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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,788,645) $ (27,507,629)
Less: net income (loss) from discontinued operations (24,951,086)
Net loss from continuing operations (6,788,645) (2,556,543)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Depreciation 134,691 28,980
Allowance for doubtful accounts 48,952
Amortization of intangible assets 202,992 270,894
Impairment loss of intangible assets 750,000
Impairment loss of other receivables 705,000
Impairment loss of marketable securities 1,951,091 33,975
Impairment loss of goodwill 82,692 898,908
Gain from deconsolidation of VIE & subsidary   (4,731,804)
Written-off prepayment 122,514 813,992
Stock-based employment compensation 933
Stock-based professional fees 523,008 3,018,829
Stock-based donation 259,598
Loss on disposal of a subsidiary 70,900
Amortization of debt discount 7,179 162,170
Gain on sale of marketable securities (428,621)
Unrealised gain on marketable securities (292,126)
Changes in operating assets and liabilities:    
Notes receivable 150,126
Accounts receivable (38,509) 91,228
Prepaid expenses and other receivables 14,725 20,409
Accounts payable and accrued expenses 748,366 463,237
Other payable 697,252
Income tax payable (6,802)
Deferred revenue 107
CASH FLOWS USED IN OPERATING ACTIVITIES – continuing operations (1,544,186) (1,026,116)
CASH FLOWS USED IN OPERATING ACTIVITIES – discontinued operations (5,278,752)
CASH FLOWS USED IN OPERATING ACTIVITIES (1,544,186) (6,304,868)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (99,941)
Purchase of marketable securities (11,482,148) (4,532,296)
Purchase of non-controlling interest (154)
Proceeds from disposal of marketable securities 12,803,705
Proceeds from disposal of a subsidiary 8,252
Dividend received 3,052
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES – continuing operations 1,332,707 (4,632,237)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES – discontinued operations
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,332,707 (4,632,237)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of bank loan (58,824)
Proceeds from bank loan 1,735,147 9,657,545
Proceeds from issuance of note payable 183,000
Advances from related party 102,871 820,061
Repayment to related party (31,604)
Proceeds from sale of common stock, net 905,100
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES – continuing operation 1,962,194 11,351,102
CASH FLOWS USED IN FINANCING ACTIVITIES – discontinued operations (1,106,071)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 1,962,194 10,245,031
Effect of exchange rate changes (28,965) (73,776)
Net decrease in cash and cash equivalents 1,721,750 (765,850)
Cash and cash equivalents - beginning of year 83,667 883,462
Cash and cash equivalents - end of year 1,805,417 83,667
Less: Cash and cash equivalents from discontinued operations (33,945)
Cash and cash equivalents from continuing operations - end of year 1,805,417 83,667
Cash paid in continuing operations for:    
Interest 263,369 322,201
Income taxes
Cash paid in discontinued operations for:    
Interest
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Stock issued for redemption of convertible note and accrued interest 477,820 50,000
Stock issued for acquisition of non-wholly owned subsidiaries   1,828,494
Stock issued for services from consultants and vendors 478,008
Stock issued for accrued liabilities $ 1,641,254