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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,304,762) $ (28,173,319)
Less: loss from discontinued operations (23,844,924)
Net loss from continuing operations (5,304,762) (4,328,395)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation 101,526 18,515
Amortization of intangible assets 152,244 93,402
Impairment loss on marketable securities 1,885,085
Impairment loss on goodwill 1,163,590  
Written-off prepayments 122,514
Stock-based professional fees 523,008 2,653,802
Stock-based compensation   933
Stock-based donation   259,598
Loss on disposal of a subsidiary 70,901  
Amortization of debt discount 4,658 162,170
Gain on sale of marketable securities (231,253)  
Changes in operating assets and liabilities:    
Accounts receivable 11,143 42,605
Prepaid expenses and other receivables (2,187) 227,128
Accounts payable and accrued expenses (39,099) 78,422
Other payable 230,952 (30,955)
Income tax payable (6,802) (27,446)
Deferred revenue 269
CASH FLOWS USED IN OPERATING ACTIVITIES – continuing operations (1,318,213) (850,221)
CASH FLOWS USED IN OPERATING ACTIVITIES – discontinued operations 453,315
CASH FLOWS USED IN OPERATING ACTIVITIES (1,318,213) (396,906)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of marketable securities (8,078,052)  
Purchase of NCI (154)  
Proceeds from disposal of marketable securities 8,711,484  
Proceeds from disposal of a subsidiary 8,251
Dividend received 175  
Cash from acquisition of a non-wholly owned subsidiary 192,022  
CASH FLOWS USED IN INVESTING ACTIVITIES – continuing operations 833,726
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES – discontinued operations (99,941)
CASH FLOWS USED IN INVESTING ACTIVITIES 833,726 (99,941)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of bank loan (39,149)
Proceeds from bank loan 1,412,574 5,136,619
Proceeds from issuance of note payable 183,000 (8,810)
Advance from related party 166,657 (4,616,651)
Repayment to related party (31,604)
Proceeds from sale of common stock, net 200,100
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES – continuing operations 1,723,082 679,654
CASH FLOWS USED IN FINANCING CTIVITIES – discontinued operations (608,999)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 1,723,082 70,655
Effect of exchange rate changes (33,238) (231,057)
Net change in cash and cash equivalents 1,205,357 (657,249)
Cash and cash equivalents - beginning of period 83,667 883,461
Cash and cash equivalents - end of period 1,289,024 226,212
Less: Cash and cash equivalents from discontinued operations (151,798)
Cash and cash equivalents from continuing operations, end of period 1,289,024 74,414
Cash paid in continuing operations for:    
Interest 144,225 240,289
Income taxes
Cash paid in discontinued operations for:    
Interest 116,597
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Interest 557,757 111,280
Stock issued for acquisition of a non-wholly owned subsidiary 976,695  
Stock issued for services from consultants and vendors 478,008  
Stock issued for redemption of convertible note and accrued interest $ 100,000 $ 50,000