Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of cash balances by geographic area

At September 30, 2017 and December 31, 2016, the Company’s cash balances by geographic area were as follows:

 

Country:   September 30, 2017     December 31, 2016  
United States   $ 228,521       64.0 %   $ 360,559       12.5 %
China     128,301       36.0 %     2,525,630       87.5 %
Total cash   $ 356,822       100.0 %   $ 2,886,189       100.0 %
Schedule of reconciliation of basic and diluted net income (loss) per share

The following table presents a reconciliation of basic and diluted net (loss) income per share:

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
Net (loss) income for basic and diluted net (loss) income per share of common stock   $ (710,729 )   $ 207,874     $ (1,690,570 )   $ 102,403  
Weighted average common stock outstanding - basic and diluted     64,628,622       50,000,000       63,958,292       50,000,000  
Net (loss) income per common shares - basic and diluted   $ (0.011 )   $ 0.004     $ (0.026 )   $ 0.002