019 and 2018, the Company has related party payables of $279,925 and $32,005, respectively, due to Mr. Jianxin Lin the Company’s founder, former chairman of the board of directors and former chief executive officer and Mr Jinchi Xu the Company’s director and chief financial officer, who lend funds for the Company’s operations. The payables are unsecured, non-interest bearing and due on demand.

Employee Defined Contribution P

Employee Defined Contribution Plan	12 Months Ended
	Dec. 31, 2019
Employee Defined Contribution Plan
Employee Defined Contribution Plan	NOTE 10. EMPLOYEE DEFINED CONTRIBUTION PLAN Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries and VIEs of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The employee benefits were expensed as contribution was made. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such contributions were approximately $140,149, $1,317,484 and $237,531 for the years ended December 31, 2019, 2018 and 2017, respectively.

Taxation

Taxation	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Taxation	NOTE 11. Taxation a) Corporate Income Taxes HUSN is incorporated in the BVI. Under the current law of the BVI, HUSN is not subject to tax on income or capital gains. Additionally, if dividends are paid by HUSN to its shareholders, no BVI withholding tax will be imposed. HKIFS was incorporated in Hong Kong and does not conduct any substantial operations of its own. No provision for Hongkong profits tax has been made in the financial statements as HKFS has no assessable profits for the years ended December 31, 2019 2018 and 2017 The HUSN’s PRC subsidiary, Yingxin Yijia, CIFS (Xiamen) Financial Leasing and its variable interest entities, Sheng Ying Xin and its subsidiaries being incorporated in the PRC, are governed by the income tax law of the PRC and are subject to PRC enterprise income tax (“EIT”). Effective from January 1, 2008, the EIT rate of PRC is 25%, and applies to both domestic and foreign invested enterprises. Kashgar Sheng Ying Xin, which was incorporated in Kashgar City, Xinjiang Autonomous Region in People’s Republic of China, is exempted from income tax from its inception to December 31, 2020 and is subject to a tax rate of 25% after December 31, 2020. The components of the income tax expense are as follows: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Current $ 7,243 $ 151,153 $ 672,205 Deferred - (1,853,280 ) (38,890 ) Total $ 7,243 $ (1,702,127 ) $ 633,315 Reconciliation of the income tax expenses at the PRC statutory EIT rate of 25% for the years ended December 31, 2019, 2018 and 2017 and the Company’s effective income tax expenses is as follows: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 (Loss)profit before income taxes $ (61,988,515 ) $ (5,520,864 ) $ 24,681,499 PRC statutory EIT rate 25 % 25 % 25 % Income tax (benefit) expenses computed at statutory EIT rate (15,497,129 ) (1,380,216 ) 6,170,375 Reconciling items: Valuation allowance 1,798,398 - 2,505 Effect of tax holidays 93,455 (2,209,107 ) (5,617,858 ) Temporary difference 13,369,701 1,586,726 - Permanent difference 242,818 300,470 78,293 Income tax (benefit) expense 7,243 $ (1,702,127 ) 633,315 b) Deferred Taxes Deferred income tax was measured using the enacted income tax rates for the periods in which they are expected to be reversed. Significant components of the Company’s deferred income tax assets and liabilities consist of follows: As of December 31, 2019 As of December 31, 2018 Deferred income tax assets 1,798,398 - Net operating loss carry forwards $ - $ 1,798,398 Total Deferred income tax assets - 1,798,398 Less: Valuation allowance (1,798,398 ) - Net deferred income tax assets $ - $ 1,798,398 As of December 31, 2019 As of Deferred income tax liabilities Intangible assets from business combination $ - $ - Total deferred income tax liabilities $ - $ - The Company’s NOL was mainly from the Company’s VIE and subsidiaries’ cumulative net operating losses (“NOL”) of approximately $ 59,607,294 as of December 31, 2019. Management considers projected future losses outweighs other factors and made a full allowance of related deferred tax assets.” c) Taxes Payable Yingxin Yijia, CIFS (Xiamen) Financial Leasing and its variable interest entities, Sheng Ying Xin and its subsidiaries, who provided services in China and therefore are subject to Chinese value-added tax (“VAT”). Sales revenue represents the invoiced value of services, net of the VAT. Since August 1, 2015, Sheng Ying Xin was classified as a general taxpayer with VAT of 6%. Kashgar Sheng Ying Xin is subject VAT of 4.5% (75% of general taxpayer’s rate of 6%), which is a tax holiday for enterprises established in Kashgar. Both FuhuiSZ and Anytrust are general taxpayers and subject to a 6% VAT rate. Yingda Xincheng was classified as a small-scale taxpayer and the VAT is at 3%. Furthermore, VAT payable of these four companies are subject to a 12% surtax, which includes urban maintenance and construction taxes and additional education fees. Taxes payable consisted of the following: As of December 31, 2019 As of December 31, 2018 Corporate income tax payable $ 423,563 $ 758,136 Value added tax payable 548,276 2,938 Other surtaxes payable 14,356 37,925 Total $ 986,195 $ 798,999

(Loss) Earnings Per Share

(Loss) Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	NOTE 12. (LOSS) EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings per share: For the years ended December, 31 2019 2018 2017 Numerator: Net (loss) income $ (61,995,758 ) $ (3,818,737 ) $ 24,048,184 Denominator: Weighted average number of common stock outstanding-basic and diluted 4,422,837 * 4,422,837 * 4,176,141 * (Loss) earnings per share – Basic and diluted: $ (14.02 ) $ (0.85 ) $ 5.758 * * - The computation of basic and diluted share and EPS data should be adjusted retroactively for all period presented to reflect the 5 to 1 reverse stock split change which was effective on October 29, 2020.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentration of Risk	NOTE 13. CONCENTRATION OF RISK Credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. As of December 31, 2019 and 2018, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in Mainland China and Hongkong, which management believes are of high credit quality. Under PRC law, it is generally required that a commercial bank in the PRC that holds third party cash deposits protect the depositors’ rights over and interests in their deposited money. PRC banks are subject to a series of risk control regulatory standards, and PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. Currency convertibility risk The significant part of the Company’s businesses is transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices and signed contracts. These exchange control measures imposed by the PRC government authorities may restrict the ability of the Company’s PRC subsidiary and VIEs to transfer its net assets to the Company through loans, advances or cash dividends. Concentration of customers There was no customer whose revenue accounts for more than 10% of total revenue for the year ended December 31, 2019. Three customers have outstanding accounts receivable balances that accounts for 44.01%, 19.38% and 17.95% of the total accounts receivable balance as of December 31, 2019, respectively. There was no customer whose revenue accounts for more than 10% of total revenue for the year ended December 31, 2018. Three customers have outstanding accounts receivable balances that accounts for 20.88%, 19.34% and 11.63% of the total accounts receivable balance as of December 31, 2018, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 14. COMMITMENTS AND CONTINGENCIES The following table sets forth the Company’s office lease commitment as of December 31, 2019: Office Rental Year ending December 31, 2020 4,399 Total $ 4,399 For the years ended December 31, 2019, 2018 and 2017, rental expenses under operating leases were approximately $258,476, $2,516,053 and $975,868, respectively. In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. The company is not currently involved in any such claims.

Restricted Net Assets

Restricted Net Assets	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Restricted Net Assets	NOTE 15. RESTRICTED NET ASSETS Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiary and VIEs only from their retained earnings, if any, determined in accordance with PRC GAAP. In addition, the Company’s subsidiary and VIEs in China are required to make annual appropriations of 10% of after-tax profits to a general reserve fund or statutory reserve fund until such reserve has reached 50% of its registered capital based on the enterprise’s PRC statutory accounts. Paid in capital of the PRC subsidiary and VIEs included in the Company’s consolidated net assets are also non-distributable for dividend purposes. As a result of these PRC laws and regulations, the Company’s PRC subsidiary and VIEs are restricted in their abilities to transfer net assets to the Company in the form of dividends, loans or advances. As of December 31, 2019 and 2018, net assets restricted in the aggregate, which include paid-in capital and statutory reserve funds of the Company’s PRC subsidiary and VIEs that are included in the Company’s consolidated balance sheets, were $11,353,962 and $11,316,561, respectively. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiary and VIEs for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiary and VIEs due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders. The ability of our PRC subsidiaries to make dividends and other payments to us may also be restricted by changes in applicable foreign exchange and other laws and regulations. Foreign currency exchange regulation in China is primarily governed by the following rules: ● Foreign Exchange Administration Rules (1996), as amended in August 2008, or the Exchange Rules; ● Administration Rules of the Settlement, Sale and Payment of Foreign Exchange (1996), or the Administration Rules. As of December 31, 2019 and 2018 there were approximately $(14,744,086) and $38,930,224 retained earnings in the aggregate, respectively, which were generated by our PRC subsidiaries and VIEs in Renminbi included in our consolidated balance sheets, aside from $11,353,962 and $11,316,561 of the paid-in capital and statutory reserve funds as of December 31, 2019 and 2018, that may be affected by increased restrictions on currency exchanges in the future and accordingly may further limit our PRC subsidiaries’ or VIEs’ ability to make dividends or other payments in U.S. dollars to us, in addition to the restricted net assets as of December 31, 2019 and 2018, respectively, as discussed above.

Shares Split

Shares Split	12 Months Ended
	Dec. 31, 2019
Shares Split
Shares Split	NOTE 16. SHARES SPLIT On October 9, 2016, the Company effected a split of the Company’s common stock, pursuant to which every one (1) share of common stock outstanding before the split were converted into twenty million (20,000,000) shares of common stock after the split. All share and per share amounts for all periods presented herein have been adjusted to reflect the split as if it had occurred at the beginning of the year 2016.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 17. SUBSEQUENT EVENTS In December 2019, there was an outbreak of the novel coronavirus (COVID-19) in China that has since spread to many other regions of the world. The outbreak was subsequently labeled as a global pandemic by the World Health Organization in March 2020. It is anticipated that the COVID-19 outbreak may ultimately have a material adverse impact on the Company’s results of operations, financial position and cash flow in 2020 including, but not limited to: Transportation delays and cost increases, more extensive travel restrictions, closures or disruptions of businesses and facilities or social, economic, political or labor instability in the affected areas, may impact the Company’s customers’ operations. Customers may not be able to repay their loans on time due to lack of capital. The extent of the impact of COVID-19 on the Company’s operations and financial results depends on future developments and is highly uncertain due to the unknown duration and severity of the outbreak. The situation is changing rapidly and future impacts may materialize that are not yet known. The Company continues to monitor the situation closely and may implement further measures to provide additional financial flexibility and improve the Company’s cash position and liquidity. On April 9, 2020, the Company entered into subscription agreements with three accredited investors for the sale and issuance of two million shares (2,000,000) ordinary shares of the Company, $0.001 par value per share (“Ordinary Shares”) at a per-share price of $0.40 for aggregate gross proceeds of $800,000 (the “Private Placement). The subscription agreements contain customary representations, warranties and agreements by the Company and customary conditions to closing. The Company closed the Private Placement on May 12, 2020 and intend to use the funds for working capital. No brokers or placement agents was involved. Our Private Placement is exempt from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) thereof and/or Rule 506 of Regulation D and Regulation S thereunder, each as promulgated by the Securities and Exchange Commission (the “Commission”).

Reverse Stock Split

Reverse Stock Split	12 Months Ended
	Dec. 31, 2019
Reverse Stock Split
Reverse Stock Split	NOTE 18. REVERSE STOCK SPLIT On October 13, 2020, our board of directors approved a 5:1 reverse split of our ordinary shares, which bega trading on a split adjusted basis on October 29, 2020. As a result of the reverse share split, each five (5) pre-split shares automatically combined into one (1) ordinary share without any action on the part of the holders, and the number of outstanding ordinary shares was be reduced from 32,022,685 to 6,406,146. No fractional shares will be issued as a result of the reverse share split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of ordinary shares not evenly divisible by the one (1) for five (5) reverse split ratio, will automatically be entitled to receive an additional fractional share to round up to the next whole share. On October 29, 2020, the Company effected a reverse stock split of it’s common stock, pursuant to which every FIVE (5) share of common stock outstanding before the reverse split were converted into ONE (1) share of common stock after the reverse split. According to ASC 260-10-55-12 the computation of basic and diluted share and earnings per share amounts for all periods presented herein should be adjusted retroactively to reflect the reverse split change as if it had occurred at the beginning of the year 2017.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of Consolidation	(b) Principles of Consolidation The consolidated financial statements include the financial statements of all the subsidiaries and VIEs of the Company. All transactions and balances between the Company and its subsidiaries and VIEs have been eliminated upon consolidation
Foreign Currency Translation and Transactions	(c) Foreign currency translation and transactions The functional currency of HUSN and HKFS is United States dollars (“US$” or “$”). The functional currency of Yingxin Yijia, CIFS (Xiamen) Financial Leasing, Sheng Ying Xin and its subsidiaries are Renminbi (“RMB”), and the PRC is the primary economic environment in which the Company operates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. The resulting exchange differences are included in the determination of net income (loss) for the respective periods. For financial reporting purposes, the financial statements of the Company’s PRC subsidiary and the financial statements of the VIEs are prepared using RMB and are translated into the Company’s reporting currency, the US$. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and Shareholders’ equity is translated at historical exchange rates except for the change in retained earnings during the year which is the result of the net income (loss). The cumulative translation adjustments are recorded in accumulated other comprehensive income (loss) in the accompanying consolidated statements of shareholders’ equity. The exchange rates used are as follows: December 31, 2019 December 31, 2018 RMB exchange rate at balance sheets dates, 6.9762 6.8632 Year Ended December 31, 2019 2018 2017 Average exchange rate for each year 6.8944 6.6174 6.7518 No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation. The source of the exchange rates is generated from the People’s Bank of China.
Use of Estimates	(d) Use of estimates The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures of contingent assets and liabilities. Management makes its estimates based on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements mainly include the allowance for doubtful accounts, the valuation allowance of deferred tax assets, the estimated useful lives of long-lived assets, the impairment assessment of goodwill, intangibles and other long-lived assets, and the fair value of identifiable assets and liabilities acquired through business combination.
Cash	(e) Cash Cash and cash equivalents consist of cash on hand, cash on deposit and other highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased. The Company maintains cash with various financial institutions mainly in the PRC. As of December 31, 2019 and 2018, the Company had no cash equivalents.
Accounts Receivable and Loans to Third Parties	(f) Accounts receivable and loans to third parties Accounts receivable and loans to third parties are recorded at net realizable value consisting of the carrying amount less an allowance for uncollectible accounts as needed. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable and loans receivable. The Company determines the allowance based on aging data, historical collection experience, customer specific facts and economic conditions. Based on management’s assessment of the collectability of the accounts receivable and loans to third party, allowance for loans to third party was $39,402,683as of December 31, 2019, and, allowance for loans to third party was $7,119,594 as of December 31, 2018. The value-added tax receivable from customers included in the accounts receivable in the balance sheet were $97,287and $1,006,361 as of December 31, 2019 and 2018, respectively. The accounts receivable, except for the principal of factoring as of December 31, 2019 were 0.07% collected as of March 31, 2020.
Property and Equipment	(g) Property and Equipment The Company records equipment at cost less accumulated depreciation. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets with a 5% residual value for electronic equipment, and a 5% residual value for furniture and a 0% residual value for leasehold improvement. Estimated useful lives of property and equipment: Useful Life Furniture 10 years Electronic equipment 3 years Leasehold improvements Shorter of life of asset or lease The Company eliminates the cost and related accumulated depreciation of assets sold or otherwise retired from the accounts and includes any gain or loss in the statement of operations. The Company charges maintenance, repairs and minor renewals directly to expense as incurred.
Intangible Assets	(h) Intangible Assets Intangible assets, comprising accounting software and big data platform, which are separable from the property and equipment, are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the assets.
Impairment of Long-Lived Assets	(i) Impairment of Long-lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. For the year ended December 31, 2019, the Company did not recognize any impairment loss of its long-lived assets. For the year ended December 31, 2018, the Company recognized $73,999 impairment loss of its long-lived assets. For the year ended December 31, 2017, the Company did not recognize any impairment loss of its long-lived assets.
Statutory Reserve	(j) Statutory Reserve The Company is required to make appropriations to reserve funds, comprising the statutory surplus reserve and discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve is required to be at least 10% of the after tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entities’ registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of Board of Directors.
Revenue Recognition	(k) Revenue recognition The Company adopted ASC Topic 606, “Revenue from Contracts with Customers” effective January 1, 2019, applying the modified retrospective method. In accordance with ASC Topic 606, revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. In determining when and how much revenue is recognized from contracts with customers, the Company performs the following five-step analysis: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s services include commercial payment advisory services, intermediary bank loan advisory services, international corporate financing advisory services, technical services and factoring services. For commercial payment advisory service after signing contracts with the client, the Company starts to identify and select banks and financial products and coordinates with banks to structure financing solutions for the client. Then the client prepares application materials and sends them to the bank. When approved by the bank, the client will deposit cash with the bank or purchases wealth management products sold by the bank. After this step, the bank will issue a letter of guarantee, which the client will pledge as security for the acceptance bills. The letter of guarantee is a document that the bank provides certifying itself as guarantor. The Company’s service fee is a percentage of the amount of cash deposited with or wealth management products purchased from the bank by the client. The Company recognizes revenue after the client receives a credit contract from the bank and when the Company receives a contract completion confirmation from the client. For intermediary bank loan advisory services, the Company matches small-to-medium sized enterprises (“SMEs”) with financing sources. The Company charges borrowers an introduction fee which is calculated at a percentage of the loan. The Company recognizes revenue after the client receives a bank credit contract from the bank and when the Company receives a contract completion confirmation from the client. The Company typically receives the contract completion confirmation when the client receives the bank financing and signs off on the contract completion confirmation. For international corporate financing advisory services, the Company works with overseas banks to structure and provide clients with financing solutions to obtain facilities from overseas banks for the clients’ offshore affiliates. After signing the contract with the client, the Company will identify overseas banks and domestic banks, structure financing solutions and facilitate application processes. After the client provides security to the domestic bank, the domestic bank will issue a letter of guarantee to the overseas bank. The overseas bank will provide credit to the affiliate designated by the client. The Company’s service fee is a percentage of credit granted by the overseas bank to the offshore affiliate. The Company recognizes revenue after the offshore affiliate receives credit approval notice from the offshore bank and when the Company receives a contract completion confirmation from the client. The Company typically receives the contract completion confirmation when the affiliate receives the bank financing and the client signs off on the contract completion confirmation. For technical services, after signing the contract, the Company provides the clients with the technical services and charges a fee for the technical service. The Company recognizes revenue when the services are rendered. For factoring services, generally after we checked the documents such as client information, contracts, invoices supporting the client’s credit worth, authenticity of the business contracts and the collectability of receivables, we will sign the factoring service contract with client. Upon signing the contract, we request the client to pay us the management fee which we record as revenue upon receipt. After signing the factoring contract, we will wire the factored amount to the client’s designated party, generally its suppliers, and will collect the amount over the contact period. At each month end we will record the factoring service revenue based on the service fee ratio and the amount we factored. There is no claw back provisions or other guarantees. Full services fees are due upon the contract completion confirmation from the client.
Taxation	(l) Taxation The Company follows the guidance of ASC Topic 740 “Income taxes” and uses the assets and liability method to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets, if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive income (loss) in the period that includes the enactment date. The Company follows a more likely than not threshold and a two-step approach for the measurement of tax positions and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including the resolution of related appeals or litigation process, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company has elected to classify interest related to an uncertain tax position (if and when required) to interest expense, and classify penalties related to an uncertain tax position (if and when required) as part of other expense in the consolidated statements of operations and comprehensive income (loss). 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 had completed their relevant tax filings, hence the Company’s tax filings may not be finalized. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company’s tax filings which may lead to additional tax liabilities. The tax returns of the Company’s PRC subsidiaries and VIEs are subject to examination by the relevant tax authorities. According to the PRC Tax Administration Law on the Levying and Collection of Taxes, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Company did not have any material interest or penalties associated with tax positions for the years ended December 31, 2019, 2018 and 2017 and did not have any significant unrecognized uncertain tax positions as of December 31, 2019, 2018 and 2017. The Company does not expect that the position of unrecognized tax benefits will significantly increase or decrease within 12 months of December 31, 2019.
Cost of Revenues	(m) Cost of revenues The Company’s cost of revenues mainly consists of revenue-generating staff costs.
Research and Development Expenses	(n) Research and development expenses The Company accounts for expenses for the enhancement, maintenance and technical support for the Company’s Internet platforms and intellectual property that are used in its daily operations as research and development expenses. Research and development costs are charged to expense when incurred. Expenses for research and development for the years ended December 31, 2019, 2018 and 2017 were approximately nil and US$3,512,512, US$92,683, respectively.
Comprehensive Income (Loss)	(o) Comprehensive income (loss) The Company presents comprehensive income (loss) in accordance with ASC 220, “Comprehensive Income”
Earnings (Loss) Per Share	(p) Earnings (loss) per Share Earnings (loss) per share (“EPS”) are calculated in accordance with ASC Topic 260, “Earnings Per Share”. Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common stock. The dilutive effect of outstanding common share warrants and options are reflected in the diluted earnings per share by application of the treasury stock method when the impact is dilutive. Potential common shares that have an anti-dilutive effect are excluded from the calculation of diluted EPS. There is no dilutive effect for the years ended December 31, 2019, 2018 and 2017.
Fair Value of Financial Instruments	(q) Fair Value of Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, other receivable and short-term loans approximate their fair values because of the short-term nature of these instruments.
Deferred Offering Costs	(r) Deferred offering costs The Company capitalized all direct and incremental professional fees incurred relating to the Company’s Initial public offering (“IPO”), which were offset against the gross proceeds of the offering. Total deferred offering costs as of December 31, 2016 and December 31, 2017 are $312,202 and $nil, respectively. During the year ended December 31, 2017, deferred offering costs of $864,673 were deducted from the proceeds from IPO.
Goodwill	(s) Goodwill Goodwill is the excess of the consideration transferred over the fair value of the acquired assets and assumed liabilities in a business combination. The Company tests goodwill for impairment at the reporting unit level on an annual basis and between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. The Company first has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the company decides, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required.
Jobs Act Accounting Election	(t) Jobs Act accounting election The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the Jobs Act, that allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, the financial statements may not be comparable to companies that comply with public company effective dates.
Recently Issued Accounting Standards	(u) Recently issued accounting standards In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (as further amended or clarified by other related ASUs issued subsequently in 2015, 2016 and 2017). ASU No. 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and IFRS. Simultaneously, this ASU supersedes the revenue recognition requirements in ASC Topic 605-Revenue Recognition and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of this ASU requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation. For public business entities, certain not-for-profit entities, and certain employee benefit plans, the amendments in ASU No. 2014-09 and the amendments in other related ASUs that affected the guidance in ASU 2014-09 should be applied to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company, as an EGC, adopted these ASUs related to ASC topic 606 from January 1, 2019. Management assessed that there is no material impact to the beginning balance of its retained earnings. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. The amendments in this ASU requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this ASU is permitted for all entities. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842)–Targeted Improvements”, which provide another transition method in addition to the existing transition method by allowing entities to initially apply the new lease standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, and provide lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606). The Company adopted the amendments in these ASUs on January 1, 2019 using the additional modified retrospective transition method provided by ASU No. 2018-11. The adoption didn’t result in a material adjustment to the Company’s retained earnings as of January 1, 2019. Based on the Company’s current office space lease agreements as of December 31, 2019, the lease term are 12 months or less. The company asses lease, which qualify for the short-term lease measurement and recognition exemption. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU require the measurement and recognition of expected credit losses for financial assets held at amortized cost. The amendments in this ASU replace the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”, which among other things, clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The guidance is effective for an EGC for annual reporting periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact on its consolidated financial position and results of operations upon adopting these amendments. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Others (Topic 350)-Simplify the Test for Goodwill Impairment”. To simplify the subsequent measurement of goodwill, the amendments in this ASU eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The amendments in this ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. An entity should apply the amendments in this ASU on a prospective basis. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this ASU for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has early adopted the amendments in this ASU, and the adoption of this ASU did not have a material impact on its consolidated financial position and results of operations. In June 2018, the FASB issued ASU No. 2018-07: “Compensation—Stock Compensation (Topic 718)-Improvements to Nonemployee Share-Based Payment Accounting”. The Board is issuing this Update as part of its Simplification Initiative. The amendments in this Update expand the scope of Topic 718 to include share based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. An entity should only remeasure liability-classified awards that have not been settled by the date of adoption and equity-classified awards for which a measurement date has not been established through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. Upon transition, the entity is required to measure these nonemployee awards at fair value as of the adoption date. The entity must not remeasure assets that are completed. Disclosures required at transition include the nature of and reason for the change in accounting principle and, if applicable, quantitative information about the cumulative effect of the change on retained earnings or other components of equity. Based on the Company’s evaluation, the Company does not expect the adoption of the amendments in this ASU to have a material impact on its consolidated financial position and results of operations. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”. The amendments in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements. The amendments in this ASU, among other things, require public companies to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company does not expect the adoption of these amendments to have a material impact on its consolidated financial position and results of operations. Other than the above, management does not believe that any of the recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s consolidated financial statements.
Going Concern	2(v) Going Concern The Company has suffered from losses from operation and significant accumulated deficits. It’s net loss for the year ended December 31, 2019 was 61,995,758, and turned the retained earnings as of December 31, 2018 to 2019 from $36,653,460 to (25,379,698). As of December 31, 2019, the Company has cash and cash equivalents of 13,567 and net cash used in operating activities during the year ended December 31, 2019 was 1,071,378. The Company comes to have insufficient cash flows generated from operations and provided for development. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The management determines that additional effort will be required to improve the operation so that the Company may generate more profits to sustain its continuous. The Company may explore the channels to raise additional capital or any opportunities to improve the cash flow in the years to come.

Organization and Principal Ac_2

Organization and Principal Activities (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of VIEs' Assets and Liabilities	Summarized below is the information related to the combined VIEs’ assets and liabilities as of December 31, 2019 and 2018, respectively: As of As of Current assets $ 45,180,787 $ 51,754,573 Plant and equipment, net 1,503 210,790 Other noncurrent assets 6,520 1,560,202 Total assets 45,188,810 53,525,565 Total liabilities (45,964,142 ) (2,111,670 ) Net assets $ (775,332 ) $ 51,413,895
Schedule of VIEs' Reported Consolidated Statements of Operations and Comprehensive Income	Summarized below is the information related to the financial performance of the VIEs reported in the Company’s consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017, respectively: Year ended Year ended Year ended Revenues $ 1,366,417 $ 14,402,329 $ 25,116,139 Cost of revenues $ 123 $ 654,979 $ 729,752 Total operating expenses $ 784,840 $ 12,329,417 $ 3,477,939 Net loss / (income) $ 53,859,306 $ 1,530,958 $ (24,268,121 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Exchange Rates Applied for Foreign Currency	The exchange rates used are as follows: December 31, 2019 December 31, 2018 RMB exchange rate at balance sheets dates, 6.9762 6.8632 Year Ended December 31, 2019 2018 2017 Average exchange rate for each year 6.8944 6.6174 6.7518
Schedule of Estimated Useful Lives of Property and Equipment	Estimated useful lives of property and equipment: Useful Life Furniture 10 years Electronic equipment 3 years Leasehold improvements Shorter of life of asset or lease

Cash (Tables)

Cash (Tables)	12 Months Ended
	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Schedule of Cash	Cash consisted of the following: As of December 31, 2019 As of December 31, 2018 Cash on hand $ - $ - Cash in banks 13,567 1,578,828 Total cash $ 13,567 $ 1,578,828

Other Receivables (Tables)

Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Schedule of Other Receivables	Other receivables consisted of the following: As of December 31, 2019 As of December 31, 2018 Interest receivable $ 570,862 $ 3,381,550 Others 75,828 71,018 Total $ 646,690 $ 3,452,568

Loans to Third Parties (Tables)

Loans to Third Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Loans to Third Parties	Loans to third parties consisted of direct loans and entrusted loan as follows: As of December 31, 2019 As of December 31, 2018 Direct loans to third parties $ 12,200,000 $ 12,000,000 Entrusted loans to third parties 34,402,684 34,969,111 Impairment on uncollectable loans (41,802,684 ) (7,119,594 ) Total loans to third parties $ 4,800,000 $ 39,849,517
Schedule of Direct Loan Information	The Company lends their own funds directly to third parties. The detailed direct loan information as of December 31, 2019 is as follows: Borrower Amount Annual Interest rate Due dates A $ 4,000,000 5 % Aug 7, 2020 B 5,000,000 15 % Jan 28, 2019 C 3,000,000 5 % Jul 6, 2020 C 200,000 5 % Dec 26, 2020 Total $ 12,200,000 The detailed direct loan information as of December 31, 2018 is as follows: Borrower Amount Annual Interest rate Due dates A $ 4,000,000 5 % August 6,2019 B 5,000,000 15 % January 28,2019 C 3,000,000 5 % July 6,2019 Total $ 12,000,000
Schedule of Entrusted Loan Information	The balance of entrusted loans as of December 31, 2019 was $34,402,684 to four borrowers. The detailed entrusted loan information as of December 31, 2019 is as follows: Borrower Amount Annual Interest rate Due dates A $ 2,866,890 16 % October 23, 2018 A 5,733,781 16 % December 26, 2018 B 4,300,335 16 % May 30, 2019 B 5,017,058 16 % July 27, 2019 C 7,167,225 16 % June 9, 2019 C 5,733,781 16 % July 9, 2019 D 3,583,614 16 % September 7, 2019 Total $ 34,402,684 The balance of entrusted loans as of December 31, 2018 was $34,969,111 to four borrowers. The detailed entrusted loan information as of December 31, 2018 is as follows: Borrower Amount Annual Interest rate Due dates A $ 2,914,093 16 % October 23, 2018 A 5,828,185 16 % December 26, 2018 B 4,371,139 16 % May 30, 2019 B 5,099,662 16 % July 27, 2019 C 7,285,231 16 % June 5, 2019 C 5,828,185 16 % July 9, 2019 D 3,642,616 16 % September 7, 2019 Total $ 34,969,111

Due from Related Parties (Table

Due from Related Parties (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Due from Related Party	Due from related party consists of the following: As of December 31, 2019 As of December 31, 2018 Sheng Ying Xin (Beijing) Film Industry Co., Ltd. $ 43,412 $ 44,128 Beijing ZhipingScience and Technology Development Co., Ltd. 28,259 28,724 Anytrust Information Technology Co., Ltd 4,795 112,109 Total due from related party $ 76,466 $ 184,961

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment consisted of the following: As of December 31, 2019 As of December 31, 2018 Furniture $ 430 $ 209,444 Electronic equipment 7,329 214,300 Leasehold improvement - 47,440 Total property and equipment 7,759 471,184 Less: accumulated depreciation (6,256 ) (146,299 ) Less: impairment - (73,999 ) Property and equipment, net $ 1,503 $ 250,886

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The intangible assets consisted of the following: As of December 31, 2019 As of December 31, 2018 Accounting software $ 7,155 $ 7,272 Less: accumulated amortization (5,215 ) (3,846 ) Intangible assets, net $ 1,940 $ 3,426

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the income tax expense are as follows: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Current $ 7,243 $ 151,153 $ 672,205 Deferred - (1,853,280 ) (38,890 ) Total $ 7,243 $ (1,702,127 ) $ 633,315
Schedule of Income Tax Reconciliation	Reconciliation of the income tax expenses at the PRC statutory EIT rate of 25% for the years ended December 31, 2019, 2018 and 2017 and the Company’s effective income tax expenses is as follows: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 (Loss)profit before income taxes $ (61,988,515 ) $ (5,520,864 ) $ 24,681,499 PRC statutory EIT rate 25 % 25 % 25 % Income tax (benefit) expenses computed at statutory EIT rate (15,497,129 ) (1,380,216 ) 6,170,375 Reconciling items: Valuation allowance 1,798,398 - 2,505 Effect of tax holidays 93,455 (2,209,107 ) (5,617,858 ) Temporary difference 13,369,701 1,586,726 - Permanent difference 242,818 300,470 78,293 Income tax (benefit) expense 7,243 $ (1,702,127 ) 633,315
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax was measured using the enacted income tax rates for the periods in which they are expected to be reversed. Significant components of the Company’s deferred income tax assets and liabilities consist of follows: As of December 31, 2019 As of December 31, 2018 Deferred income tax assets 1,798,398 - Net operating loss carry forwards $ - $ 1,798,398 Total Deferred income tax assets - 1,798,398 Less: Valuation allowance (1,798,398 ) - Net deferred income tax assets $ - $ 1,798,398 As of December 31, 2019 As of Deferred income tax liabilities Intangible assets from business combination $ - $ - Total deferred income tax liabilities $ - $ -
Schedule of Tax Payable	Taxes payable consisted of the following: As of December 31, 2019 As of December 31, 2018 Corporate income tax payable $ 423,563 $ 758,136 Value added tax payable 548,276 2,938 Other surtaxes payable 14,356 37,925 Total $ 986,195 $ 798,999

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents a reconciliation of basic and diluted earnings per share: For the years ended December, 31 2019 2018 2017 Numerator: Net (loss) income $ (61,995,758 ) $ (3,818,737 ) $ 24,048,184 Denominator: Weighted average number of common stock outstanding-basic and diluted 4,422,837 * 4,422,837 * 4,176,141 * (Loss) earnings per share – Basic and diluted: $ (14.02 ) $ (0.85 ) $ 5.758 * * - The computation of basic and diluted share and EPS data should be adjusted retroactively for all period presented to reflect the 5 to 1 reverse stock split change which was effective on October 29, 2020.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments for Operating Leases	The following table sets forth the Company’s office lease commitment as of December 31, 2019: Office Rental Year ending December 31, 2020 4,399 Total $ 4,399

Organization and Principal Ac_3

Organization and Principal Activities (Details Narrative)

Sep. 26, 2019CNY (¥)

Jul. 28, 2017USD ($)$ / sharesshares

May 09, 2017$ / sharesshares

Apr. 26, 2016CNY (¥)

Dec. 30, 2018USD ($)

Jun. 30, 2020USD ($)shares

Jun. 30, 2019USD ($)

Dec. 31, 2019USD ($)shares

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Nov. 23, 2017

Nov. 21, 2017shares

Dec. 29, 2016USD ($)

Dec. 29, 2016CNY (¥)

Sep. 16, 2014

New shares issued, value

$ 18,205,522

Offering expenses

$ 1,262,562

Common stock, shares issued | shares

5,693,426

4,422,837

4,422,838

22,114,188

Common stock, shares outstanding | shares

5,693,426

4,422,837

4,422,838

22,114,188

Net (loss) income

$ (640,243)

$ (55,881,292)

$ (61,995,758)

$ (3,818,737)

$ 24,048,184

Exclusive Option Agreement [Member]

Agreement term

10 years

10 years

Sheng Ying Xin [Member]

Percentage of ownership of subsidiary

100.00%

Sheng Ying Xin [Member] | Exclusive Business Cooperation Agreement [Member]

Percentage of net profit

100.00%

Agreement term

10 years

Jianxin Lin [Member]

Net (loss) income

$ 2,062,000

IPO [Member]

Warrants issued to purchase shares | shares

91,042

91,042

Warrant exercise price, percentage

120.00%

Warrant exercise price | $ / shares

$ 12

Warrant exercisable term

2 years

IPO [Member] | New Investors [Member]

Number of new shares issued | shares

2,023,146

Shares issued price per share | $ / shares

$ 10

New shares issued, value

$ 20,231,460

Offering expenses

1,262,562

Deferred issuing cost

$ 763,365

RMB [Member] | Exclusive Option Agreement [Member]

Consideration for exercise option | ¥

¥ 1

¥ 1

Sheng Ying Xin [Member]

Registered capital

$ 726,600

Percentage of ownership of subsidiary

1.00%

1.00%

Direct ownership percentage

99.00%

Indirect ownership percentage

1.00%

Sheng Ying Xin [Member] | RMB [Member]

Registered capital | ¥

¥ 5,000,000

Mr. Jianxin Lin [Member]

Percentage of ownership of subsidiary

73.89%

Organization and Principal Ac_4

Organization and Principal Activities - Schedule of VIEs' Assets and Liabilities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets	$ 9,460,109	$ 5,561,034	$ 64,784,005
Plant and equipment, net	797	1,503	250,886
Total assets	9,464,905	5,569,057	66,845,092
Total liabilities	$ (3,059,919)	(3,048,953)	(1,963,972)
Net assets		11,353,962	11,316,561
Variable Interest Entity [Member]
Current assets		45,180,787	51,754,573
Plant and equipment, net		1,503	210,790
Other noncurrent assets		6,520	1,560,202
Total assets		45,188,810	53,525,565
Total liabilities		(45,964,142)	(2,111,670)
Net assets		$ (775,332)	$ 51,413,895

Organization and Principal Ac_5

Organization and Principal Activities - Schedule of VIEs' Reported Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cost of revenues		$ 126	$ 123	$ 654,979	$ 729,752
Total operating expenses	872,549	1,202,986	1,993,959	15,753,432	3,782,029
Net loss / (income)	$ (640,243)	$ (55,881,292)	(61,995,758)	(3,818,737)	24,048,184
Variable Interest Entity [Member]
Revenues			1,366,417	14,402,329	25,116,139
Cost of revenues			123	654,979	729,752
Total operating expenses			784,840	12,329,417	3,477,939
Net loss / (income)			$ 53,859,306	$ 1,530,958	$ 24,268,121

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative)	6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Mar. 31, 2020	Dec. 31, 2019CNY (¥)	Dec. 31, 2016USD ($)
Cash equivalents
Allowance for loans to third party			34,402,684	6,119,594
Value-added tax receivable from customers			97,287	1,006,361	356,038
Impairment of long-lived assets				73,999
Interest and penalties
Unrecognized uncertain tax positions
Research and development expenses				$ 3,512,512	$ 92,683
Antidilutive securities excluded from computation of earnings per share, amount | shares
Deferred offering cost					$ 312,202
Deferred issuing costs					864,673
Net (loss) income	$ (640,243)	$ (55,881,292)	$ (61,995,758)	$ (3,818,737)	24,048,184
Retained earnings	(26,019,942)		(25,379,699)	36,653,460	41,556,125
Cash and cash equivalents	$ 3,779,082		13,567	1,578,828	27,165,262
Net cash used in operating activities			$ (1,071,379)	(17,266,382)	$ 27,603,542
RMB [Member]
Payment of income tax | ¥							¥ 100,000
Minimum [Member]
Percentage of statutory surplus reserve after tax net income			10.00%
Maximum [Member]
Percentage of statutory surplus reserve after tax net income			50.00%
Electronic Equipment [Member]
Percentage of residual value			5.00%				5.00%
Furniture [Member]
Percentage of residual value			5.00%				5.00%
Leasehold Improvements [Member]
Percentage of residual value			0.00%				0.00%
Subsequent Event [Member]
Accounts receivable, except for the principle of factoring as percentage collected						0.07%
Third Parties [Member]
Allowance for loans to third party			$ 39,402,683	$ 7,119,594

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Exchange Rates Applied for Foreign Currency (Details)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
RMB exchange rate at balance sheets dates	6.9762	6.8632
Average exchange rate for each year	6.8944	6.6174	6.7518

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Furniture [Member]
Estimated useful lives	10 years
Electronic Equipment [Member]
Estimated useful lives	3 years
Leasehold Improvements [Member]
Estimated useful lives, description	Shorter of life of asset or lease

Cash - Schedule of Cash (Detail

Cash - Schedule of Cash (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Cash on hand
Cash in banks		13,567	1,578,828
Total cash	$ 3,779,082	$ 13,567	$ 1,578,828	$ 27,165,262

Other Receivables - Schedule of

Other Receivables - Schedule of Other Receivables (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Interest receivable		$ 570,862	$ 3,381,550
Others		75,828	71,018
Total	$ 796,948	$ 646,690	$ 3,452,568

Loans to Third Parties (Details

Loans to Third Parties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Collectability of loans to third parties	$ 7,400,000
Allowance for loans to third party	34,402,684	$ 6,119,594
Direct Loans [Member]
Interest income	422,284	1,133,407	$ 1,865,426
Entrusted Loan [Member]
Entrusted loans to third parties	34,402,684	34,969,111
Entrusted loans from third parties	34,402,684
Entrusted Loan [Member] | Borrower A [Member]
Interest income	$ 2,043,124	$ 5,109,237	$ 2,205,173

Loans to Third Parties - Schedu

Loans to Third Parties - Schedule of Loans to Third Parties (Details) - Third Parties [Member] - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Direct loans to third parties	$ 12,200,000	$ 12,000,000
Entrusted loans to third parties	34,402,684	34,969,111
Impairment on uncollectable loans	(41,802,684)	(7,119,594)
Total loans to third parties	$ 4,800,000	$ 39,849,517

Loans to Third Parties - Sche_2

Loans to Third Parties - Schedule of Direct Loan Information (Details) - Direct Loans [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Direct loan to third parties	$ 12,200,000	$ 12,000,000
Borrower A [Member]
Direct loan to third parties	$ 4,000,000	$ 4,000,000
Annual Interest rate	5.00%	5.00%
Due date	Aug. 7, 2020	Aug. 6, 2019
Borrower B [Member]
Direct loan to third parties	$ 5,000,000	$ 5,000,000
Annual Interest rate	15.00%	15.00%
Due date	Jan. 28, 2019	Jan. 28, 2019
Borrower C [Member]
Direct loan to third parties	$ 3,000,000	$ 3,000,000
Annual Interest rate	5.00%	5.00%
Due date	Jul. 6, 2020	Jul. 6, 2019
Borrower C [Member]
Direct loan to third parties	$ 200,000
Annual Interest rate	5.00%
Due date	Dec. 26, 2020

Loans to Third Parties - Sche_3

Loans to Third Parties - Schedule of Entrusted Loan Information (Details) - Entrusted Loan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Entrusted loans to third parties	$ 34,402,684	$ 34,969,111
Borrower A [Member]
Entrusted loans to third parties	$ 2,866,890	$ 2,914,093
Annual Interest rate	16.00%	16.00%
Due date	Oct. 23, 2018	Oct. 23, 2018
Borrower A [Member]
Entrusted loans to third parties	$ 5,733,781	$ 5,828,185
Annual Interest rate	16.00%	16.00%
Due date	Dec. 26, 2018	Dec. 26, 2018
Borrower B [Member]
Entrusted loans to third parties	$ 4,300,335	$ 4,371,139
Annual Interest rate	16.00%	16.00%
Due date	May 30, 2019	May 30, 2019
Borrower B [Member]
Entrusted loans to third parties	$ 5,017,058	$ 5,099,662
Annual Interest rate	16.00%	16.00%
Due date	Jul. 27, 2019	Jul. 27, 2019
Borrower C [Member]
Entrusted loans to third parties	$ 7,167,225	$ 7,285,231
Annual Interest rate	16.00%	16.00%
Due date	Jun. 9, 2019	Jun. 5, 2019
Borrower C [Member]
Entrusted loans to third parties	$ 5,733,781	$ 5,828,185
Annual Interest rate	16.00%	16.00%
Due date	Jul. 9, 2019	Jul. 9, 2019
Borrower D [Member]
Entrusted loans to third parties	$ 3,583,614	$ 3,642,616
Annual Interest rate	16.00%	16.00%
Due date	Sep. 7, 2019	Sep. 7, 2019

Due from Related Parties (Detai

Due from Related Parties (Details Narrative) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Due from related parties	$ 75,351	$ 76,466	$ 184,961

Due from Related Parties - Sche

Due from Related Parties - Schedule of Due from Related Party (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Total due from related party	$ 75,351	$ 76,466	$ 184,961
Sheng Ying Xin (Beijing) Film Industry Co., Ltd., [Member]
Total due from related party		43,412	44,128
Beijing ZhipingScience and Technology Development Co., Ltd [Member]
Total due from related party		28,259	28,724
Anytrust Information Technology Co., Ltd [Member]
Total due from related party		$ 4,795	$ 112,109

Property and Equipment, Net (De

Property and Equipment, Net (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 60,910	$ 58,369	$ 26,286

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2020
Total property and equipment	$ 7,759	$ 471,184
Less: accumulated depreciation	(6,256)	(146,299)
Less: impairment		(73,999)
Property and equipment, net	1,503	250,886		$ 797
Furniture [Member]
Total property and equipment	430	209,444
Electronic Equipment [Member]
Total property and equipment	7,329	214,300
Leasehold Improvements [Member]
Total property and equipment		$ 47,440

Intangible Assets, Net (Details

Intangible Assets, Net (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,448	$ 1,538	$ 13,028

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Less: accumulated amortization		$ (5,215)	$ (3,846)
Intangible assets, net	$ 1,206	1,940	3,426
Accounting Software [Member]
Intangible asset, gross		$ 7,155	$ 7,272

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Related party receivables	$ 75,351	$ 76,466	$ 184,961
Related party payables	$ 334,650	279,925	$ 32,005
Equity Transfer Agreement [Member] | Sheng Ying Xin (Beijing) Film Industry Co., Ltd., [Member]
Related party receivables		43,414
Equity Transfer Agreement [Member] | Beijing ZhipingScience and Technology Development Co., Ltd [Member]
Related party receivables		$ 28,259

Employee Defined Contribution_2

Employee Defined Contribution Plan (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Defined Contribution Plan
Total employee defined contribution	$ 140,149	$ 1,317,484	$ 237,531

Taxation (Details Narrative)

Taxation (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective income tax rate	25.00%	25.00%	25.00%
Net operating losses carryforwards	$ 59,607,294
Income tax, description	Since August 1, 2015, Sheng Ying Xin was classified as a general taxpayer with VAT of 6%. Kashgar Sheng Ying Xin is subject VAT of 4.5% (75% of general taxpayer's rate of 6%), which is a tax holiday for enterprises established in Kashgar. Both FuhuiSZ and Anytrust are general taxpayers and subject to a 6% VAT rate. Yingda Xincheng was classified as a small-scale taxpayer and the VAT is at 3%. Furthermore, VAT payable of these four companies are subject to a 12% surtax, which includes urban maintenance and construction taxes and additional education fees.
December 31, 2020 [Member]
Effective income tax rate	25.00%
PRC [Member]
Effective income tax rate	25.00%

Taxation - Schedule of Componen

Taxation - Schedule of Components of Income Tax Expense (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current income tax expense			$ 7,243	$ 151,153	$ 672,205
Deferred income tax expense				(1,853,280)	(38,890)
Income tax benefit, total		$ 1,834,911	$ 7,243	$ (1,702,127)	$ 633,315

Taxation - Schedule of Income T

Taxation - Schedule of Income Tax Reconciliation (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
(Loss) profit before income taxes	$ (640,243)	$ (54,046,381)	$ (61,988,515)	$ (5,520,864)	$ 24,681,499
PRC statutory EIT rate			25.00%	25.00%	25.00%
Income tax (benefit) expenses computed at statutory EIT rate			$ (15,497,129)	$ (1,380,216)	$ 6,170,375
Valuation allowance			1,798,398		2,505
Effect of tax holidays			93,455	(2,209,107)	(5,617,858)
Temporary difference			13,369,701	1,586,726
Permanent difference			242,818	300,470	78,293
Income tax (benefit) expense		$ 1,834,911	$ 7,243	$ (1,702,127)	$ 633,315

Taxation - Schedule of Deferred

Taxation - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Deferred income tax assets, net operating loss carry forwards	$ 1,798,398	$ 1,798,398
Total Deferred income tax assets		1,798,398
Less: Valuation allowance	(1,798,398)
Net deferred income tax assets		1,798,398
Deferred income tax liabilities, Intangible assets from business combination
Total deferred income tax liabilities

Taxation - Schedule of Tax Paya

Taxation - Schedule of Tax Payable (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Corporate income tax payable		$ 423,563	$ 758,136
Value added tax payable		548,276	2,938
Other surtaxes payable		14,356	37,925
Total tax payable	$ 946,930	$ 986,195	$ 798,999

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net (loss) income		$ (640,243)	$ (55,881,292)	$ (61,995,758)	$ (3,818,737)	$ 24,048,184
Weighted average number of common stock outstanding-basic and diluted	[1]			4,422,837	4,422,837	4,176,141
(Loss) earnings per share - Basic and diluted:				$ (14.02)	$ (0.85)	$ 5.758
[1]	The computation of basic and diluted share and EPS data should be adjusted retroactively for all period presented to reflect the 5 to 1 reverse stock split change which was effective on October 29, 2020.

Concentration of Risk (Details

Concentration of Risk (Details Narrative)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Sales Revenue, Net [Member] | Minimum [Member]
Concentration credit risk percentage	10.00%	10.00%
Accounts Receivable [Member] | Customer 1 [Member]
Concentration credit risk percentage	44.01%	20.88%
Accounts Receivable [Member] | Customer 2 [Member]
Concentration credit risk percentage	19.38%	19.34%
Accounts Receivable [Member] | Customer 3 [Member]
Concentration credit risk percentage	17.95%	11.63%

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Operating lease rental expenses	$ 258,476	$ 2,516,053	$ 975,868

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Payments for Operating Leases (Details) - Office Rental [Member]	Dec. 31, 2019USD ($)
2020	$ 4,399
Total	$ 4,399

Restricted Net Assets (Details

Restricted Net Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2018	Dec. 31, 2017
Restricted net assets	$ 11,353,962		$ 11,316,561
Retained earnings	(25,379,699)	$ (26,019,942)	36,653,460	$ 41,556,125
Consolidated net assets	$ 11,353,962		$ 11,316,561
Minimum [Member]
Percentage of statutory surplus reserve after tax net income	10.00%
Maximum [Member]
Percentage of statutory surplus reserve after tax net income	50.00%

Shares Split (Details Narrative

Shares Split (Details Narrative)	Oct. 09, 2016shares
Shares Split
Share split description	On October 9, 2016, the Company effected a split of the Company's common stock, pursuant to which every one (1) shares of common stock outstanding before the split were converted into twenty million (20,000,000) share of common stock after the split.
Number of common stock shares converted	20,000,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Apr. 09, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock par value		$ 0.005	$ 0.005	$ 0.005
Subsequent Event [Member] | Subscription Agreements [Member] | Three Accredited Investors [Member]
Number of shares issued	2,000,000
Stock par value	$ 0.001
Shares issued price per share	$ 0.40
Proceeds from issuance of stock	$ 800,000

Reverse Stock Split (Details Na

Reverse Stock Split (Details Narrative) - Subsequent Event [Member] - Board of Directors [Member]	Oct. 13, 2020shares
Number of shares issued	1
Reverse split stock	Our board of directors approved a 5:1 reverse split of our ordinary shares, which bega trading on a split adjusted basis on October 29, 2020. As a result of the reverse share split, each five (5) pre-split shares automatically combined into one (1) ordinary share without any action on the part of the holders, and the number of outstanding ordinary shares was be reduced from 32,022,685 to 6,406,146. No fractional shares will be issued as a result of the reverse share split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of ordinary shares not evenly divisible by the one (1) for five (5) reverse split ratio, will automatically be entitled to receive an additional fractional share to round up to the next whole share.
Minimum [Member]
Number of shares issued	32,022,685
Maximum [Member]
Number of shares issued	6,406,146