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China Recycling Energy Corp. – ‘10-Q’ for 6/30/20 – ‘EX-101.INS’

On:  Friday, 8/14/20, at 5:04pm ET   ·   For:  6/30/20   ·   Accession #:  1213900-20-22318   ·   File #:  1-34625

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/14/20  China Recycling Energy Corp.      10-Q        6/30/20   83:5.4M                                   EdgarAgents LLC/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    416K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     27K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     24K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     24K 
12: R1          Document And Entity Information                     HTML     55K 
13: R2          Consolidated Balance Sheets                         HTML    139K 
14: R3          Consolidated Balance Sheets (Parentheticals)        HTML     31K 
15: R4          Consolidated Statements of Operations and           HTML     92K 
                Comprehensive Loss (Unaudited)                                   
16: R5          Consolidated Statements of Cash Flows (Unaudited)   HTML    121K 
17: R6          Consolidated Statements of Stockholders? Equity     HTML     84K 
                (Unaudited)                                                      
18: R7          Organization and Description of Business            HTML     58K 
19: R8          Summary of Significant Accounting Policies          HTML     72K 
20: R9          Investment in Sales-Type Leases, Net                HTML     29K 
21: R10         Other Receivables                                   HTML     25K 
22: R11         Property and Equipment and Construction in          HTML     31K 
                Progress                                                         
23: R12         Taxes Payable                                       HTML     28K 
24: R13         Accrued Liabilities and Other Payables              HTML     28K 
25: R14         Deferred Tax, Net                                   HTML     32K 
26: R15         Loans Payable                                       HTML     58K 
27: R16         Refundable Deposits from Customers for Systems      HTML     25K 
                Leasing                                                          
28: R17         Related Party Transactions                          HTML     29K 
29: R18         Note Payables, Net                                  HTML     35K 
30: R19         Shares Issued for Equity Financing and Stock        HTML     31K 
                Compensation                                                     
31: R20         Income Tax                                          HTML     47K 
32: R21         Stock-Based Compensation Plan                       HTML     31K 
33: R22         Statutory Reserves                                  HTML     37K 
34: R23         Contingencies                                       HTML     27K 
35: R24         Commitments                                         HTML     34K 
36: R25         Subsequent Events                                   HTML     27K 
37: R26         Accounting Policies, by Policy (Policies)           HTML    127K 
38: R27         Summary of Significant Accounting Policies          HTML     34K 
                (Tables)                                                         
39: R28         Investment in Sales-Type Leases, Net (Tables)       HTML     29K 
40: R29         Property and Equipment and Construction in          HTML     27K 
                Progress (Tables)                                                
41: R30         Taxes Payable (Tables)                              HTML     27K 
42: R31         Accrued Liabilities and Other Payables (Tables)     HTML     28K 
43: R32         Deferred Tax, Net (Tables)                          HTML     31K 
44: R33         Loans Payable (Tables)                              HTML     40K 
45: R34         Shares Issued for Equity Financing and Stock        HTML     29K 
                Compensation (Tables)                                            
46: R35         Income Tax (Tables)                                 HTML     41K 
47: R36         Stock-Based Compensation Plan (Tables)              HTML     30K 
48: R37         Statutory Reserves (Tables)                         HTML     34K 
49: R38         Commitments (Tables)                                HTML     32K 
50: R39         Organization and Description of Business (Details)  HTML    260K 
51: R40         Summary of Significant Accounting Policies          HTML     77K 
                (Details)                                                        
52: R41         Summary of Significant Accounting Policies          HTML     39K 
                (Details) - Schedule of bad debt allowance                       
53: R42         Summary of Significant Accounting Policies          HTML     38K 
                (Details) - Schedule of property and equipment                   
                estimated lives                                                  
54: R43         Investment in Sales-Type Leases, Net (Details)      HTML     27K 
55: R44         Investment in Sales-Type Leases, Net (Details) -    HTML     40K 
                Schedule of net investment in sales-type leases                  
56: R45         Other Receivables (Details)                         HTML     31K 
57: R46         Property and Equipment and Construction in          HTML     42K 
                Progress (Details)                                               
58: R47         Property and Equipment and Construction in          HTML     31K 
                Progress (Details) - Schedule of construction in                 
                progress                                                         
59: R48         Taxes Payable (Details)                             HTML     30K 
60: R49         Taxes Payable (Details) - Schedule of taxes         HTML     35K 
                payable                                                          
61: R50         Accrued Liabilities and Other Payables (Details) -  HTML     34K 
                Schedule of accrued liabilities and other payables               
62: R51         Deferred Tax, Net (Details) - Schedule of deferred  HTML     44K 
                tax liability                                                    
63: R52         Loans Payable (Details)                             HTML    144K 
64: R53         Loans Payable (Details) - Schedule of               HTML     42K 
                reconciliation of repayment of HYREF loan                        
                (Entrusted Loan)                                                 
65: R54         Refundable Deposits from Customers for Systems      HTML     25K 
                Leasing (Details)                                                
66: R55         Related Party Transactions (Details)                HTML     32K 
67: R56         Note Payables, Net (Details)                        HTML     98K 
68: R57         Shares Issued for Equity Financing and Stock        HTML     30K 
                Compensation (Details)                                           
69: R58         Shares Issued for Equity Financing and Stock        HTML     71K 
                Compensation (Details) - Schedule of warrant                     
                activity                                                         
70: R59         Income Tax (Details)                                HTML     38K 
71: R60         Income Tax (Details) - Schedule of reconciles U.S.  HTML     44K 
                statutory rates to effective tax rate                            
72: R61         Income Tax (Details) - Schedule of provision for    HTML     34K 
                income tax expense                                               
73: R62         Stock-Based Compensation Plan (Details)             HTML     24K 
74: R63         Stock-Based Compensation Plan (Details) - Schedule  HTML     63K 
                of option activity with respect to employees and                 
                independent directors                                            
75: R64         Statutory Reserves (Details)                        HTML     44K 
76: R65         Statutory Reserves (Details) - Schedule of maximum  HTML     46K 
                statutory reserve amount                                         
77: R66         Commitments (Details)                               HTML     42K 
78: R67         Commitments (Details) - Schedule of lease cost      HTML     32K 
79: R68         Commitments (Details) - Schedule for maturities of  HTML     31K 
                office lease liabilities                                         
80: R69         Subsequent Events (Details)                         HTML     29K 
82: XML         IDEA XML File -- Filing Summary                      XML    154K 
81: EXCEL       IDEA Workbook of Financial Reports                  XLSX    125K 
 6: EX-101.INS  XBRL Instance -- creg-20200630                       XML   1.15M 
 8: EX-101.CAL  XBRL Calculations -- creg-20200630_cal               XML    124K 
 9: EX-101.DEF  XBRL Definitions -- creg-20200630_def                XML    831K 
10: EX-101.LAB  XBRL Labels -- creg-20200630_lab                     XML   1.62M 
11: EX-101.PRE  XBRL Presentations -- creg-20200630_pre              XML    815K 
 7: EX-101.SCH  XBRL Schema -- creg-20200630                         XSD    282K 
83: ZIP         XBRL Zipped Folder -- 0001213900-20-022318-xbrl      Zip    216K

‘EX-101.INS’   —   XBRL Instance — creg-20200630

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. ORGANIZATION AND DESCRIPTION OF BUSINESS</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Recycling Energy Corporation (the “Company” or “CREG”) is incorporated in Nevada state. The Company, through its subsidiaries, provides energy saving solutions and services, including selling and leasing energy saving systems and equipment to customers, and project investment in the Peoples Republic of China (“PRC”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s organizational chart as of June 30, 2020 is as follows:</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image_001.jpg" alt=""/></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Erdos TCH – Joint Venture</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 14, 2009, the Company formed a joint venture (the “JV”) with Erdos Metallurgy Co., Ltd. (“Erdos”) to recycle waste heat from Erdos’ metal refining plants to generate power and steam to be sold back to Erdos. The name of the JV was Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd. (“Erdos TCH”) with a term of 20 years. Total investment for the project was estimated at $79 million (RMB 500 million) with an initial investment of $17.55 million (RMB 120 million). Erdos contributed 7% of the total investment of the project, and Xi’an TCH Energy Technology Co., Ltd. (“Xi’an TCH”) contributed 93%. On June 15, 2013, Xi’an TCH and Erdos entered into a share transfer agreement, pursuant to which Erdos sold its 7% ownership interest in the JV to Xi’an TCH for $1.29 million (RMB 8 million), plus certain accumulated profits as described below. Xi’an TCH paid the $1.29 million in July 2013 and, as a result, became the sole stockholder of the JV. Erdos TCH currently has two power generation systems in Phase I with a total of 18 MW power capacity, and three power generation systems in Phase II with a total of 27 MW power capacity. On April 28, 2016, Erdos TCH and Erdos entered into a supplemental agreement, effective May 1, 2016, whereby Erdos TCH cancelled monthly minimum lease payments from Erdos, and started to charge Erdos based on actual electricity sold at RMB 0.30 / KWH. The selling price of each KWH is determined annually based on prevailing market conditions. The Company evaluated the modified terms for payments based on actual electricity sold as minimum lease payments as defined in ASC 840-10-25-4, since lease payments that depend on a factor directly related to the future use of the leased property are contingent rentals and, accordingly, are excluded from minimum lease payments in their entirety. The Company wrote off the net investment receivables of these leases at the lease modification date. Since May 2019, Erdos TCH has ceased its operations due to renovations and furnace safety upgrades of Erdos, and the Company initially expected the resumption of operations in July 2020, but the resumption of operations will be delayed due to the global pandemic of Covid-19, the Company is not able to provide a resumption date as it will depend on the overall progress of the global epidemic control. During this period, Erdos will compensate Erdos TCH RMB 1 million ($145,460) per month, until operations resume.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, Erdos TCH has 30% ownership in DaTangShiDai (BinZhou) Energy Savings Technology Co., Ltd. (“BinZhou Energy Savings”), 30% ownership in DaTangShiDai DaTong Recycling Energy Technology Co., Ltd. (“DaTong Recycling Energy”), and 40% ownership in DaTang ShiDai TianYu XuZhou Recycling Energy Technology Co, Ltd. (“TianYu XuZhou Recycling Energy”). These companies were incorporated in 2012 but there have not been any operations since then nor has any registered capital contribution been made.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pucheng Biomass Power Generation Projects</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 29, 2010, Xi’an TCH entered into a Biomass Power Generation (“BMPG”) Project Lease Agreement with Pucheng XinHengYuan Biomass Power Generation Co., Ltd. (“Pucheng”), a limited liability company incorporated in China. Under this lease agreement, Xi’an TCH leased a set of 12 MW BMPG systems to Pucheng at a minimum of $279,400 (RMB 1,900,000) per month for 15 years (“Pucheng Phase I”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 11, 2013, Xi’an TCH entered into a BMPG Asset Transfer Agreement (the “Pucheng Transfer Agreement”) with Pucheng. The Pucheng Transfer Agreement provided for the sale by Pucheng to Xi’an TCH of a set of 12 MW BMPG systems with completion of system transformation for RMB 100 million ($16.48 million) in the form of 87,666 shares (post-reverse stock split) of common stock of the Company at $187.0 per share (post-reverse stock price). Also on September 11, 2013, Xi’an TCH entered into a BMPG Project Lease Agreement with Pucheng (the “Pucheng Lease”). Under the Pucheng Lease, Xi’an TCH leases this same set of 12 MW BMPG systems to Pucheng, and combined this lease with the lease for the 12 MW BMPG station of Pucheng Phase I project, under a single lease to Pucheng for RMB 3.8 million ($0.63 million) per month (the “Pucheng Phase II Project”). The term for the combined lease is from September 2013 to June 2025. The lease agreement for the 12 MW station from the Pucheng Phase I project terminated upon the effective date of the Pucheng Lease. The ownership of the two 12 MW BMPG systems will transfer to Pucheng at no additional charge when the Pucheng Lease expires. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 29, 2019, Xi’an TCH entered into a Termination Agreement of the Lease Agreement of the Biomass Power Generation Project (the “Termination Agreement”) with Pucheng.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pucheng failed to pay fees it owed to Xi’an TCH for leasing two biomass power generation systems from Xi’an TCH, due to its long suspension of production resulting from the significant reduction of raw material supplies for its biomass power generation operation in Pucheng County, which caused the biomass power generation project to no longer be suitable. Pursuant to the Termination Agreement, the parties agreed that: (i) Pucheng shall pay outstanding lease fees of RMB 97.6 million ($14 million) owed as of December 31, 2018 to Xi’an TCH before January 15, 2020; (ii) Xi’an TCH will waive the lease fees owed after January 1, 2019; (iii) Xi’an TCH will not return RMB 3.8 million ($542,857) in cash deposits paid by Pucheng; (iv) Xi’an TCH will transfer the Project to Pucheng at no additional cost after receiving RMB 97.6 million ($14 million) from Pucheng, and the original lease agreement between the parties will be formally terminated; and (v) if Pucheng fails to pay off RMB 97.6 million ($14 million) to Xi’an TCH before January 15, 2020, Xi’an TCH will still hold ownership of the Project and the original lease agreement shall still be valid. The Company recorded an additional $2.67 million bad debt expense for Pucheng during the year ended December 31, 2019. Xi’an TCH received RMB 97.6 million ($14 million) in full on January 14, 2020 and the ownership of the system was transferred. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shenqiu Yuneng Biomass Power Generation Projects</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 28, 2011, Xi’an TCH and Shenqiu entered into a BMPG Project Lease Agreement (the “2011 Shenqiu Lease”). Under the 2011 Shenqiu Lease, Xi’an TCH agreed to lease a set of 12 MW BMPG systems to Shenqiu at a monthly rental of $286,000 (RMB 1,800,000) for 11 years.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 30, 2013, Xi’an TCH and Shenqiu entered into a BMPG Project Lease Agreement (the “2013 Shenqiu Lease”). Under the 2013 Shenqiu Lease, Xi’an TCH agreed to lease the second set of 12 MW BMPG systems to Shenqiu for $239,000 (RMB 1.5 million) per month for 9.5 years.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As repayment for a loan made by Xi’an Zhonghong to Beijing Hongyuan Recycling Energy Investment Center, LLP (the “HYREF”) on January 10, 2019 (see further discussion in Note 9); on January 4, 2019, Xi’an Zhonghong, Xi’an TCH, and Mr. Chonggong Bai (or “Mr. Bai”), a resident of China, entered into a Projects Transfer Agreement (the “Agreement”), pursuant to which Xi’an TCH transferred two BMGP in Shenqiu (“Shenqiu Phase I and II Projects”) to Mr. Bai for RMB 127,066,000 ($18.55 million). As consideration for the transfer of the Shenqiu Phase I and II Projects to Mr. Bai (Note 9), Mr. Bai transferred all the equity shares of his wholly owned company, Xi’an Hanneng Enterprises Management Consulting Co. Ltd. (“Xi’an Hanneng”) to Beijing Hongyuan Recycling Energy Investment Center, LLP (the “HYREF”) as repayment for a loan made by Xi’an Zhonghong to HYREF on January 10, 2019. The transfer of the projects was completed on February 15, 2019. The Company recorded $208,359 loss from the transfer during the year ended December 31, 2019. Xi’an Hanneng was expected to own 47,150,000 shares of Xi’an Huaxin New Energy Co., Ltd for the repayment of Shenqiu system and Huayu system. However, Xi’an Hanneng was not able to obtain all the Huaxin shares due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report. On December 20, 2019, Mr. Bai and all the related parties therefore agreed to have Mr. Bai instead paying in cash for the transfer price of Shenqiu (see Note 9 for detail). </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The Fund Management Company</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 25, 2013, Xi’an TCH and Hongyuan Huifu Venture Capital Co. Ltd. (“Hongyuan Huifu”) established Beijing Hongyuan Recycling Energy Investment Management Company Ltd. (the “Fund Management Company”) with registered capital of RMB 10 million ($1.45 million). Xi’an TCH made an initial capital contribution of RMB 4 million ($650,000) and held a 40% ownership interest in the Fund Management Company. With respect to the Fund Management Company, voting rights and dividend rights are allocated 80% and 20% between Hongyuan Huifu and Xi’an TCH, respectively.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund Management Company is the general partner of Beijing Hongyuan Recycling Energy Investment Center, LLP (the “HYREF Fund”), a limited liability partnership established on July 18, 2013 in Beijing. The Fund Management Company made an initial capital contribution of RMB 5 million ($830,000) to the HYREF Fund. RMB 460 million ($77 million) was fully subscribed by all partners for the HYREF Fund. The HYREF Fund has three limited partners: (1) China Orient Asset Management Co., Ltd., which made an initial capital contribution of RMB 280 million ($46.67 million) to the HYREF Fund and is a preferred limited partner; (2) Hongyuan Huifu, which made an initial capital contribution of RMB 100 million ($16.67 million) to the HYREF Fund and is an ordinary limited partner; and (3) the Company’s wholly-owned subsidiary, Xi’an TCH, which made an initial capital contribution of RMB 75 million ($12.5 million) to the HYREF Fund and is a secondary limited partner. In addition, Xi’an TCH and Hongyuan Huifu formed Beijing Hongyuan Recycling Energy Investment Management Company Ltd. to manage this Fund, which also subscribed in the amount of RMB 5 million ($830,000) from the Fund. The term of the HYREF Fund’s partnership is six years from the date of its establishment, expiring July 18, 2019. However, the HYREF Fund’s partnership will not terminate until the HYREF loan is fully repaid and the buy-back period is over pursuant to the Buy-back Agreement entered on December 29, 2018 (see Note 9). The term is four years from the date of contribution for the preferred limited partner, and four years from the date of contribution for the ordinary limited partner. The total size of the HYREF Fund is RMB 460 million ($77 million). The HYREF Fund was formed to invest in Xi’an Zhonghong New Energy Technology Co., Ltd., a then 90% owned subsidiary of Xi’an TCH, for the construction of two coke dry quenching (“CDQ”) Waste Heat Power Generation (“WHPG”) stations with Jiangsu Tianyu Energy and Chemical Group Co., Ltd. (“Tianyu”) and one CDQ WHPG station with Boxing County Chengli Gas Supply Co., Ltd. (“Chengli”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Xi’an TCH entered into a Share Transfer Agreement with Hongyuan Huifu, pursuant to which Xi’an TCH transferred its 40% ownership in the Fund Management Company to Hongyuan Huifu for RMB 3,453,867 ($0.53 million). The transfer was completed January 22, 2019. The Company recorded approximately $46,500 loss from the sale of a 40% equity interest in Fund Management Company. The Company does not have any ownership in the Fund Management Company after this transaction.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Chengli Waste Heat Power Generation Projects</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 19, 2013, Xi’an TCH formed a new company, “Xi’an Zhonghong New Energy Technology Co., Ltd.” (“Zhonghong”), with registered capital of RMB 30 million ($4.85 million). Xi’an TCH paid RMB 27 million ($4.37 million) and owns 90% of Zhonghong. Zhonghong is engaged to provide energy saving solution and services, including constructing, selling and leasing energy saving systems and equipment to customers. On December 29, 2018, Shanghai TCH entered into a Share Transfer Agreement with HYREF, pursuant to which HYREF transferred its 10% ownership in Xi’an Zhonghong to Shanghai TCH for RMB 3 million ($0.44 million). The transfer was completed on January 22, 2019. The Company owns 100% of Xi’an Zhonghong after the transaction.  </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 24, 2013, Zhonghong entered into a Cooperative Agreement of CDQ and CDQ WHPG Project (Coke Dry Quenching Waste Heat Power Generation Project) with Boxing County Chengli Gas Supply Co., Ltd. (“Chengli”). The parties entered into a supplement agreement on July 26, 2013. Pursuant to these agreements, Zhonghong will design, build and maintain a 25 MW CDQ system and a CDQ WHPG system to supply power to Chengli, and Chengli will pay energy saving fees (the “Chengli Project”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Xi’an Zhonghong, Xi’an TCH, HYREF, Guohua Ku, and Mr. Chonggong Bai entered into a CDQ WHPG Station Fixed Assets Transfer Agreement, pursuant to which Xi’an Zhonghong transferred Chengli CDQ WHPG station as the repayment for the loan of RMB 188,639,400 ($27.54 million) to HYREF. Xi’an Zhonghong, Xi’an TCH, Guohua Ku and Chonggong Bai also agreed to buy back the CDQ WHPG Station when conditions under the Buy Back Agreement are met (see Note 9). The transfer of the Station was completed January 22, 2019, the Company recorded $624,133 loss from this transfer. Since the original terms of Buy Back Agreement are still valid, and the Buy Back possibility could occur; therefore, the loan principal and interest and the corresponding asset of Chengli CDQ WHPG station cannot be derecognized due to the existence of Buy Back clauses (see Note 5 for detail).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tianyu Waste Heat Power Generation Project</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 19, 2013, Zhonghong entered into a Cooperative Agreement (the “Tianyu Agreement”) for Energy Management of CDQ and CDQ WHPG Projects with Jiangsu Tianyu Energy and Chemical Group Co., Ltd. (“Tianyu”). Pursuant to the Tianyu Agreement, Zhonghong will design, build, operate and maintain two sets of 25 MW CDQ systems and CDQ WHPG systems for two subsidiaries of Tianyu – Xuzhou Tian’an Chemical Co., Ltd. (“Xuzhou Tian’an”) and Xuzhou Huayu Coking Co., Ltd. (“Xuzhou Huayu”) – to be located at Xuzhou Tian’an and Xuzhou Huayu’s respective locations (the “Tianyu Project”). Upon completion of the Tianyu Project, Zhonghong will charge Tianyu an energy saving fee of RMB 0.534 ($0.087) per kilowatt hour (excluding tax). The term of the Tianyu Agreement is 20 years. The construction of the Xuzhou Tian’an Project is anticipated to be completed by the second quarter of 2020. The Xuzhou Huayu Project has been on hold due to a conflict between Xuzhou Huayu Coking Co., Ltd. and local residents on certain pollution-related issues.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 4, 2019, Xi’an Zhonghong, Xi’an TCH, and Mr. Chonggong Bai entered into a Projects Transfer Agreement (the “Agreement”), pursuant to which Xi’an Zhonghong transferred a CDQ WHPG station (under construction) located in Xuzhou City for Xuzhou Huayu Coking Co., Ltd. (“Xuzhou Huayu Project”) to Mr. Bai for RMB 120,000,000 ($17.52 million). Mr. Bai agreed that as consideration for the transfer of the Xuzhou Huayu Project to him (Note 9), he would transfer all the equity shares of his wholly owned company, Xi’an Hanneng, to HYREF as repayment for the loan made by Xi’an Zhonghong to HYREF. The transfer of the project was completed on February 15, 2019. The Company recorded $397,033 loss from this transfer during the year ended December 31, 2019. On January 10, 2019, Mr. Chonggong Bai transferred all the equity shares of his wholly owned company, Xi’an Hanneng, to HYREF as repayment for the loan. Xi’an Hanneng was expected to own 47,150,000 shares of Xi’an Huaxin New Energy Co., Ltd for the repayment of Huayu system and Shenqiu system. As of September 30, 2019, Xi’an Hanneng already owned 29,948,000 shares of Huaxin, but was not able to obtain the remaining 17,202,000 shares due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report. On December 20, 2019, Mr. Bai and all the related parties agreed to have Mr. Bai instead pay in cash for the transfer price of Huayu (see Note 9 for detail). </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 10, 2020, Zhonghong, Tianyu and Huaxin signed a transfer agreement to transfer all assets under construction and related rights and interests of Xuzhou Tian’an Project to Tianyu for RMB 170 million including VAT ($24.37 million) in three installment payments. The 1st installment payment of RMB 50 million ($7.17 million) to be paid within 20 working days after the contract is signed. The 2nd installment payment of RMB 50 million ($7.17 million) is to be paid within 20 working days after completion of the project construction but no later than July 31, 2020. The final installment payment of RMB 70 million ($10.03 million) is to be paid before December 31, 2020. On March 11, 2020, the Company received the 1<sup>st</sup> installment payment. The repayment date for 2<sup>nd </sup>installment payment is delayed to fourth quarter of 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Zhongtai Waste Heat Power Generation Energy Management Cooperative Agreement</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 6, 2013, Xi’an TCH entered into a CDQ and WHPG Energy Management Cooperative Agreement (the “Zhongtai Agreement”) with Xuzhou Zhongtai Energy Technology Co., Ltd. (“Zhongtai”), a limited liability company incorporated in Jiangsu Province, China.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Zhongtai Agreement, Xi’an TCH was to design, build and maintain a 150 ton per hour CDQ system and a 25 MW CDQ WHPG system and sell the power to Zhongtai, and Xi’an TCH is also to build a furnace to generate steam from the smoke pipeline’s waste heat and sell the steam to Zhongtai.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The construction period of the Project was expected to be 18 months from the date when conditions are ready for construction to begin. Zhongtai is to start to pay an energy saving service fee from the date when the WHPG station passes the required 72-hour test run. The payment term is 20 years. For the first 10 years, Zhongtai shall pay an energy saving fee at RMB 0.534 ($0.089) per kilowatt hour (KWH) (including value added tax) for the power generated from the system. For the second 10 years, Zhongtai shall pay an energy saving fee at RMB 0.402 ($0.067) per KWH (including value added tax). During the term of the contract the energy saving fee shall be adjusted at the same percentage as the change of local grid electricity price. Zhongtai shall also pay an energy saving fee for the steam supplied by Xi’an TCH at RMB 100 ($16.67) per ton (including value added tax). Zhongtai and its parent company will provide guarantees to ensure Zhongtai will fulfill its obligations under the Agreement. Upon the completion of the term, Xi’an TCH will transfer the systems to Zhongtai for RMB 1 ($0.16). Zhongtai shall provide waste heat to the systems for no less than 8,000 hours per year and waste gas volume no less than 150,000 Normal Meter Cubed (Nm3) per hour, with a temperature no less than 950°C. If these requirements are not met, the term of the Agreement will be extended accordingly. If Zhongtai wants to terminate the Zhongtai Agreement early, it shall provide Xi’an TCH with a 60 day notice and pay the termination fee and compensation for the damages to Xi’an TCH according to the following formula: (1) if it is less than five years into the term when Zhongtai requests termination, Zhongtai shall pay: Xi’an TCH’s total investment amount plus Xi’an TCH’s annual investment return times five years minus the years in which the system has already operated; or 2) if it is more than five years into the term when Zhongtai requests the termination, Zhongtai shall pay: Xi’an TCH’s total investment amount minus total amortization cost (the amortization period is 10 years).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2016, Xi’an TCH entered into a Transfer Agreement of CDQ and a CDQ WHPG system with Zhongtai and Xi’an Huaxin (the “Transfer Agreement”). Under the Transfer Agreement, Xi’an TCH agreed to transfer to Zhongtai all of the assets associated with the CDQ Waste Heat Power Generation Project (the “Project”), which is under construction pursuant to the Zhongtai Agreement. Additionally, Xi’an TCH agreed to transfer to Zhongtai the Engineering, Procurement and Construction (“EPC”) Contract for the CDQ Waste Heat Power Generation Project which Xi’an TCH had entered into with Xi’an Huaxin in connection with the Project. Xi’an Huaxin will continue to construct and complete the Project and Xi’an TCH agreed to transfer all its rights and obligations under the EPC Contract to Zhongtai. As consideration for the transfer of the Project, Zhongtai agreed to pay to Xi’an TCH RMB 167,360,000 ($25.77 million) including (i) RMB 152,360,000 ($23.46 million) for the construction of the Project; and (ii) RMB 15,000,000 ($2.31 million) as payment for partial loan interest accrued during the construction period. Those amounts have been, or will be, paid by Zhongtai to Xi’an TCH according to the following schedule: (a) RMB 50,000,000 ($7.70 million) was to be paid within 20 business days after the Transfer Agreement was signed; (b) RMB 30,000,000 ($4.32 million) was to be paid within 20 business days after the Project was completed, but no later than July 30, 2016; and (c) RMB 87,360,000 ($13.45 million) was to be paid no later than July 30, 2017. Xuzhou Taifa Special Steel Technology Co., Ltd. (“Xuzhou Taifa”) guaranteed the payments from Zhongtai to Xi’an TCH. The ownership of the Project was conditionally transferred to Zhongtai following the initial payment of RMB 50,000,000 ($7.70 million) by Zhongtai to Xi’an TCH and the full ownership of the Project will be officially transferred to Zhongtai after it completes all payments pursuant to the Transfer Agreement. The Company recorded a $2.82 million loss from this transaction in 2016. In 2016, Xi’an TCH had received the first payment of $7.70 million and the second payment of $4.32 million. However, the Company received a repayment commitment letter from Zhongtai on February 23, 2018, in which Zhongtai committed to pay the remaining payment of RMB 87,360,000 ($13.45 million) no later than the end of July 2018; in July 2018, Zhongtai and the Company reached a further oral agreement to extend the repayment term of RMB 87,360,000 ($13.45 million) by another two to three months. As of June 30, 2020, the Company had gross receivable from Zhongtai for $4.24 million (with bad debt allowance of $4.24 million). In January 2020, Zhongtai paid RMB 10 million ($1.41 million); in March 2020, Zhongtai paid RMB 20 million ($2.82 million); in June 2020, Zhongtai paid RMB 10 million ($1.41 million). Zhongtai is committed to pay in full the remaining balance of RMB 30 million ($4.24 million) no later than the end of 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Formation of Zhongxun</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 24, 2014, Xi’an TCH incorporated a subsidiary, Zhongxun Energy Investment (Beijing) Co., Ltd. (“Zhongxun”) with registered capital of $5,695,502 (RMB 35,000,000), which must be contributed before October 1, 2028. Zhongxun is 100% owned by Xi’an TCH and will be mainly engaged in project investment, investment management, economic information consulting, and technical services. Zhongxun has not yet commenced operations nor has any capital contribution been made as of the date of this report.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Formation of Yinghua</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 11, 2015, the Company incorporated a subsidiary, Shanghai Yinghua Financial Leasing Co., Ltd. (“Yinghua”) with registered capital of $30,000,000, to be paid within 10 years from the date the business license is issued. Yinghua is 100% owned by the Company and will be mainly engaged in financial leasing, purchase of financial leasing assets, disposal and repair of financial leasing assets, consulting and ensuring of financial leasing transactions, and related factoring business. Yinghua has not yet commenced operations nor has any capital contribution been made as of the date of this report.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reverse Stock Split</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 13, 2020, the Company filed a certificate of change (“Certificate of Change”) with the Secretary of State of the State of Nevada, pursuant to which, on April 13, 2020, the Company effected a reverse stock split of its common stock, $0.001 per share at a rate of 1-for-10, accompanied by a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”). The consolidated financial statements as of June 30, 2020 and December 31, 2019, and for the six and three months ended June 30, 2020 and 2019 were retroactively restated to reflect this reverse stock split.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other Events</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 9, 2019, the Company entered into a letter of intent to acquire a controlling interest in Xi’an Yineng Zhihui Technology Co., Ltd. (“YNZH”), a next generation energy storage solution provider in China. YNZH is a leading comprehensive high-tech intelligent energy service company integrated with energy efficiency improvement and storage management in China. The energy efficiency management is to fully use big data cloud computing technology, effectively adopt the combination of the mature international and domestic clean energy technologies to make the customers’ energy management more efficient, more economical, more secure and more scientific. The terms of this proposed transaction are currently being negotiated.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, a novel strain of coronavirus (COVID-19) was reported in Wuhan, China. The World Health Organization has declared the outbreak to constitute a “Public Health Emergency of International Concern.” This pandemic, which continues to spread to additional countries, and is disrupting supply chains and affecting production and sales across a range of industries as a result of quarantines, facility closures, and travel and logistics restrictions in connection with the outbreak. However, as a result of PRC government’s effort on disease control, most cities in China were reopened, the outbreak in China is under the control. The Company disposed all of its systems and currently holds only five power generating systems through Erdos TCH, the Company initially expected to resume production of these five power generating systems in July 2020 from the renovation and furnace safety upgrade, but the resumption of operations will be delayed due to the global pandemic of Covid-19; Erdos exports ferrosilicon to 27 countries, the Company decided not to resume the production in the third quarter of 2020 as a result of decreased sales order and overstocked inventory, and the Company is not able to provide a resumption date as it will depend on the overall progress of the global epidemic control. There are some new Covid-19 cases discovered in a few provinces of China including Beijing and Liaoning province, no new case has been discovered in Xi’an province where the Company is located as of today.</font></p><br/>
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<creg:LongTermLeasesDescription contextRef="c83_From1Sep2019To29Sep2019_XianTchMember"> Pursuant to the Termination Agreement, the parties agreed that: (i) Pucheng shall pay outstanding lease fees of RMB 97.6 million ($14 million) owed as of December 31, 2018 to Xi’an TCH before January 15, 2020; (ii) Xi’an TCH will waive the lease fees owed after January 1, 2019; (iii) Xi’an TCH will not return RMB 3.8 million ($542,857) in cash deposits paid by Pucheng; (iv) Xi’an TCH will transfer the Project to Pucheng at no additional cost after receiving RMB 97.6 million ($14 million) from Pucheng, and the original lease agreement between the parties will be formally terminated; and (v) if Pucheng fails to pay off RMB 97.6 million ($14 million) to Xi’an TCH before January 15, 2020, Xi’an TCH will still hold ownership of the Project and the original lease agreement shall still be valid. The Company recorded an additional $2.67 million bad debt expense for Pucheng during the year ended December 31, 2019. Xi’an TCH received RMB 97.6 million ($14 million) in full on January 14, 2020 and the ownership of the system was transferred. </creg:LongTermLeasesDescription>
<creg:LeaseRevenuesAndFees unitRef="usd" contextRef="c84_From1Sep2011To28Sep2011_ShenqiuProjectMember" decimals="0"> 286000 </creg:LeaseRevenuesAndFees>
<creg:LeaseRevenuesAndFees unitRef="cny" contextRef="c84_From1Sep2011To28Sep2011_ShenqiuProjectMember" decimals="0"> 1800000 </creg:LeaseRevenuesAndFees>
<creg:LeasePeriod contextRef="c85_From3Sep2011To28Sep2011_ShenqiuProjectMember"> P11Y </creg:LeasePeriod>
<creg:LeaseRevenuesAndFees unitRef="usd" contextRef="c86_From1Mar2013To30Mar2013_BiomassPowerGenerationSystemMember_XianTchMember" decimals="0"> 239000 </creg:LeaseRevenuesAndFees>
<creg:LeaseRevenuesAndFees unitRef="cny" contextRef="c86_From1Mar2013To30Mar2013_BiomassPowerGenerationSystemMember_XianTchMember" decimals="-5"> 1500000 </creg:LeaseRevenuesAndFees>
<creg:LeasePeriod contextRef="c86_From1Mar2013To30Mar2013_BiomassPowerGenerationSystemMember_XianTchMember"> P9Y6M </creg:LeasePeriod>
<creg:PaymentOfTransferPrice unitRef="cny" contextRef="c87_AsOf4Jan2019_BiomassPowerGenerationProjectLeaseAgreementMember" decimals="0"> 127066000 </creg:PaymentOfTransferPrice>
<creg:PaymentOfTransferPrice unitRef="usd" contextRef="c87_AsOf4Jan2019_BiomassPowerGenerationProjectLeaseAgreementMember" decimals="-4"> 18550000 </creg:PaymentOfTransferPrice>
<creg:LossFromTheTransfer unitRef="usd" contextRef="c88_From1Jan2019To31Dec2019_BiomassPowerGenerationSystemMember" decimals="0"> 208359 </creg:LossFromTheTransfer>
<creg:RepaymentOfLoan unitRef="shares" contextRef="c89_AsOf30Jun2020_XianHuaxinNewEnergyCoLtdMember" decimals="INF"> 47150000 </creg:RepaymentOfLoan>
<creg:InitialCapitalContributionDescription contextRef="c90_From1Jun2013To25Jun2013_HongyuanHuifuVentureCapitalCoLtdMember"> (the “Fund Management Company”) with registered capital of RMB 10 million ($1.45 million). Xi’an TCH made an initial capital contribution of RMB 4 million ($650,000) and held a 40% ownership interest in the Fund Management Company. With respect to the Fund Management Company, voting rights and dividend rights are allocated 80% and 20% between Hongyuan Huifu and Xi’an TCH, respectively. </creg:InitialCapitalContributionDescription>
<creg:OriginalInvestmentBySubsidiary unitRef="cny" contextRef="c91_AsOf18Jul2013_HYREFFundMember" decimals="-6"> 5000000 </creg:OriginalInvestmentBySubsidiary>
<creg:OriginalInvestmentBySubsidiary unitRef="usd" contextRef="c91_AsOf18Jul2013_HYREFFundMember" decimals="0"> -830000 </creg:OriginalInvestmentBySubsidiary>
<creg:TotalFundCapitalContribution unitRef="cny" contextRef="c91_AsOf18Jul2013_HYREFFundMember" decimals="-6"> 460000000 </creg:TotalFundCapitalContribution>
<creg:TotalFundCapitalContribution unitRef="usd" contextRef="c91_AsOf18Jul2013_HYREFFundMember" decimals="-6"> 77000000 </creg:TotalFundCapitalContribution>
<creg:SubscribedAmountOfInitialCapitalContribution unitRef="cny" contextRef="c92_AsOf18Jul2013_ChinaOrientAssetManagementCoLtdMember_HYREFFundMember" decimals="-6"> 280000000 </creg:SubscribedAmountOfInitialCapitalContribution>
<creg:SubscribedAmountOfInitialCapitalContribution unitRef="usd" contextRef="c92_AsOf18Jul2013_ChinaOrientAssetManagementCoLtdMember_HYREFFundMember" decimals="-4"> 46670000 </creg:SubscribedAmountOfInitialCapitalContribution>
<creg:SubscribedAmountOfInitialCapitalContribution unitRef="cny" contextRef="c93_AsOf18Jul2013_HongyuanHuifuVentureCapitalCoLtdMember_HYREFFundMember" decimals="-6"> 100000000 </creg:SubscribedAmountOfInitialCapitalContribution>
<creg:SubscribedAmountOfInitialCapitalContribution unitRef="usd" contextRef="c94_AsOf18Jul2013_XianTchMember_HongyuanHuifuVentureCapitalCoLtdMember" decimals="-4"> 16670000 </creg:SubscribedAmountOfInitialCapitalContribution>
<creg:InitialCapitalContributionDescription contextRef="c95_From1Jul2013To18Jul2013_XianTchMember"> the Company’s wholly-owned subsidiary, Xi’an TCH, which made an initial capital contribution of RMB 75 million ($12.5 million) to the HYREF Fund and is a secondary limited partner. In addition, Xi’an TCH and Hongyuan Huifu formed Beijing Hongyuan Recycling Energy Investment Management Company Ltd. to manage this Fund, which also subscribed in the amount of RMB 5 million ($830,000) from the Fund. The term of the HYREF Fund’s partnership is six years from the date of its establishment, expiring July 18, 2019. However, the HYREF Fund’s partnership will not terminate until the HYREF loan is fully repaid and the buy-back period is over pursuant to the Buy-back Agreement entered on December 29, 2018 (see Note 9). The term is four years from the date of contribution for the preferred limited partner, and four years from the date of contribution for the ordinary limited partner. The total size of the HYREF Fund is RMB 460 million ($77 million). The HYREF Fund was formed to invest in Xi’an Zhonghong New Energy Technology Co., Ltd., a then 90% owned subsidiary of Xi’an TCH, for the construction of two coke dry quenching (“CDQ”) Waste Heat Power Generation (“WHPG”) stations with Jiangsu Tianyu Energy and Chemical Group Co., Ltd. (“Tianyu”) and one CDQ WHPG station with Boxing County Chengli Gas Supply Co., Ltd. (“Chengli”). </creg:InitialCapitalContributionDescription>
<creg:OwnershipDescription contextRef="c96_From1Dec2018To29Dec2018_XianTchMember"> Xi’an TCH entered into a Share Transfer Agreement with Hongyuan Huifu, pursuant to which Xi’an TCH transferred its 40% ownership in the Fund Management Company to Hongyuan Huifu for RMB 3,453,867 ($0.53 million). The transfer was completed January 22, 2019. The Company recorded approximately $46,500 loss from the sale of a 40% equity interest in Fund Management Company. The Company does not have any ownership in the Fund Management Company after this transaction. </creg:OwnershipDescription>
<creg:OriginalInvestmentBySubsidiary unitRef="cny" contextRef="c97_AsOf19Jul2013_HYREFFundMember" decimals="-6"> 30000000 </creg:OriginalInvestmentBySubsidiary>
<creg:OriginalInvestmentBySubsidiary unitRef="usd" contextRef="c98_AsOf19Jul2013_XianZhonghongNewEnergyTechnologyCoMember" decimals="-4"> 4850000 </creg:OriginalInvestmentBySubsidiary>
<creg:EnergySavingSolutionAndServicesCost unitRef="cny" contextRef="c99_From3Jul2013To19Jul2013_XianZhonghongNewEnergyTechnologyCoMember" decimals="-6"> 27000000 </creg:EnergySavingSolutionAndServicesCost>
<creg:OwnershipDescription contextRef="c100_From3Jul2013To19Jul2013_XianZhonghongNewEnergyTechnologyCoMember"> Xi’an TCH paid RMB 27 million ($4.37 million) and owns 90% of Zhonghong. Zhonghong is engaged to provide energy saving solution and services, including constructing, selling and leasing energy saving systems and equipment to customers. On December 29, 2018, Shanghai TCH entered into a Share Transfer Agreement with HYREF, pursuant to which HYREF transferred its 10% ownership in Xi’an Zhonghong to Shanghai TCH for RMB 3 million ($0.44 million). The transfer was completed on January 22, 2019. The Company owns 100% of Xi’an Zhonghong after the transaction. </creg:OwnershipDescription>
<creg:DescriptionOfFundManagementSupplementalAgreement contextRef="c101_From3Dec2018To29Dec2018_HongyuanHuifuVentureCapitalCoLtdMember"> pursuant to which Xi’an Zhonghong transferred Chengli CDQ WHPG station as the repayment for the loan of RMB 188,639,400 ($27.54 million) to HYREF. Xi’an Zhonghong, Xi’an TCH, Guohua Ku and Chonggong Bai also agreed to buy back the CDQ WHPG Station when conditions under the Buy Back Agreement are met (see Note 9). The transfer of the Station was completed January 22, 2019, the Company recorded $624,133 loss from this transfer. </creg:DescriptionOfFundManagementSupplementalAgreement>
<creg:AgreementTermOfProject contextRef="c102_From1Jul2019To19Jul2019_TianyuProjectMember"> P20Y </creg:AgreementTermOfProject>
<creg:OriginalInvestmentBySubsidiary unitRef="cny" contextRef="c103_AsOf4Jan2019" decimals="0"> 120000000 </creg:OriginalInvestmentBySubsidiary>
<creg:OriginalInvestmentBySubsidiary unitRef="usd" contextRef="c104_AsOf4Jan2019_XuzhouHuayuProjectMember" decimals="-4"> 17520000 </creg:OriginalInvestmentBySubsidiary>
<creg:DescriptionOfFundManagementSupplementalAgreement contextRef="c105_From1Feb2019To15Feb2019"> The Company recorded $397,033 loss from this transfer during the year ended December 31, 2019. On January 10, 2019, Mr. Chonggong Bai transferred all the equity shares of his wholly owned company, Xi’an Hanneng, to HYREF as repayment for the loan. Xi’an Hanneng was expected to own 47,150,000 shares of Xi’an Huaxin New Energy Co., Ltd for the repayment of Huayu system and Shenqiu system. As of September 30, 2019, Xi’an Hanneng already owned 29,948,000 shares of Huaxin, but was not able to obtain the remaining 17,202,000 shares due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report. On December 20, 2019, Mr. Bai and all the related parties agreed to have Mr. Bai instead pay in cash for the transfer price of Huayu (see Note 9 for detail). </creg:DescriptionOfFundManagementSupplementalAgreement>
<creg:TransferAgreementDescription contextRef="c106_From3Jan2020To10Jan2020_HongyuanHuifuVentureCapitalCoLtdMember"> Zhonghong, Tianyu and Huaxin signed a transfer agreement to transfer all assets under construction and related rights and interests of Xuzhou Tian’an Project to Tianyu for RMB 170 million including VAT ($24.37 million) in three installment payments. The 1st installment payment of RMB 50 million ($7.17 million) to be paid within 20 working days after the contract is signed. The 2nd installment payment of RMB 50 million ($7.17 million) is to be paid within 20 working days after completion of the project construction but no later than July 31, 2020. The final installment payment of RMB 70 million ($10.03 million) is to be paid before December 31, 2020. On March 11, 2020, the Company received the 1st installment payment. </creg:TransferAgreementDescription>
<creg:LeaseAgreementTermDescription contextRef="c107_From1Jan2020To30Jun2020_XianZhonghongNewEnergyTechnologyCoMember"> The payment term is 20 years. For the first 10 years, Zhongtai shall pay an energy saving fee at RMB 0.534 ($0.089) per kilowatt hour (KWH) (including value added tax) for the power generated from the system. For the second 10 years, Zhongtai shall pay an energy saving fee at RMB 0.402 ($0.067) per KWH (including value added tax). During the term of the contract the energy saving fee shall be adjusted at the same percentage as the change of local grid electricity price. Zhongtai shall also pay an energy saving fee for the steam supplied by Xi’an TCH at RMB 100 ($16.67) per ton (including value added tax). Zhongtai and its parent company will provide guarantees to ensure Zhongtai will fulfill its obligations under the Agreement. Upon the completion of the term, Xi’an TCH will transfer the systems to Zhongtai for RMB 1 ($0.16). Zhongtai shall provide waste heat to the systems for no less than 8,000 hours per year and waste gas volume no less than 150,000 Normal Meter Cubed (Nm3) per hour, with a temperature no less than 950°C. If these requirements are not met, the term of the Agreement will be extended accordingly. If Zhongtai wants to terminate the Zhongtai Agreement early, it shall provide Xi’an TCH with a 60 day notice and pay the termination fee and compensation for the damages to Xi’an TCH according to the following formula: (1) if it is less than five years into the term when Zhongtai requests termination, Zhongtai shall pay: Xi’an TCH’s total investment amount plus Xi’an TCH’s annual investment return times five years minus the years in which the system has already operated; or 2) if it is more than five years into the term when Zhongtai requests the termination, Zhongtai shall pay: Xi’an TCH’s total investment amount minus total amortization cost (the amortization period is 10 years) </creg:LeaseAgreementTermDescription>
<creg:DescriptionOfWasteHeatPowerGenerationEnergyManagementCooperativeAgreement contextRef="c108_From1Mar2016To31Mar2016_ZhongtaiWasteHeatPowerGenerationEnergyManagementCooperativeAgreementMember_XianTchMember"> As consideration for the transfer of the Project, Zhongtai agreed to pay to Xi’an TCH RMB 167,360,000 ($25.77 million) including (i) RMB 152,360,000 ($23.46 million) for the construction of the Project; and (ii) RMB 15,000,000 ($2.31 million) as payment for partial loan interest accrued during the construction period. Those amounts have been, or will be, paid by Zhongtai to Xi’an TCH according to the following schedule: (a) RMB 50,000,000 ($7.70 million) was to be paid within 20 business days after the Transfer Agreement was signed; (b) RMB 30,000,000 ($4.32 million) was to be paid within 20 business days after the Project was completed, but no later than July 30, 2016; and (c) RMB 87,360,000 ($13.45 million) was to be paid no later than July 30, 2017. Xuzhou Taifa Special Steel Technology Co., Ltd. (“Xuzhou Taifa”) guaranteed the payments from Zhongtai to Xi’an TCH. The ownership of the Project was conditionally transferred to Zhongtai following the initial payment of RMB 50,000,000 ($7.70 million) by Zhongtai to Xi’an TCH and the full ownership of the Project will be officially transferred to Zhongtai after it completes all payments pursuant to the Transfer Agreement. The Company recorded a $2.82 million loss from this transaction in 2016. In 2016, Xi’an TCH had received the first payment of $7.70 million and the second payment of $4.32 million. However, the Company received a repayment commitment letter from Zhongtai on February 23, 2018, in which Zhongtai committed to pay the remaining payment of RMB 87,360,000 ($13.45 million) no later than the end of July 2018; in July 2018, Zhongtai and the Company reached a further oral agreement to extend the repayment term of RMB 87,360,000 ($13.45 million) by another two to three months. As of June 30, 2020, the Company had gross receivable from Zhongtai for $4.24 million (with bad debt allowance of $4.24 million). In January 2020, Zhongtai paid RMB 10 million ($1.41 million); in March 2020, Zhongtai paid RMB 20 million ($2.82 million); in June 2020, Zhongtai paid RMB 10 million ($1.41 million). Zhongtai is committed to pay in full the remaining balance of RMB 30 million ($4.24 million) no later than the end of 2020. </creg:DescriptionOfWasteHeatPowerGenerationEnergyManagementCooperativeAgreement>
<creg:DescriptionOfRegisterCaptial contextRef="c109_From1Mar2014To24Mar2014"> Xi’an TCH incorporated a subsidiary, Zhongxun Energy Investment (Beijing) Co., Ltd. (“Zhongxun”) with registered capital of $5,695,502 (RMB 35,000,000), which must be contributed before October 1, 2028. Zhongxun is 100% owned by Xi’an TCH and will be mainly engaged in project investment, investment management, economic information consulting, and technical services. Zhongxun has not yet commenced operations nor has any capital contribution been made as of the date of this report. </creg:DescriptionOfRegisterCaptial>
<creg:DescriptionOfRegisterCaptial contextRef="c110_From1Feb2015To11Feb2015_ShenqiuProjectMember"> the Company incorporated a subsidiary, Shanghai Yinghua Financial Leasing Co., Ltd. (“Yinghua”) with registered capital of $30,000,000, to be paid within 10 years from the date the business license is issued. Yinghua is 100% owned by the Company and will be mainly engaged in financial leasing, purchase of financial leasing assets, disposal and repair of financial leasing assets, consulting and ensuring of financial leasing transactions, and related factoring business. Yinghua has not yet commenced operations nor has any capital contribution been made as of the date of this report. </creg:DescriptionOfRegisterCaptial>
<creg:ReverseStockSplitOfCommonStockPerShare unitRef="usdPeritem" contextRef="c111_AsOf13Apr2020" decimals="3"> 0.001 </creg:ReverseStockSplitOfCommonStockPerShare>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements (“CFS”) were prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interim consolidated financial information as of June 30, 2020 and for the six and three-month periods ended March, 2020 and 2019 was prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures, which are normally included in CFS prepared in accordance with U.S. GAAP were not included. The interim consolidated financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, previously filed with the SEC on May 14, 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company’s consolidated financial position as of June 30, 2020, its consolidated results of operations and cash flows for the six and three months ended June 30, 2020 and 2019, as applicable, were made. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Consolidation</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CFS include the accounts of CREG and its subsidiaries, Shanghai Yinghua Financial Leasing Co., Ltd. (“Yinghua”) and Sifang Holdings; Sifang Holdings’ wholly owned subsidiaries, Huahong New Energy Technology Co., Ltd. (“Huahong”) and Shanghai TCH Energy Tech Co., Ltd. (“Shanghai TCH”); Shanghai TCH’s wholly-owned subsidiary, Xi’an TCH Energy Tech Co., Ltd. (“Xi’an TCH”); and Xi’an TCH’s subsidiaries, 1) Erdos TCH Energy Saving Development Co., Ltd (“Erdos TCH”), 100% owned by Xi’an TCH (See note 1), 2) Zhonghong, 90% owned by Xi’an TCH and 10% owned by Shanghai TCH, and 3) Zhongxun, 100% owned by Xi’an TCH. Substantially all the Company’s revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all the Company’s consolidated assets and liabilities as of June 30, 2020. All significant inter-company accounts and transactions were eliminated in consolidation.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Uses and Sources of Liquidity</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six and three months ended June 30, 2020, the Company had a net income of $0.40 million and 0.99 million. For the year ended December 31, 2019, the Company had net loss of $8.78 million. The Company has an accumulated deficit of $46.19 million as of June 30, 2020. The Company is in the process of transforming and expanding into an energy storage integrated solution provider. The Company plans to pursue disciplined and targeted expansion strategies for market areas the Company currently does not serve. The Company actively seeks and explores opportunities to apply energy storage technologies to new industries or segments with high growth potential, including industrial and commercial complexes, large scale photovoltaic (PV) and wind power stations, remote islands without electricity, and smart energy cities with multi-energy supplies. Management also intends to raise additional funds by way of a private or public offering, or by obtaining loans from banks or others. The Company’s cash flow forecast indicate it will have sufficient cash to funds its operations for the next 12 months from the date of issuance of these financial statements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The historical operating results indicate substantial doubt exists related to the Company’s ability to continue as a going concern. However, the Company had $62.67 million cash on hand at June 30, 2020. The Company believes that the actions discussed above are probable of occurring and the occurrence, mitigate the substantial doubt raised by its historical operating results.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Company believes in the viability of its strategy to generate sufficient revenue and in its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering, or debt financing including bank loans. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing these CFS in accordance with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets as well as revenues and expenses during the period reported. Actual results may differ from these estimates. On an on-going basis, management evaluates their estimates, including those related to allowances for bad debt and inventory obsolescence, impairment loss on fixed assets and construction in progress, income taxes, and contingencies and litigation. Management bases their estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue Recognition</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A)</i> <i>Sales-type Leasing and Related Revenue Recognition</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under ASC Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. (See Operating lease below as relates to the Company as a lessee). The Company’s sales type lease contracts for revenue recognition fall under ASC 842. During the six and three months ended June 30, 2020 and 2019, the Company did not sell any new power generating projects.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company constructs and leases waste energy recycling power generating projects to its customers. The Company typically transfers legal ownership of the waste energy recycling power generating projects to its customers at the end of the lease. Prior to January 1, 2019, the investment in these projects was recorded as investment in sales-type leases in accordance with ASC Topic 840<i>, “Lease</i>s<i>,”</i> and its various amendments and interpretations.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company finances construction of waste energy recycling power generating projects. The sales and cost of sales are recognized at the inception of the lease, which is when the control is transferred to the lessee. The Company accounts for the transfer of control as a sales type lease in accordance with ASC 842-10-25-2. The underlying asset is derecognized, and revenue is recorded when collection of payments is probable. This is in accordance with the revenue recognition principle in ASC 606 - Revenue from contracts with customers. The investment in sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee). The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payments consist of the gross lease payments net of executory costs and contingent rentals, if any. Unearned interest is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at the inception of the lease, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest income and reduction of receivables. Revenue is recognized net of sales tax.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B)</i> <i>Contingent Rental Income</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records income from actual electricity generated of each project in the period the income is earned, which is when the electricity is generated. Contingent rent is not part of minimum lease payments.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating Leases</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine its lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company leased an office in Xi’an, China as the Company’s headquarter; upon adoption, the Company recognized total Right of Use Asset (“ROU”) of $116,917, with corresponding liabilities of $116,917 on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact its beginning retained earnings, or its prior year consolidated statements of income and statements of cash flows. At June 30, 2020, the ROU was $21,655.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Topic 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases are included in operating lease right-of-use assets and operating lease liabilities (current and non-current), on the consolidated balance sheets.  </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash include cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts Receivable</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, the Company had gross accounts receivable of $36.06 million; of which, $13.71 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems to Mr. Bai; $4.23 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, $16.95 million was from transferring the ownership of Tian’an project to Tianyu, and $1.16 million accounts receivable of Erdos TCH for electricity sold. As of December 31, 2019, the Company had gross accounts receivable of $48.06 million; of which, $35.42 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems to Mr. Bai; $10.03 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, and $2.61 million accounts receivable of Erdos TCH for electricity sold. As of June 30, 2020, the Company had bad debt allowance of $4,237,587 for Zhongtai and $31,611 for Erdos TCH due to not making the payments as scheduled. As of December 31, 2019, the Company had bad debt allowance of $5,733,781 for Zhongtai and $261,430 for Erdos TCH due to not making the payments as scheduled. In June 2020, Xuzhou Zhongtai collected RMB 10 million ($1.41 million) accounts receivable. In June 2020, Erdos TCH collected RMB 10 million ($1.41 million) accounts receivable; on July 2020, Erdos TCH collected additional RMB 6 million ($0.86 million) accounts receivable; as a result, the Company made a reversal of bad debts allowance of $1,649,622, of which $1,422,090 was for Zhongtai and $227,532 was for Erdos TCH during the three months ended June 30, 2020.</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Xuzhou Zhongtai project</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,237,587</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,034,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bai Chonggong (for Shenqiu and Huayu projects)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,710,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,415,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Xuzhou Tian’an project</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,950,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Receivable of electricity sales of Erdos</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,614,299</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,062,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,063,971</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,269,198</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,995,210</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,793,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42,068,761</td><td style="text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Receivable on Sales Type Leases</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, the interest receivable on sales type leases was $0. As of December 31, 2019, the interest receivable on sales type leases was $5,245,244, mainly from recognized but not yet collected interest income for the Pucheng systems. The ownership of Pucheng systems was transferred to Pucheng as a result of full payment received by Xi’an TCH in January 2020. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment in sales-type leases, net</i> </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of June 30, 2020 and December 31, 2019, the Company had net investment in sales-type leases of $0 and $8,287,560, respectively. The Company maintains reserves for potential credit losses on receivables. Management reviews the composition of receivables and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2020 and December 31, 2019, the Company had bad debt allowance for net investment receivable on sales-type leases of $0 and $24,416,441 for the Pucheng system, respectively. Xi’an TCH received RMB 97.6 million ($14 million) in full which included interest of $5.3 million for Pucheng system on January 14, 2020 and the ownership of the system was transferred. The bad debt allowance of Pucheng was recorded in 2019.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Credit Risk</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash includes cash on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered by insurance. The Company has not experienced any losses in such accounts.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain other financial instruments, which subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers’ financial condition and customer payment practices to minimize collection risk on accounts receivable.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The operations of the Company are in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and Equipment</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:  </font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 5 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office and Other Equipment</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 5 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 3 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment of Long-lived Assets</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC Topic 360, <i>“Property, Plant, and Equipment</i>,” the Company reviews its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total expected undiscounted future net cash flows are less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. The Company recorded $0 asset impairment loss for the six and three months ended June 30, 2020 and 2019. The Company recorded asset impairment of construction in progress of Xuzhou Tian’an of $876,660 for the year ended December 31, 2019, which is the difference between the book value and disposal price of the asset.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost of Sales</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of sales consists primarily of the direct material of the power generating system and expenses incurred directly for project construction for sales-type leasing and sales tax and additions for contingent rental income. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income Taxes</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statement of Cash Flows</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC Topic 230, <i>“Statement of Cash Flows,”</i> cash flows from the Company’s operations are calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair Value of Financial Instruments</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For certain of the Company’s financial instruments, including cash and equivalents, restricted cash, accounts receivable, other receivables, accounts payable, accrued liabilities and short-term debts, the carrying amounts approximate their fair values due to their short maturities. Receivables on sales-type leases are based on interest rates implicit in the lease.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB ASC Topic 820, <i>“Fair Value Measurements and Disclosures,”</i> requires disclosure of the FV of financial instruments held by the Company. FASB ASC Topic 825, <i>“Financial Instruments,”</i> defines FV, and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their FV because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to FV measurement.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurement: Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the FV hierarchy.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC 480, <i>“Distinguishing Liabilities from Equity,”</i> and ASC 815, <i>“Derivatives and Hedging.”</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, and December 31, 2019, the Company did not have any long-term debt obligations; and the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at FV.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-Based Compensation</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Share-based compensation associated with the issuance of equity instruments to non-employees is measured at the fair value of the equity instrument issued or committed to be issued, as this is more reliable than the fair value of the services received. The fair value is measured at the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 1, 2020, the Company adopted ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. An entity should apply the requirements of ASC 718 to non-employee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The amendments specify that ASC 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 adoption of ASU 2018-07 did not have an impact on the Company’s financial statements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basic and Diluted Earnings per Share</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company presents net income (loss) per share (“EPS”) in accordance with FASB ASC Topic 260, <i>“Earning Per Share.”</i> Accordingly, basic income (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of shares outstanding, without consideration for common stock equivalents. Diluted EPS is computed by dividing the net income by the weighted-average number of common shares outstanding as well as common share equivalents outstanding for the period determined using the treasury-stock method for stock options and warrants and the if-converted method for convertible notes. The Company made an accounting policy election to use the if-converted method for convertible securities that are eligible to receive common stock dividends, if declared. Diluted EPS reflect the potential dilution that could occur based on the exercise of stock options or warrants or conversion of convertible securities using the if-converted method.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the six and three months ended June 30, 2020 and 2019, the basic and diluted loss per share were the same due to the Company’s net loss. For the six months ended June 30, 2020 and 2019, 31,311 shares and 213,304 shares (post-reverse stock split), respectively; for the three months ended June 30, 2020 and 2019, 31,311 shares and 213,304 shares (post-reverse stock split), respectively, purchasable under warrants and options were excluded from the EPS calculation as these were not dilutive because the exercise price was more than the stock price.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Currency Translation and Comprehensive Income (Loss)</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC Topic 220, <i>“Comprehensive Income.”</i> Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Segment Reporting</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB ASC Topic 280, <i>“Segment Reporting,”</i> requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. FASB ASC Topic 280 has no effect on the Company’s CFS as substantially all of the Company’s operations are conducted in one industry segment. All of the Company’s assets are located in the PRC.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>New Accounting Pronouncements</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its CFS.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impact this update will have on its financial statements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future CFS.</font></p><br/>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements (“CFS”) were prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interim consolidated financial information as of June 30, 2020 and for the six and three-month periods ended March, 2020 and 2019 was prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures, which are normally included in CFS prepared in accordance with U.S. GAAP were not included. The interim consolidated financial information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, previously filed with the SEC on May 14, 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair statement of the Company’s consolidated financial position as of June 30, 2020, its consolidated results of operations and cash flows for the six and three months ended June 30, 2020 and 2019, as applicable, were made.</font></p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:ConsolidationPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Consolidation</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CFS include the accounts of CREG and its subsidiaries, Shanghai Yinghua Financial Leasing Co., Ltd. (“Yinghua”) and Sifang Holdings; Sifang Holdings’ wholly owned subsidiaries, Huahong New Energy Technology Co., Ltd. (“Huahong”) and Shanghai TCH Energy Tech Co., Ltd. (“Shanghai TCH”); Shanghai TCH’s wholly-owned subsidiary, Xi’an TCH Energy Tech Co., Ltd. (“Xi’an TCH”); and Xi’an TCH’s subsidiaries, 1) Erdos TCH Energy Saving Development Co., Ltd (“Erdos TCH”), 100% owned by Xi’an TCH (See note 1), 2) Zhonghong, 90% owned by Xi’an TCH and 10% owned by Shanghai TCH, and 3) Zhongxun, 100% owned by Xi’an TCH. Substantially all the Company’s revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all the Company’s consolidated assets and liabilities as of June 30, 2020. All significant inter-company accounts and transactions were eliminated in consolidation.</font></p>
</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity contextRef="c0_From1Jan2020To30Jun2020"> The CFS include the accounts of CREG and its subsidiaries, Shanghai Yinghua Financial Leasing Co., Ltd. (“Yinghua”) and Sifang Holdings; Sifang Holdings’ wholly owned subsidiaries, Huahong New Energy Technology Co., Ltd. (“Huahong”) and Shanghai TCH Energy Tech Co., Ltd. (“Shanghai TCH”); Shanghai TCH’s wholly-owned subsidiary, Xi’an TCH Energy Tech Co., Ltd. (“Xi’an TCH”); and Xi’an TCH’s subsidiaries, 1) Erdos TCH Energy Saving Development Co., Ltd (“Erdos TCH”), 100% owned by Xi’an TCH (See note 1), 2) Zhonghong, 90% owned by Xi’an TCH and 10% owned by Shanghai TCH, and 3) Zhongxun, 100% owned by Xi’an TCH. Substantially all the Company’s revenues are derived from the operations of Shanghai TCH and its subsidiaries, which represent substantially all the Company’s consolidated assets and liabilities as of June 30, 2020. </us-gaap:BusinessAcquisitionDescriptionOfAcquiredEntity>
<creg:UsesAndSourcesOfLiquidity contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Uses and Sources of Liquidity</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six and three months ended June 30, 2020, the Company had a net income of $0.40 million and 0.99 million. For the year ended December 31, 2019, the Company had net loss of $8.78 million. The Company has an accumulated deficit of $46.19 million as of June 30, 2020. The Company is in the process of transforming and expanding into an energy storage integrated solution provider. The Company plans to pursue disciplined and targeted expansion strategies for market areas the Company currently does not serve. The Company actively seeks and explores opportunities to apply energy storage technologies to new industries or segments with high growth potential, including industrial and commercial complexes, large scale photovoltaic (PV) and wind power stations, remote islands without electricity, and smart energy cities with multi-energy supplies. Management also intends to raise additional funds by way of a private or public offering, or by obtaining loans from banks or others. The Company’s cash flow forecast indicate it will have sufficient cash to funds its operations for the next 12 months from the date of issuance of these financial statements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The historical operating results indicate substantial doubt exists related to the Company’s ability to continue as a going concern. However, the Company had $62.67 million cash on hand at June 30, 2020. The Company believes that the actions discussed above are probable of occurring and the occurrence, mitigate the substantial doubt raised by its historical operating results.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the Company believes in the viability of its strategy to generate sufficient revenue and in its ability to raise additional funds on reasonable terms and conditions, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering, or debt financing including bank loans. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.</font></p>
</creg:UsesAndSourcesOfLiquidity>
<us-gaap:NetIncomeLoss unitRef="usd" contextRef="c112_From1Jan2019To31Dec2019" decimals="-4"> 8780000 </us-gaap:NetIncomeLoss>
<us-gaap:Cash unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="-4"> 62670000 </us-gaap:Cash>
<us-gaap:UseOfEstimates contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing these CFS in accordance with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets as well as revenues and expenses during the period reported. Actual results may differ from these estimates. On an on-going basis, management evaluates their estimates, including those related to allowances for bad debt and inventory obsolescence, impairment loss on fixed assets and construction in progress, income taxes, and contingencies and litigation. Management bases their estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources.</font></p>
</us-gaap:UseOfEstimates>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue Recognition</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A)</i> <i>Sales-type Leasing and Related Revenue Recognition</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under ASC Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under Topic 840. (See Operating lease below as relates to the Company as a lessee). The Company’s sales type lease contracts for revenue recognition fall under ASC 842. During the six and three months ended June 30, 2020 and 2019, the Company did not sell any new power generating projects.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company constructs and leases waste energy recycling power generating projects to its customers. The Company typically transfers legal ownership of the waste energy recycling power generating projects to its customers at the end of the lease. Prior to January 1, 2019, the investment in these projects was recorded as investment in sales-type leases in accordance with ASC Topic 840<i>, “Lease</i>s<i>,”</i> and its various amendments and interpretations.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company finances construction of waste energy recycling power generating projects. The sales and cost of sales are recognized at the inception of the lease, which is when the control is transferred to the lessee. The Company accounts for the transfer of control as a sales type lease in accordance with ASC 842-10-25-2. The underlying asset is derecognized, and revenue is recorded when collection of payments is probable. This is in accordance with the revenue recognition principle in ASC 606 - Revenue from contracts with customers. The investment in sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income and estimated executory cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee). The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payments consist of the gross lease payments net of executory costs and contingent rentals, if any. Unearned interest is amortized to income over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at the inception of the lease, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest income and reduction of receivables. Revenue is recognized net of sales tax.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B)</i> <i>Contingent Rental Income</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records income from actual electricity generated of each project in the period the income is earned, which is when the electricity is generated. Contingent rent is not part of minimum lease payments.</font></p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:LesseeLeasesPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating Leases</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company elected the package of practical expedients permitted under the transition guidance, which allowed it to carry forward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine its lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company leased an office in Xi’an, China as the Company’s headquarter; upon adoption, the Company recognized total Right of Use Asset (“ROU”) of $116,917, with corresponding liabilities of $116,917 on the consolidated balance sheets. The ROU assets include adjustments for prepayments and accrued lease payments. The adoption did not impact its beginning retained earnings, or its prior year consolidated statements of income and statements of cash flows. At June 30, 2020, the ROU was $21,655.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Topic 842, the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases are included in operating lease right-of-use assets and operating lease liabilities (current and non-current), on the consolidated balance sheets.</font></p>
</us-gaap:LesseeLeasesPolicyTextBlock>
<us-gaap:OperatingLeaseRightOfUseAsset unitRef="usd" contextRef="c113_AsOf31Dec2019_XianTchMember" decimals="0"> 116917 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:OperatingLeaseLiability unitRef="usd" contextRef="c113_AsOf31Dec2019_XianTchMember" decimals="0"> 116917 </us-gaap:OperatingLeaseLiability>
<us-gaap:OperatingLeaseRightOfUseAsset unitRef="usd" contextRef="c114_AsOf30Jun2020_XianTchMember" decimals="0"> 21655 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash include cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.</font></p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts Receivable</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s policy is to maintain an allowance for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, the Company had gross accounts receivable of $36.06 million; of which, $13.71 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems to Mr. Bai; $4.23 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, $16.95 million was from transferring the ownership of Tian’an project to Tianyu, and $1.16 million accounts receivable of Erdos TCH for electricity sold. As of December 31, 2019, the Company had gross accounts receivable of $48.06 million; of which, $35.42 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems to Mr. Bai; $10.03 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, and $2.61 million accounts receivable of Erdos TCH for electricity sold. As of June 30, 2020, the Company had bad debt allowance of $4,237,587 for Zhongtai and $31,611 for Erdos TCH due to not making the payments as scheduled. As of December 31, 2019, the Company had bad debt allowance of $5,733,781 for Zhongtai and $261,430 for Erdos TCH due to not making the payments as scheduled. In June 2020, Xuzhou Zhongtai collected RMB 10 million ($1.41 million) accounts receivable. In June 2020, Erdos TCH collected RMB 10 million ($1.41 million) accounts receivable; on July 2020, Erdos TCH collected additional RMB 6 million ($0.86 million) accounts receivable; as a result, the Company made a reversal of bad debts allowance of $1,649,622, of which $1,422,090 was for Zhongtai and $227,532 was for Erdos TCH during the three months ended June 30, 2020.</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Xuzhou Zhongtai project</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,237,587</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,034,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bai Chonggong (for Shenqiu and Huayu projects)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,710,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,415,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Xuzhou Tian’an project</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,950,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Receivable of electricity sales of Erdos</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,614,299</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,062,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,063,971</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,269,198</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,995,210</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,793,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42,068,761</td><td style="text-align: left"> </td></tr> </table>
</us-gaap:TradeAndOtherAccountsReceivablePolicy>
<creg:AccountsReceivableDescription contextRef="c0_From1Jan2020To30Jun2020"> the Company had gross accounts receivable of $36.06 million; of which, $13.71 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems to Mr. Bai; $4.23 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, $16.95 million was from transferring the ownership of Tian’an project to Tianyu, and $1.16 million accounts receivable of Erdos TCH for electricity sold. As of December 31, 2019, the Company had gross accounts receivable of $48.06 million; of which, $35.42 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems to Mr. Bai; $10.03 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, and $2.61 million accounts receivable of Erdos TCH for electricity sold. As of June 30, 2020, the Company had bad debt allowance of $4,237,587 for Zhongtai and $31,611 for Erdos TCH due to not making the payments as scheduled. As of December 31, 2019, the Company had bad debt allowance of $5,733,781 for Zhongtai and $261,430 for Erdos TCH due to not making the payments as scheduled. In June 2020, Xuzhou Zhongtai collected RMB 10 million ($1.41 million) accounts receivable. In June 2020, Erdos TCH collected RMB 10 million ($1.41 million) accounts receivable; on July 2020, Erdos TCH collected additional RMB 6 million ($0.86 million) accounts receivable; as a result, the Company made a reversal of bad debts allowance of $1,649,622, of which $1,422,090 was for Zhongtai and $227,532 was for Erdos TCH during the three months ended June 30, 2020. </creg:AccountsReceivableDescription>
<creg:BadDebtAllowance unitRef="usd" contextRef="c115_From1Jan2020To30Jun2020_ErdosTCHMember" decimals="0"> 31611 </creg:BadDebtAllowance>
<creg:InterestReceivableOnSalesTypeLeasePolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Receivable on Sales Type Leases</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, the interest receivable on sales type leases was $0. As of December 31, 2019, the interest receivable on sales type leases was $5,245,244, mainly from recognized but not yet collected interest income for the Pucheng systems. The ownership of Pucheng systems was transferred to Pucheng as a result of full payment received by Xi’an TCH in January 2020.</font></p>
</creg:InterestReceivableOnSalesTypeLeasePolicyTextBlock>
<creg:InterestReceivableOnSalesLease unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 5245244 </creg:InterestReceivableOnSalesLease>
<creg:InvestmentInSalesTypeLeasesNetPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment in sales-type leases, net</i> </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of June 30, 2020 and December 31, 2019, the Company had net investment in sales-type leases of $0 and $8,287,560, respectively. The Company maintains reserves for potential credit losses on receivables. Management reviews the composition of receivables and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. As of June 30, 2020 and December 31, 2019, the Company had bad debt allowance for net investment receivable on sales-type leases of $0 and $24,416,441 for the Pucheng system, respectively. Xi’an TCH received RMB 97.6 million ($14 million) in full which included interest of $5.3 million for Pucheng system on January 14, 2020 and the ownership of the system was transferred. The bad debt allowance of Pucheng was recorded in 2019.</p>
</creg:InvestmentInSalesTypeLeasesNetPolicyTextBlock>
<creg:NetInvestmentInSalesTypeLeases unitRef="usd" contextRef="c0_From1Jan2020To30Jun2020" decimals="0"> 0 </creg:NetInvestmentInSalesTypeLeases>
<creg:NetInvestmentInSalesTypeLeases unitRef="usd" contextRef="c112_From1Jan2019To31Dec2019" decimals="0"> 8287560 </creg:NetInvestmentInSalesTypeLeases>
<creg:AllowanceForNetInvestmentReceivable unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 0 </creg:AllowanceForNetInvestmentReceivable>
<creg:AllowanceForNetInvestmentReceivable unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 24416441 </creg:AllowanceForNetInvestmentReceivable>
<creg:AllowanceForNetInvestmentReceivable unitRef="cny" contextRef="c116_AsOf14Jan2020_CNY_PuchengSystemsMember_XianTchMember" decimals="-5"> 97600000 </creg:AllowanceForNetInvestmentReceivable>
<creg:NetInvestmentInSalesTypeLeases unitRef="usd" contextRef="c117_From2Jan2020To14Jan2020_PuchengSystemsMember_XianTchMember" decimals="-6"> 14000000 </creg:NetInvestmentInSalesTypeLeases>
<creg:InterestOfInvestment unitRef="usd" contextRef="c117_From2Jan2020To14Jan2020_PuchengSystemsMember_XianTchMember" decimals="-5"> 5300000 </creg:InterestOfInvestment>
<us-gaap:ConcentrationRiskCreditRisk contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration of Credit Risk</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash includes cash on hand and demand deposits in accounts maintained within China. Balances at financial institutions within China are not covered by insurance. The Company has not experienced any losses in such accounts.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain other financial instruments, which subject the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its customers’ financial condition and customer payment practices to minimize collection risk on accounts receivable.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The operations of the Company are in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC.</font></p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and Equipment</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and betterments are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method over the estimated lives as follows:  </font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 5 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office and Other Equipment</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 5 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 3 years</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> </table>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment of Long-lived Assets</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC Topic 360, <i>“Property, Plant, and Equipment</i>,” the Company reviews its long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total expected undiscounted future net cash flows are less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. The Company recorded $0 asset impairment loss for the six and three months ended June 30, 2020 and 2019. The Company recorded asset impairment of construction in progress of Xuzhou Tian’an of $876,660 for the year ended December 31, 2019, which is the difference between the book value and disposal price of the asset.</font></p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges unitRef="usd" contextRef="c0_From1Jan2020To30Jun2020" decimals="0"> 0 </us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges>
<us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges unitRef="usd" contextRef="c5_From1Apr2020To30Jun2020" decimals="0"> 0 </us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges>
<us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges unitRef="usd" contextRef="c112_From1Jan2019To31Dec2019" decimals="0"> 876660 </us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges>
<us-gaap:CostOfSalesPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost of Sales</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of sales consists primarily of the direct material of the power generating system and expenses incurred directly for project construction for sales-type leasing and sales tax and additions for contingent rental income.</font></p>
</us-gaap:CostOfSalesPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income Taxes</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.</font></p>
</us-gaap:IncomeTaxPolicyTextBlock>
<creg:CashFlowPresentationPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statement of Cash Flows</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC Topic 230, <i>“Statement of Cash Flows,”</i> cash flows from the Company’s operations are calculated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.</font></p>
</creg:CashFlowPresentationPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair Value of Financial Instruments</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For certain of the Company’s financial instruments, including cash and equivalents, restricted cash, accounts receivable, other receivables, accounts payable, accrued liabilities and short-term debts, the carrying amounts approximate their fair values due to their short maturities. Receivables on sales-type leases are based on interest rates implicit in the lease.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB ASC Topic 820, <i>“Fair Value Measurements and Disclosures,”</i> requires disclosure of the FV of financial instruments held by the Company. FASB ASC Topic 825, <i>“Financial Instruments,”</i> defines FV, and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their FV because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 inputs to the valuation methodology are unobservable and significant to FV measurement.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurement: Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements for Level 1, Level 2 and Level 3 instruments in the FV hierarchy.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC 480, <i>“Distinguishing Liabilities from Equity,”</i> and ASC 815, <i>“Derivatives and Hedging.”</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, and December 31, 2019, the Company did not have any long-term debt obligations; and the Company did not identify any assets or liabilities that are required to be presented on the balance sheet at FV.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock-Based Compensation</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for share-based compensation awards to employees in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for share-based compensation awards to non-employees in accordance with FASB ASC Topic 718 and FASB ASC Subtopic 505-50, “Equity-Based Payments to Non-employees”. Share-based compensation associated with the issuance of equity instruments to non-employees is measured at the fair value of the equity instrument issued or committed to be issued, as this is more reliable than the fair value of the services received. The fair value is measured at the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective on January 1, 2020, the Company adopted ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of ASC 718 to include share-based payment transactions for acquiring goods and services from non-employees. An entity should apply the requirements of ASC 718 to non-employee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The amendments specify that ASC 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 adoption of ASU 2018-07 did not have an impact on the Company’s financial statements.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basic and Diluted Earnings per Share</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company presents net income (loss) per share (“EPS”) in accordance with FASB ASC Topic 260, <i>“Earning Per Share.”</i> Accordingly, basic income (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of shares outstanding, without consideration for common stock equivalents. Diluted EPS is computed by dividing the net income by the weighted-average number of common shares outstanding as well as common share equivalents outstanding for the period determined using the treasury-stock method for stock options and warrants and the if-converted method for convertible notes. The Company made an accounting policy election to use the if-converted method for convertible securities that are eligible to receive common stock dividends, if declared. Diluted EPS reflect the potential dilution that could occur based on the exercise of stock options or warrants or conversion of convertible securities using the if-converted method.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the six and three months ended June 30, 2020 and 2019, the basic and diluted loss per share were the same due to the Company’s net loss. For the six months ended June 30, 2020 and 2019, 31,311 shares and 213,304 shares (post-reverse stock split), respectively; for the three months ended June 30, 2020 and 2019, 31,311 shares and 213,304 shares (post-reverse stock split), respectively, purchasable under warrants and options were excluded from the EPS calculation as these were not dilutive because the exercise price was more than the stock price.</p>
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<creg:SharesOfAntiDilutiveSecuritiesUnderWarrantsAndOption unitRef="shares" contextRef="c4_From1Jan2019To30Jun2019" decimals="INF"> 213304 </creg:SharesOfAntiDilutiveSecuritiesUnderWarrantsAndOption>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign Currency Translation and Comprehensive Income (Loss)</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC Topic 220, <i>“Comprehensive Income.”</i> Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Segment Reporting</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB ASC Topic 280, <i>“Segment Reporting,”</i> requires use of the “management approach” model for segment reporting. The management approach model is based on the way a company’s management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. FASB ASC Topic 280 has no effect on the Company’s CFS as substantially all of the Company’s operations are conducted in one industry segment. All of the Company’s assets are located in the PRC.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>New Accounting Pronouncements</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its CFS.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistent application among reporting entities. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, with early adoption permitted. Upon adoption, the Company must apply certain aspects of this standard retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The Company is evaluating the impact this update will have on its financial statements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future CFS.</font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Xuzhou Zhongtai project</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,237,587</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,034,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bai Chonggong (for Shenqiu and Huayu projects)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,710,855</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,415,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Xuzhou Tian’an project</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,950,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Receivable of electricity sales of Erdos</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,624</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,614,299</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total accounts receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,062,416</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">48,063,971</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Bad debt allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,269,198</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,995,210</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, net</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,793,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">42,068,761</td><td style="text-align: left"> </td></tr> </table>
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<us-gaap:AccountsReceivableGross unitRef="usd" contextRef="c120_AsOf30Jun2020_BaiChonggongMember" decimals="0"> 13710855 </us-gaap:AccountsReceivableGross>
<us-gaap:AccountsReceivableGross unitRef="usd" contextRef="c121_AsOf31Dec2019_BaiChonggongMember" decimals="0"> 35415556 </us-gaap:AccountsReceivableGross>
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<us-gaap:AccountsReceivableGross unitRef="usd" contextRef="c124_AsOf31Dec2019_ReceivableOfElectricitySalesOfErdosMember" decimals="0"> 2614299 </us-gaap:AccountsReceivableGross>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. INVESTMENT IN SALES-TYPE LEASES, NET</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under sales-type leases, as of December 31, 2019, Xi’an TCH leases BMPG systems to Pucheng (Phase I and II, 15 and 11 year terms, respectively); The components of the net investment in sales-type leases as of June 30, 2020 and December 31, 2019 are as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Total future minimum lease payments receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">56,477,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less: executory cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,623,100</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: unearned interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,905,393</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less: realized interest income but not yet received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,245,244</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for net investment receivable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,416,442</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Investment in sales-type leases, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,287,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Noncurrent portion</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,287,560</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The ownership of Pucheng systems was transferred to Pucheng in January 2020 as a result of receiving full payment from Pucheng to Xi’an TCH. </p><br/>
</creg:InvestmentsTextBlock>
<us-gaap:SaleLeasebackTransactionLeaseTerms contextRef="c112_From1Jan2019To31Dec2019"> BMPG systems to Pucheng (Phase I and II, 15 and 11 year terms, respectively) </us-gaap:SaleLeasebackTransactionLeaseTerms>
<creg:TransferAgreementDescriptions contextRef="c0_From1Jan2020To30Jun2020"> The ownership of Pucheng systems was transferred to Pucheng in January 2020 as a result of receiving full payment from Pucheng to Xi’an TCH. </creg:TransferAgreementDescriptions>
<us-gaap:ScheduleOfSaleLeasebackTransactionsTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Total future minimum lease payments receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">56,477,739</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less: executory cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,623,100</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: unearned interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,905,393</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Less: realized interest income but not yet received</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,245,244</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for net investment receivable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(24,416,442</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Investment in sales-type leases, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,287,560</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Current portion</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Noncurrent portion</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,287,560</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfSaleLeasebackTransactionsTextBlock>
<us-gaap:CapitalLeasesFutureMinimumPaymentsReceivable unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<us-gaap:CapitalLeasesFutureMinimumPaymentsReceivable unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 56477739 </us-gaap:CapitalLeasesFutureMinimumPaymentsReceivable>
<us-gaap:CapitalLeasesNetInvestmentInSalesTypeLeasesExecutoryCosts unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<us-gaap:CapitalLeasesNetInvestmentInSalesTypeLeasesExecutoryCosts unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 3623100 </us-gaap:CapitalLeasesNetInvestmentInSalesTypeLeasesExecutoryCosts>
<creg:CapitalLeasesNetInvestmentInSalesTypeLeasesAndDirectFinancingLeasesUnearnedIncome unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<creg:CapitalLeasesNetInvestmentInSalesTypeLeasesAndDirectFinancingLeasesUnearnedIncome unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 14905393 </creg:CapitalLeasesNetInvestmentInSalesTypeLeasesAndDirectFinancingLeasesUnearnedIncome>
<creg:CapitalLeasesNetInvestmentInSalesTypeLeasesAndDirectFinancingLeasesRealizedInterestIncomeButNotYetReceived unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<creg:CapitalLeasesNetInvestmentInSalesTypeLeasesAndDirectFinancingLeasesRealizedInterestIncomeButNotYetReceived unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 5245244 </creg:CapitalLeasesNetInvestmentInSalesTypeLeasesAndDirectFinancingLeasesRealizedInterestIncomeButNotYetReceived>
<creg:AllowanceForInvestmentReceivableNet unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<creg:AllowanceForInvestmentReceivableNet unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 24416442 </creg:AllowanceForInvestmentReceivableNet>
<us-gaap:CapitalLeasesNetInvestmentInSalesTypeLeases unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<us-gaap:CapitalLeasesNetInvestmentInSalesTypeLeases unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 8287560 </us-gaap:CapitalLeasesNetInvestmentInSalesTypeLeases>
<us-gaap:CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" xs:nil="true"/>
<us-gaap:CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent unitRef="usd" contextRef="c3_AsOf31Dec2019" xs:nil="true"/>
<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. OTHER RECEIVABLES</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, other receivables mainly consisted of (i) advances to third parties of $7,063, bearing no interest, payable upon demand, ii) advance to employees of $8,952, and (iii) other receivables of $28,638 including social insurance receivable of $5,736. As of December 31, 2019, other receivables mainly consisted of (i) advances to third parties of $7,167, bearing no interest, payable upon demand, (ii) tax and maintenance cost receivable of $1,001,527 for Xi’an TCH, and iii) others of $22,449. Tax receivable is VAT receivable from customers and payable to City government on collection.</font></p><br/>
</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
<creg:AdvanceToThirdParty unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 7063 </creg:AdvanceToThirdParty>
<creg:AdvanceToEmployees unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 8952 </creg:AdvanceToEmployees>
<us-gaap:OtherReceivables unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 28638 </us-gaap:OtherReceivables>
<creg:SocialInsurance unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 5736 </creg:SocialInsurance>
<creg:AdvanceToThirdParty unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 7167 </creg:AdvanceToThirdParty>
<creg:TaxAndMaintenanceCostReceivable unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 1001527 </creg:TaxAndMaintenanceCostReceivable>
<us-gaap:OtherReceivables unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 22449 </us-gaap:OtherReceivables>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. PROPERTY AND EQUIPMENT AND CONSTRUCTION IN PROGRESS</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property and Equipment</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020 and December 31, 2019, the Company had net property and equipment (after impairment allowance) of $26.65 million and $27.04 million, respectively, which was for the Chengli project.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Chengli project finished construction, and was transferred to the Company’s fixed assets at a cost of $35.24 million (without impairment loss) and ready to be put into operation as of December 31, 2018. On January 22, 2019, Xi’an Zhonghong completed the transfer of Chengli CDQ WHPG project as the partial repayment for the loan of RMB 188,639,400 ($27.54 million) to HYREF (see Note 9). However, because the loan was not deemed repaid due to the buyback right (See Note 9 for detail), the Company kept the Chengli project in its books as fixed assets for accounting purposes.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Construction in Progress</i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction in progress was for constructing power generation systems for Xuzhou Tian’an project. The Company recorded additional RMB 6,047,602 ($876,660) asset impairment for Tian’an Project in 2019, which is the difference between the Project’s selling price and the carrying value as of December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company’s construction in progress included:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Xuzhou Tian’an</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">37,759,277</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: assets impairment allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,935,075</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">23,824,202</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January 10, 2020, Zhonghong, Tianyu and Huaxin signed a transfer agreement to transfer all assets under construction and related rights and interests of Xuzhou Tian’an Project to Tianyu for RMB 170 million including $0.6 million VAT (total of $24.37 million) in three installment payments. The Company recorded impairment loss of $13.9 million as of December 31, 2019. The 1st installment payment of RMB 50 million ($7.17 million) to be paid within 20 working days after the contract is signed. The 2nd installment payment of RMB 50 million ($7.17 million) is to be paid within 20 working days after completion of the project construction but no later than July 31, 2020. The final installment payment of RMB 70 million ($10.03 million) is to be paid before December 31, 2020. On March 11, 2020, the Company received the 1<sup>st</sup> installment payment. The repayment date for 2<sup>nd </sup>installment payment is delayed to fourth quarter of 2020.</p><br/>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentNet unitRef="usd" contextRef="c132_AsOf30Jun2020_ChengaliMember" decimals="-4"> 26650000 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet unitRef="usd" contextRef="c133_AsOf31Dec2019_ChengaliMember" decimals="-4"> 27040000 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:OtherAssets unitRef="usd" contextRef="c134_AsOf31Dec2018_ChengaliMember" decimals="-4"> 35240000 </us-gaap:OtherAssets>
<creg:TransferredOfSharesDescription contextRef="c135_From1Jan2019To22Jan2019"> On January 22, 2019, Xi’an Zhonghong completed the transfer of Chengli CDQ WHPG project as the partial repayment for the loan of RMB 188,639,400 ($27.54 million) to HYREF (see Note 9). However, because the loan was not deemed repaid due to the buyback right (See Note 9 for detail), the Company kept the Chengli project in its books as fixed assets for accounting purposes. </creg:TransferredOfSharesDescription>
<us-gaap:AssetImpairmentCharges unitRef="cny" contextRef="c136_From1Jan2019To31Dec2019_XuzhouTiananProjectMember" decimals="0"> 6047602 </us-gaap:AssetImpairmentCharges>
<us-gaap:PropertyPlantAndEquipmentDispositions contextRef="c0_From1Jan2020To30Jun2020"> On January 10, 2020, Zhonghong, Tianyu and Huaxin signed a transfer agreement to transfer all assets under construction and related rights and interests of Xuzhou Tian’an Project to Tianyu for RMB 170 million including $0.6 million VAT (total of $24.37 million) in three installment payments. The Company recorded impairment loss of $13.9 million as of December 31, 2019. The 1st installment payment of RMB 50 million ($7.17 million) to be paid within 20 working days after the contract is signed. The 2nd installment payment of RMB 50 million ($7.17 million) is to be paid within 20 working days after completion of the project construction but no later than July 31, 2020. The final installment payment of RMB 70 million ($10.03 million) is to be paid before December 31, 2020. </us-gaap:PropertyPlantAndEquipmentDispositions>
<us-gaap:AssetImpairmentCharges unitRef="usd" contextRef="c112_From1Jan2019To31Dec2019" decimals="0"> 876660 </us-gaap:AssetImpairmentCharges>
<creg:ScheduleOfConstructionInProgressTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Xuzhou Tian’an</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">37,759,277</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: assets impairment allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,935,075</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">23,824,202</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</creg:ScheduleOfConstructionInProgressTableTextBlock>
<us-gaap:ConstructionInProgressGross unitRef="usd" contextRef="c137_AsOf30Jun2020_XuzhouTiananMember" xs:nil="true"/>
<us-gaap:ConstructionInProgressGross unitRef="usd" contextRef="c138_AsOf31Dec2019_XuzhouTiananMember" decimals="0"> 37759277 </us-gaap:ConstructionInProgressGross>
<creg:LessAssetsImpairmentAllowance unitRef="usd" contextRef="c137_AsOf30Jun2020_XuzhouTiananMember" xs:nil="true"/>
<creg:LessAssetsImpairmentAllowance unitRef="usd" contextRef="c138_AsOf31Dec2019_XuzhouTiananMember" decimals="0"> 13935075 </creg:LessAssetsImpairmentAllowance>
<us-gaap:PropertyPlantAndEquipmentNet unitRef="usd" contextRef="c137_AsOf30Jun2020_XuzhouTiananMember" xs:nil="true"/>
<us-gaap:PropertyPlantAndEquipmentNet unitRef="usd" contextRef="c138_AsOf31Dec2019_XuzhouTiananMember" decimals="0"> 23824202 </us-gaap:PropertyPlantAndEquipmentNet>
<creg:TaxPayableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. TAXES PAYABLE</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes payable consisted of the following as of June 30, 2020 and December 31, 2019:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Income tax – current</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,114,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,118,432</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Value-added tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708,298</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other taxes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">70,187</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">260,912</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total – current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,483,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,087,642</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt">Income tax – noncurrent</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,782,625</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,782,625</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax payable included $7.61 million ($1.83 million included in current above and $5.78 million noncurrent) from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and Jobs Act signed on December 22, 2017. An election is available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years with 8% of net tax liability in the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. The Company made such an election. </font></p><br/>
</creg:TaxPayableTextBlock>
<us-gaap:TaxesPayableCurrentAndNoncurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="-4"> 7610000 </us-gaap:TaxesPayableCurrentAndNoncurrent>
<creg:TaxPayableCurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="-4"> 1830000 </creg:TaxPayableCurrent>
<creg:TaxesPayableNoncurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="-4"> 5780000 </creg:TaxesPayableNoncurrent>
<creg:IncomeTaxLiabilityInstallmentsDescription contextRef="c0_From1Jan2020To30Jun2020"> An election is available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years with 8% of net tax liability in the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. </creg:IncomeTaxLiabilityInstallmentsDescription>
<creg:IncomeTaxPayableDisclosureTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Income tax – current</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,114,144</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,118,432</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Value-added tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708,298</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Other taxes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">70,187</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">260,912</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total – current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,483,681</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,087,642</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt">Income tax – noncurrent</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,782,625</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,782,625</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</creg:IncomeTaxPayableDisclosureTableTextBlock>
<us-gaap:AccruedIncomeTaxesCurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 2114144 </us-gaap:AccruedIncomeTaxesCurrent>
<us-gaap:AccruedIncomeTaxesCurrent unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 2118432 </us-gaap:AccruedIncomeTaxesCurrent>
<us-gaap:SalesAndExciseTaxPayableCurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 299350 </us-gaap:SalesAndExciseTaxPayableCurrent>
<us-gaap:SalesAndExciseTaxPayableCurrent unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 1708298 </us-gaap:SalesAndExciseTaxPayableCurrent>
<us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 70187 </us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrent>
<us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrent unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 260912 </us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrent>
<creg:TaxPayableNoncurrent unitRef="pure" contextRef="c0_From1Jan2020To30Jun2020" decimals="INF"> 5782625 </creg:TaxPayableNoncurrent>
<creg:TaxPayableNoncurrent unitRef="pure" contextRef="c112_From1Jan2019To31Dec2019" decimals="INF"> 5782625 </creg:TaxPayableNoncurrent>
<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. ACCRUED LIABILITIES AND OTHER PAYABLES</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued liabilities and other payables consisted of the following as of June 30, 2020 and December 31, 2019:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Employee training, labor union expenditure and social insurance payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">831,495</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">843,807</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Consulting, auditing, and legal expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,588</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,602</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued payroll and welfare</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,362</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,882</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,811</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45,460</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,165,256</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,184,751</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Employee training, labor union expenditure and social insurance payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">831,495</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">843,807</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Consulting, auditing, and legal expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,588</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,602</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued payroll and welfare</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,362</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254,882</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,811</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45,460</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,165,256</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,184,751</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c139_AsOf30Jun2020_OtherEmployeeBenefitsAccrualsMember" decimals="0"> 831495 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c140_AsOf31Dec2019_OtherEmployeeBenefitsAccrualsMember" decimals="0"> 843807 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c141_AsOf30Jun2020_LegalAndConsultingServicesMember" decimals="0"> 43588 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c142_AsOf31Dec2019_LegalAndConsultingServicesMember" decimals="0"> 40602 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c143_AsOf30Jun2020_PayrollAndEmployeeBenefitsMember" decimals="0"> 246362 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c144_AsOf31Dec2019_PayrollAndEmployeeBenefitsMember" decimals="0"> 254882 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c145_AsOf30Jun2020_OtherAccruedExpenseMember" decimals="0"> 43811 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c146_AsOf31Dec2019_OtherAccruedExpenseMember" decimals="0"> 45460 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 1165256 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="0"> 1184751 </us-gaap:AccruedLiabilitiesAndOtherLiabilities>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. DEFERRED TAX, NET</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets resulted from asset impairment loss which was temporarily non-tax deductible for tax purposes but expensed in accordance with US GAAP, interest income in sales-type leases which was recognized as income for tax purposes but not for book purpose as it did not meet revenue recognition in accordance with US GAAP, accrued employee social insurance that can be deducted for tax purposes in the future, and the difference between tax and accounting basis of cost of fixed assets which was capitalized for tax purposes and expensed as part of cost of systems in accordance with US GAAP. Deferred tax liability arose from the difference between tax and accounting basis of net investment in sales-type leases.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020 and December 31, 2019, deferred tax liability consisted of the following:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Non-current deferred tax assets</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Accrued expenses</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">186,292</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">189,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Interest income in sales-type leases on cash basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">853,265</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Depreciation of fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,938,605</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Assets impairment loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,059,397</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,537,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">US NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,246,655</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">PRC NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,499,134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,424,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-current deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Net investment in sales-type leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,685,021</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net non-current deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,059,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,504,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: valuation allowance for deferred tax assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,059,576</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,504,668</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Non-current deferred tax liabilities, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Non-current deferred tax assets</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Accrued expenses</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">186,292</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">189,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Interest income in sales-type leases on cash basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">853,265</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Depreciation of fixed assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,938,605</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Assets impairment loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,059,397</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,537,556</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">US NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314,753</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,246,655</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">PRC NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,499,134</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,424,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Non-current deferred tax liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Net investment in sales-type leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,685,021</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net non-current deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,059,576</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,504,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Less: valuation allowance for deferred tax assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,059,576</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,504,668</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Non-current deferred tax liabilities, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. LOANS PAYABLE</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Entrusted Loan Payable (HYREF Loan)</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HYREF Fund (Beijing Hongyuan Recycling Energy Investment Center, LLP) was established in July 2013 with a total fund size of RMB 460 million ($77 million) invested in Xi’an Zhonghong for Zhonghong’s three new CDQ WHPG projects. The HYREF Fund invested RMB 3 million ($0.5 million) as an equity investment and RMB 457 million ($74.5 million) as a debt investment in Xi’an Zhonghong; in return for such investments, the HYREF Fund will receive interest from Zhonghong for the HYREF Fund’s debt investment. The RMB 457 million ($74.5 million) original loan balance was released to Zhonghong through an entrusted bank, which is also the supervising bank for the use of the loan. The loan was deposited in a bank account at the Supervising Bank (the Industrial Bank Xi’an Branch) and is jointly supervised by Zhonghong and the Fund Management Company. Project spending shall be verified by the Fund Management Company to confirm it is in accordance with the project schedule before the funds are released. All the operating accounts of Zhonghong have been opened with the branches of the Supervising Bank, and the Supervising Bank has the right to monitor all bank accounts opened by Zhonghong. The entrusted bank will charge 0.1% of the loan amount as a service fee and will not take any lending risk. The loan was collateralized by the accounts receivable and the fixed assets of Shenqiu Phase I and II power generation systems; the accounts receivable and fixed assets of Zhonghong’s three CDQ WHPG systems; and a 27 million RMB ($4.39 million) capital contribution made by Xi’an TCH in Zhonghong. Repayment of the loan (principal and interest) was also jointly and severally guaranteed by Xi’an TCH and the Chairman and CEO of the Company. In the fourth quarter of 2015, three power stations of Erdos TCH were pledged to Industrial Bank as an additional guarantee for the loan to Zhonghong’s three CDQ WHPG systems. In 2016, two additional power stations of Erdos TCH and Pucheng Phase I and II systems were pledged to Industrial Bank as an additional guarantee along with Xi’an TCH’s equity in Zhonghong.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The term of this loan was for 60 months from July 31, 2013 to July 30, 2018. On August 6, 2016, Zhonghong was required to repay principal of RMB 280 million ($42.22 million), of which the Company paid RMB 50 million ($7.54 million); on August 6, 2017, Zhonghong was initially supposed to repay principal of RMB 100 million ($16.27 million) and on July 30, 2018, Zhonghong was initially supposed to repay the remainder of RMB 77 million ($12.52 million). The interest rate is 12.5%. During the term, Zhonghong shall maintain a minimal funding level and capital level in its designated account with the Supervising Bank to make sure it has sufficient funds to make principal payments when they are due. Notwithstanding the requirements, the HYREF Fund and Supervising Bank verbally notified Zhonghong from the beginning that it was unlikely that they would enforce these requirements for the purpose of the efficient utilization of working capital. As of December 31, 2018, the entrusted loan payable had an outstanding balance of $59.29 million, of which, $10.92 million was from the investment of Xi’an TCH; accordingly, the Company netted the loan payable of $10.92 million with the long-term investment to the HYREF Fund made by Xi’an TCH. The Company had paid RMB 50 million ($7.54 million) of the RMB 280 million ($42.22 million), and on August 5, 2016, the Company entered into a supplemental agreement with the lender to extend the due date of the remaining RMB 230 million ($34.68 million) of the original RMB 280 million ($45.54 million) to August 6, 2017. During the year ended December 31, 2017, the Company negotiated with the lender again to further extend the remaining loan balance of RMB 230 million ($34.68 million), RMB 100 million ($16.27 million), and RMB 77 million ($12.52 million) (which included investment from Xi’an TCH of RMB 75 million and was netted off with the entrusted loan payable of the HYREF Fund in the balance sheet). The lender had tentatively agreed to extend the remaining loan balance until August 2019 with an adjusted annual interest rate of 9%, subject to the final approval from its headquarters. The headquarters did not approve the extension proposal with an adjusted annual interest rate of 9%; however, on December 29, 2018, the Company worked out with the lender an alternative repayment proposal as described below. As of June 30, 2020, the interest payable for this loan was $8.71 million and the outstanding balance for this loan was $20.46 million.  As of December 31, 2019, the interest payable for this loan was $8.20 million and the outstanding balance for this loan was $20.77 million including current portion of $0.28 million and $0.29 million as of June 30, 2020 and December 31, 2019, respectively.  </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Repayment of HYREF loan</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. Transfer of Chengli project as partial repayment</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Xi’an Zhonghong, Xi’an TCH, HYREF, Guohua Ku, and Chonggong Bai entered into a CDQ WHPG Station Fixed Assets Transfer Agreement, pursuant to which Xi’an Zhonghong transferred Chengli CDQ WHPG station as the repayment for the loan of RMB 188,639,400 ($27.54 million) to HYREF. Xi’an Zhonghong, Xi’an TCH, Guohua Ku and Chonggong Bai also agreed to buy back the Chengli CDQ WHPG Station when conditions under the Buy Back Agreement are met. Due to the Buy Back agreement, the loan was not deemed repaid, the Company kept the Chengli project in its books as fixed assets as of June 30, 2020 and December 31, 2019.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 22, 2019, Xi’an Zhonghong, completed the transfer of Chengli CDQ WHPG station to HYREF as the repayment of a loan for RMB 188,639,400 ($27.54 million) owed to HYREF. Xi’an TCH is a secondary limited partner of HYREF. The consideration of the CDQ WHPG station was determined by the parties based upon the appraisal report issued by Zhonglian Assets Appraisal Group (Shaanxi) Co., Ltd. as of August 15, 2018.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. Buy Back Agreement</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Xi’an TCH, Xi’an Zhonghong, HYREF, Guohua Ku, Chonggong Bai and Xi’an Hanneng Enterprises Management Consulting Co. Ltd. (“Xi’an Hanneng”) entered into a Buy Back Agreement.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Buy Back Agreement, Xi’an TCH, Xi’an Zhonghong, Guohua Ku and Chonggong Bai (the “Buyers”) jointly and severally agreed to buy back all outstanding capital equity of Xi’an Hanneng which was transferred to HYREF by Chonggong Bai (see 5 below), and a CDQ WHPG station in Boxing County which was transferred to HYREF by Xi’an Zhonghong. The buy-back price for the Xi’an Hanneng’s equity will be the higher of (i) the market price of the equity shares at the time of buy-back; or (ii) the original transfer price of the equity shares plus bank interest. HYREF may request that the Buyers buy back the equity shares of Xi’an Hanneng and/or the CDQ WHPG station if one of the following conditions is met: (i) HYREF holds the equity shares of Xi’an Hanneng until December 31, 2021; (ii) Xi’an Huaxin New Energy Co., Ltd., is delisted from The National Equities Exchange And Quotations Co., Ltd., a Chinese over-the-counter trading system (the “NEEQ”); (iii) Xi’an Huaxin New Energy, or any of the Buyers or its affiliates has a credit problem, including not being able to issue an auditor report or standard auditor report or any control person or executive of the Buyers is involved in crimes and is under prosecution or has other material credit problems, to HYREF’s reasonable belief; (iv) if Xi’an Zhonghong fails to timely make repayment on principal or interest of the loan agreement, its supplemental agreement or extension agreement; (v) the Buyers or any party to the Debt Repayment Agreement materially breaches the Debt Repayment Agreement or its related transaction documents, including but not limited to the Share Transfer Agreement, the Pledged Assets Transfer Agreement, the Entrusted Loan Agreement and their guarantee agreements and supplemental agreements. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report, on December 19, 2019, Xi’an TCH, Xi’an Zhonghong, Guohua Ku and Chonggong Bai jointly and severally agreed to buy back all outstanding capital equity of Xi’an Hanneng which was transferred to HYREF by Chonggong Bai earlier. The total buy back price was RMB 261,727,506 ($37.52 million) including accrued interest of RMB 14,661,506 ($2.10 million), and was paid in full by Xi’an TCH.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Xi’an TCH transferred 40% ownership in the Fund Management Company to Hongyuan Huifu for partial payment of financial advisory fee</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Xi’an TCH entered into a Share Transfer Agreement with Hongyuan Huifu Venture Capital Co. Ltd (“Hongyuan Huifu”), pursuant to which Xi’an TCH transferred its 40% ownership in Hongyuan Recycling Energy Investment Management Beijing Co., Ltd. (the “Fund Management Company”) to Hongyuan Huifu for consideration of RMB 3,453,867 ($504,000) (the “Fund Management Company Transfer Price”). On January 22, 2019, Xi’an TCH completed the 40% ownership transfer transaction. The Company had $46,461 loss from the sale of a 40% equity interest in Fund Management Company during the year ended December 31, 2019. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Xi’an TCH, Hongyuan Huifu and Fund Management Company entered into a supplemental agreement to the Share Transfer Agreement. Xi’an TCH owes the Fund Management Company RMB 18,306,667 ($2,672,000) in financial advisory fees, and the parties agreed that the Fund Management Company Transfer Price could be used to offset the outstanding financial advisory fees. Upon the completion of this transaction, the Fund Management Company owed RMB 3,453,867 ($502,400) to Hongyuan Huifu, and Xi’an TCH owed RMB 14,852,800 ($2,168,000) to the Fund Management Company. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. HYREF Fund transferred 10% ownership in Xi’an Zhonghong to Shanghai TCH (Long-Term Payable)</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, Shanghai TCH entered into a Share Transfer Agreement with HYREF, pursuant to which HYREF agreed to transfer its 10% ownership in Xi’an Zhonghong to Shanghai TCH for RMB 3 million ($430,034), and was recorded as long term payable in the Company’s balance sheet. On January 22, 2019, Hongyuan Huifu completed the transfer of its 10% ownership in Xi’an Zhonghong to Shanghai TCH, Xi’an Zhonghong then became a 100% subsidiary of the Company. The Company did not record any gain or loss for this purchase as the controlling interest did not change.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. Transfer of Xuzhou Huayu Project and Shenqiu Phase I & II project to Mr. Bai for partial repayment of HYREF loan</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 4, 2019, Xi’an Zhonghong, Xi’an TCH, and Mr. Chonggong Bai entered into a Projects Transfer Agreement, pursuant to which Xi’an Zhonghong transferred a CDQ WHPG station (under construction) located in Xuzhou City for Xuzhou Huayu Coking Co., Ltd. (“Xuzhou Huayu Project”) to Mr. Bai for RMB 120,000,000 ($17.52 million) and Xi’an TCH will transfer two Biomass Power Generation Projects in Shenqiu (“Shenqiu Phase I and II Projects”) to Mr. Bai for RMB 127,066,000 ($18.55 million). Mr. Bai agreed to transfer all the equity shares of his wholly owned company, Xi’an Hanneng, to HYREF as repayment for the RMB 247,066,000 ($36.07 million) loan made by Xi’an Zhonghong to HYREF as consideration for the transfer of the Xuzhou Huayu Project and Shenqiu Phase I and II Projects.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 15, 2019, Xi’an Zhonghong completed the transfer of the Xuzhou Huayu Project and Xi’an TCH completed the transfer of Shenqiu Phase I and II Projects to Mr. Bai, and on January 10, 2019, Mr. Bai transferred all the equity shares of his wholly owned company, Xi’an Hanneng, to HYREF as repayment of Xi’an Zhonghong’s loan to HYREF as consideration for the transfer of the Xuzhou Huayu Project and Shenqiu Phase I and II Projects. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi’an Hanneng is a holding company and was supposed to own 47,150,000 shares of Xi’an Huaxin New Energy Co., Ltd. (“Huaxin”), so that HYREF will indirectly receive and own such shares of Xi’an Huaxin as the repayment for the loan of Zhonghong. Xi’an Hanneng already owned 29,948,000 shares of Huaxin; however, Xi’an Hanneng was not able to obtain the remaining 17,202,000 shares due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 19, 2019, Xi’an TCH, Xi’an Zhonghong, Guohua Ku and Chonggong Bai jointly and severally agreed to buy back all outstanding capital equity of Xi’an Hanneng which was transferred to HYREF by Chonggong Bai earlier. The total buy back price was RMB 261,727,506 ($37.52 million) including accrued interest of RMB 14,661,506 ($2.10 million), and was paid in full by Xi’an TCH. On December 20, 2019, Mr. Bai, Xi’an TCH and Xi’an Zhonghong agreed to have Mr. Bai repay the Company in cash for the transfer price of Xuzhou Huayu and Shenqiu in five installment payments. The 1<sup>st</sup> payment of RMB 50 million ($7.17 million) is due on January 5, 2020, the 2<sup>nd </sup>payment of RMB 50 million ($7.17 million) was due on February 5, 2020, the 3<sup>rd </sup>payment of RMB 50 million ($7.17 million) was due on April 5, 2020, the 4<sup>th</sup> payment of RMB 50 million ($7.17 million) is due on June 30, 2020, and the final payment of RMB 47,066,000 ($6.75 million) is due on September 30, 2020. As of this report date, the Company has already received RMB 200 million ($28.68 million).</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The lender agreed to extend the repayment of RMB 77.00 million ($11.04 million) to July 8, 2023; of which, RMB 75.00 million ($10.81 million) was Xi’an TCH’s investment into the HYREF fund as a secondary limited partner, and the Company netted off the investment of RMB 75 million ($10.81 million) by Xi’an TCH with the entrusted loan payable of the HYREF Fund.</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A reconciliation of repayment of HYREF loan (entrusted loan) by three Projects at June 30, 2020 was as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34%; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer price for Chengli Project</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,645,865</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 41%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entrusted loan payable at June 30, 2020, net with Xi’an TCH investment in entrusted loan (current and noncurrent)</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,463,884</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer price for Xuzhou Huayu Project</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,950,350</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest payable on entrusted loan at June 30, 2020</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,711,500</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer price for Shenqiu Phase I and II Projects</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,948,442</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add back: Xi’an TCH investment in entrusted loan</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,593,969</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: interest accrued from September 20, 2018 to June 30, 2020 (cut-off date for interest calculation for repayment was September 20, 2018)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,247,013</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: portion of loan with repayment due date extended to year 2023</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,876,474</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add back: interest & penalty repaid by Xi’an TCH</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,466,709</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add back: loan principle repaid by Xi’an TCH</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,432,082</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,544,657</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,544,657</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> </table><br/>
</us-gaap:DebtDisclosureTextBlock>
<creg:TotalFundCapitalContribution unitRef="cny" contextRef="c147_AsOf30Jun2020_HYREFLoanentrustedLoanMember" decimals="-6"> 460000000 </creg:TotalFundCapitalContribution>
<creg:TotalFundCapitalContribution unitRef="usd" contextRef="c147_AsOf30Jun2020_HYREFLoanentrustedLoanMember" decimals="-6"> 77000000 </creg:TotalFundCapitalContribution>
<creg:DescriptionOfEquityInvestment contextRef="c148_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember"> The HYREF Fund invested RMB 3 million ($0.5 million) as an equity investment and RMB 457 million ($74.5 million) as a debt investment in Xi’an Zhonghong; in return for such investments, the HYREF Fund will receive interest from Zhonghong for the HYREF Fund’s debt investment. The RMB 457 million ($74.5 million) original loan balance was released to Zhonghong through an entrusted bank, which is also the supervising bank for the use of the loan. The loan was deposited in a bank account at the Supervising Bank (the Industrial Bank Xi’an Branch) and is jointly supervised by Zhonghong and the Fund Management Company. Project spending shall be verified by the Fund Management Company to confirm it is in accordance with the project schedule before the funds are released. All the operating accounts of Zhonghong have been opened with the branches of the Supervising Bank, and the Supervising Bank has the right to monitor all bank accounts opened by Zhonghong. The entrusted bank will charge 0.1% of the loan amount as a service fee and will not take any lending risk. The loan was collateralized by the accounts receivable and the fixed assets of Shenqiu Phase I and II power generation systems; the accounts receivable and fixed assets of Zhonghong’s three CDQ WHPG systems; and a 27 million RMB ($4.39 million) capital contribution made by Xi’an TCH in Zhonghong. Repayment of the loan (principal and interest) was also jointly and severally guaranteed by Xi’an TCH and the Chairman and CEO of the Company. In the fourth quarter of 2015, three power stations of Erdos TCH were pledged to Industrial Bank as an additional guarantee for the loan to Zhonghong’s three CDQ WHPG systems. In 2016, two additional power stations of Erdos TCH and Pucheng Phase I and II systems were pledged to Industrial Bank as an additional guarantee along with Xi’an TCH’s equity in Zhonghong. </creg:DescriptionOfEquityInvestment>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree unitRef="cny" contextRef="c149_AsOf6Aug2016_XianZhonghongMember" decimals="-6"> 280000000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree unitRef="usd" contextRef="c149_AsOf6Aug2016_XianZhonghongMember" decimals="-4"> 42220000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree>
<us-gaap:DebtInstrumentAnnualPrincipalPayment unitRef="cny" contextRef="c149_AsOf6Aug2016_XianZhonghongMember" decimals="-6"> 50000000 </us-gaap:DebtInstrumentAnnualPrincipalPayment>
<us-gaap:DebtInstrumentAnnualPrincipalPayment unitRef="usd" contextRef="c149_AsOf6Aug2016_XianZhonghongMember" decimals="-4"> 7540000 </us-gaap:DebtInstrumentAnnualPrincipalPayment>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour unitRef="cny" contextRef="c150_AsOf6Aug2017" decimals="-6"> 100000000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour unitRef="usd" contextRef="c150_AsOf6Aug2017" decimals="-4"> 16270000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive unitRef="cny" contextRef="c151_AsOf30Jul2018_XianZhonghongMember" decimals="-6"> 77000000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive unitRef="usd" contextRef="c151_AsOf30Jul2018_XianZhonghongMember" decimals="-4"> 12520000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive>
<us-gaap:DebtInstrumentInterestRateStatedPercentage unitRef="pure" contextRef="c152_AsOf30Jul2018_HYREFLoanentrustedLoanMember" decimals="3"> 0.125 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:LoansPayableFairValueDisclosure unitRef="usd" contextRef="c153_AsOf31Dec2018_HYREFLoanentrustedLoanMember" decimals="-4"> 59290000 </us-gaap:LoansPayableFairValueDisclosure>
<us-gaap:LoansPayableFairValueDisclosure unitRef="usd" contextRef="c7_AsOf31Dec2018" decimals="-4"> 10920000 </us-gaap:LoansPayableFairValueDisclosure>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c154_AsOf31Dec2018_XianTchLimitedPartnerMember_HYREFLoanentrustedLoanMember" decimals="-4"> 10920000 </us-gaap:LongTermLoansFromBank>
<creg:DescriptionOfRemainingLoanBalance contextRef="c0_From1Jan2020To30Jun2020"> The Company had paid RMB 50 million ($7.54 million) of the RMB 280 million ($42.22 million), and on August 5, 2016, the Company entered into a supplemental agreement with the lender to extend the due date of the remaining RMB 230 million ($34.68 million) of the original RMB 280 million ($45.54 million) to August 6, 2017. During the year ended December 31, 2017, the Company negotiated with the lender again to further extend the remaining loan balance of RMB 230 million ($34.68 million), RMB 100 million ($16.27 million), and RMB 77 million ($12.52 million) (which included investment from Xi’an TCH of RMB 75 million and was netted off with the entrusted loan payable of the HYREF Fund in the balance sheet). The lender had tentatively agreed to extend the remaining loan balance until August 2019 with an adjusted annual interest rate of 9%, subject to the final approval from its headquarters. The headquarters did not approve the extension proposal with an adjusted annual interest rate of 9%; however, on December 29, 2018, the Company worked out with the lender an alternative repayment proposal as described below. As of June 30, 2020, the interest payable for this loan was $8.71 million and the outstanding balance for this loan was $20.46 million. </creg:DescriptionOfRemainingLoanBalance>
<us-gaap:InterestPayableCurrentAndNoncurrent unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="-4"> 8200000 </us-gaap:InterestPayableCurrentAndNoncurrent>
<us-gaap:LongTermDebt unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="-4"> 20770000 </us-gaap:LongTermDebt>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="-4"> 280000 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c3_AsOf31Dec2019" decimals="-4"> 290000 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="cny" contextRef="c155_AsOf29Dec2018_TransferAgreementMember_HYREFMember" decimals="0"> 188639400 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c155_AsOf29Dec2018_TransferAgreementMember_HYREFMember" decimals="-4"> 27540000 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="cny" contextRef="c156_AsOf22Jan2019_TransferAgreementMember_HYREFMember" decimals="0"> 188639400 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c156_AsOf22Jan2019_TransferAgreementMember_HYREFMember" decimals="-4"> 27540000 </us-gaap:LongTermLoansFromBank>
<creg:BuyBackPrice unitRef="cny" contextRef="c157_AsOf19Dec2019" decimals="0"> 261727506 </creg:BuyBackPrice>
<creg:BuyBackPrice unitRef="usd" contextRef="c157_AsOf19Dec2019" decimals="-4"> 37520000 </creg:BuyBackPrice>
<us-gaap:DebtInstrumentIncreaseAccruedInterest unitRef="cny" contextRef="c158_From1Dec2019To19Dec2019_XianTCHMember" decimals="0"> 14661506 </us-gaap:DebtInstrumentIncreaseAccruedInterest>
<us-gaap:DebtInstrumentIncreaseAccruedInterest unitRef="usd" contextRef="c158_From1Dec2019To19Dec2019_XianTCHMember" decimals="-4"> 2100000 </us-gaap:DebtInstrumentIncreaseAccruedInterest>
<us-gaap:EquityMethodInvestmentOwnershipPercentage unitRef="pure" contextRef="c159_AsOf30Jun2020_HongyuanHuifuMember" decimals="2"> 0.40 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage unitRef="pure" contextRef="c160_AsOf29Dec2018_TransferAgreementMember_HongyuanHuifuMember" decimals="2"> 0.40 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:DebtInstrumentAnnualPrincipalPayment unitRef="cny" contextRef="c161_AsOf29Dec2018_HongyuanHuifuMember" decimals="0"> 3453867 </us-gaap:DebtInstrumentAnnualPrincipalPayment>
<us-gaap:EquityMethodInvestmentOwnershipPercentage unitRef="pure" contextRef="c162_AsOf22Jan2019_TransferAgreementMember_HongyuanHuifuMember" decimals="2"> 0.40 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee unitRef="usd" contextRef="c163_From1Jan2019To31Dec2019_XianTCHMember" decimals="0"> 46461 </us-gaap:GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee>
<us-gaap:EquityMethodInvestmentOwnershipPercentage unitRef="pure" contextRef="c164_AsOf31Dec2019_XianTCHMember" decimals="2"> 0.40 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<creg:DescriptionOfFundManagementSupplementalAgreement contextRef="c165_From1Dec2018To29Dec2018_XianTCHMember"> On December 29, 2018, Xi’an TCH, Hongyuan Huifu and Fund Management Company entered into a supplemental agreement to the Share Transfer Agreement. Xi’an TCH owes the Fund Management Company RMB 18,306,667 ($2,672,000) in financial advisory fees, and the parties agreed that the Fund Management Company Transfer Price could be used to offset the outstanding financial advisory fees. Upon the completion of this transaction, the Fund Management Company owed RMB 3,453,867 ($502,400) to Hongyuan Huifu, and Xi’an TCH owed RMB 14,852,800 ($2,168,000) to the Fund Management Company. </creg:DescriptionOfFundManagementSupplementalAgreement>
<us-gaap:EquityMethodInvestmentOwnershipPercentage unitRef="pure" contextRef="c166_AsOf29Dec2018_HYREFMember" decimals="2"> 0.10 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<creg:TransferAgreementDescriptions contextRef="c167_From1Dec2018To29Dec2018_ShanghaiTCHMember"> Shanghai TCH entered into a Share Transfer Agreement with HYREF, pursuant to which HYREF agreed to transfer its 10% ownership in Xi’an Zhonghong to Shanghai TCH for RMB 3 million ($430,034), and was recorded as long term payable in the Company’s balance sheet. On January 22, 2019, Hongyuan Huifu completed the transfer of its 10% ownership in Xi’an Zhonghong to Shanghai TCH, Xi’an Zhonghong then became a 100% subsidiary of the Company. The Company did not record any gain or loss for this purchase as the controlling interest did not change. </creg:TransferAgreementDescriptions>
<us-gaap:LongTermLoansFromBank unitRef="cny" contextRef="c168_AsOf4Jan2019_TransferPriceForShenqiuPhaseIAndIIProjectsMember" decimals="0"> 120000000 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c168_AsOf4Jan2019_TransferPriceForShenqiuPhaseIAndIIProjectsMember" decimals="-4"> 17520000 </us-gaap:LongTermLoansFromBank>
<us-gaap:DebtInstrumentAnnualPrincipalPayment unitRef="cny" contextRef="c169_AsOf4Jan2019_TransferPriceForXuzhouHuayuProjectMember" decimals="0"> 127066000 </us-gaap:DebtInstrumentAnnualPrincipalPayment>
<us-gaap:DebtInstrumentAnnualPrincipalPayment unitRef="usd" contextRef="c169_AsOf4Jan2019_TransferPriceForXuzhouHuayuProjectMember" decimals="-4"> 18550000 </us-gaap:DebtInstrumentAnnualPrincipalPayment>
<us-gaap:LongTermLoansFromBank unitRef="cny" contextRef="c169_AsOf4Jan2019_TransferPriceForXuzhouHuayuProjectMember" decimals="0"> 247066000 </us-gaap:LongTermLoansFromBank>
<us-gaap:LongTermLoansFromBank unitRef="usd" contextRef="c169_AsOf4Jan2019_TransferPriceForXuzhouHuayuProjectMember" decimals="-4"> 36070000 </us-gaap:LongTermLoansFromBank>
<creg:DescriptionOfRemainingLoanBalance contextRef="c170_From1Jan2020To30Jun2020_BaiChonggongMember"> Xi’an Hanneng is a holding company and was supposed to own 47,150,000 shares of Xi’an Huaxin New Energy Co., Ltd. (“Huaxin”), so that HYREF will indirectly receive and own such shares of Xi’an Huaxin as the repayment for the loan of Zhonghong. Xi’an Hanneng already owned 29,948,000 shares of Huaxin; however, Xi’an Hanneng was not able to obtain the remaining 17,202,000 shares due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report. </creg:DescriptionOfRemainingLoanBalance>
<creg:BuyBackPrice unitRef="cny" contextRef="c171_AsOf19Dec2019_XianTCHMember" decimals="0"> 261727506 </creg:BuyBackPrice>
<creg:BuyBackPrice unitRef="usd" contextRef="c171_AsOf19Dec2019_XianTCHMember" decimals="-4"> 37520000 </creg:BuyBackPrice>
<us-gaap:DebtInstrumentIncreaseAccruedInterest unitRef="cny" contextRef="c172_From19Dec2019To19Dec2019_XianTCHMember" decimals="0"> 14661506 </us-gaap:DebtInstrumentIncreaseAccruedInterest>
<us-gaap:DebtInstrumentIncreaseAccruedInterest unitRef="usd" contextRef="c172_From19Dec2019To19Dec2019_XianTCHMember" decimals="-4"> 2100000 </us-gaap:DebtInstrumentIncreaseAccruedInterest>
<creg:TransferPriceInstallmentPaymentsDescription contextRef="c173_From1Dec2019To20Dec2019"> Mr. Bai, Xi’an TCH and Xi’an Zhonghong agreed to have Mr. Bai repay the Company in cash for the transfer price of Xuzhou Huayu and Shenqiu in five installment payments. The 1st payment of RMB 50 million ($7.17 million) is due on January 5, 2020, the 2nd payment of RMB 50 million ($7.17 million) was due on February 5, 2020, the 3rd payment of RMB 50 million ($7.17 million) was due on April 5, 2020, the 4th payment of RMB 50 million ($7.17 million) is due on June 30, 2020, and the final payment of RMB 47,066,000 ($6.75 million) is due on September 30, 2020. As of this report date, the Company has already received RMB 200 million ($28.68 million). </creg:TransferPriceInstallmentPaymentsDescription>
<creg:LenderRepaymentDescription contextRef="c173_From1Dec2019To20Dec2019"> The lender agreed to extend the repayment of RMB 77.00 million ($11.04 million) to July 8, 2023; of which, RMB 75.00 million ($10.81 million) was Xi’an TCH’s investment into the HYREF fund as a secondary limited partner, and the Company netted off the investment of RMB 75 million ($10.81 million) by Xi’an TCH with the entrusted loan payable of the HYREF Fund. </creg:LenderRepaymentDescription>
<us-gaap:DebtInstrumentAnnualPrincipalPayment unitRef="usd" contextRef="c174_AsOf29Dec2018" decimals="0"> 504000 </us-gaap:DebtInstrumentAnnualPrincipalPayment>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34%; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer price for Chengli Project</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,645,865</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 41%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entrusted loan payable at June 30, 2020, net with Xi’an TCH investment in entrusted loan (current and noncurrent)</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,463,884</font></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer price for Xuzhou Huayu Project</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,950,350</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest payable on entrusted loan at June 30, 2020</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,711,500</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer price for Shenqiu Phase I and II Projects</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,948,442</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add back: Xi’an TCH investment in entrusted loan</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,593,969</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: interest accrued from September 20, 2018 to June 30, 2020 (cut-off date for interest calculation for repayment was September 20, 2018)</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,247,013</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: portion of loan with repayment due date extended to year 2023</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,876,474</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add back: interest & penalty repaid by Xi’an TCH</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,466,709</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add back: loan principle repaid by Xi’an TCH</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,432,082</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,544,657</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="font: 10pt Times New Roman, Times, Serif; border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,544,657</font></td> <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfDebtTableTextBlock>
<us-gaap:RepaymentsOfRelatedPartyDebt unitRef="usd" contextRef="c175_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember_TransferPriceForChengliProjectMember" decimals="0"> 26645865 </us-gaap:RepaymentsOfRelatedPartyDebt>
<creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan unitRef="usd" contextRef="c175_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember_TransferPriceForChengliProjectMember" decimals="0"> 20463884 </creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan>
<us-gaap:RepaymentsOfRelatedPartyDebt unitRef="usd" contextRef="c176_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember_TransferPriceForXuzhouHuayuProjectMember" decimals="0"> 16950350 </us-gaap:RepaymentsOfRelatedPartyDebt>
<creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan unitRef="usd" contextRef="c176_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember_TransferPriceForXuzhouHuayuProjectMember" decimals="0"> 8711500 </creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan>
<us-gaap:RepaymentsOfRelatedPartyDebt unitRef="usd" contextRef="c177_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember_TransferPriceForShenqiuPhaseIAndIIProjectsMember" decimals="0"> 17948442 </us-gaap:RepaymentsOfRelatedPartyDebt>
<creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan unitRef="usd" contextRef="c177_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember_TransferPriceForShenqiuPhaseIAndIIProjectsMember" decimals="0"> 10593969 </creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan>
<creg:InterestAccruedDueToCutoffDateForInterestCalculationForRepayment unitRef="usd" contextRef="c178_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember" decimals="0"> -2247013 </creg:InterestAccruedDueToCutoffDateForInterestCalculationForRepayment>
<creg:PortionOfLoanRepaymentDue unitRef="usd" contextRef="c178_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember" decimals="0"> -10876474 </creg:PortionOfLoanRepaymentDue>
<creg:InterestPenaltyRepaidByXianTch unitRef="usd" contextRef="c178_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember" decimals="0"> 8466709 </creg:InterestPenaltyRepaidByXianTch>
<creg:LoanPrincipleRepaidByXianTch unitRef="usd" contextRef="c178_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember" decimals="0"> 26432082 </creg:LoanPrincipleRepaidByXianTch>
<us-gaap:RepaymentsOfRelatedPartyDebt unitRef="usd" contextRef="c178_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember" decimals="0"> 61544657 </us-gaap:RepaymentsOfRelatedPartyDebt>
<creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan unitRef="usd" contextRef="c178_From1Jan2020To30Jun2020_HYREFLoanentrustedLoanMember" decimals="0"> 61544657 </creg:EntrustedLoanPayableNetWithXianTchInvestmentInEntrustedLoan>
<creg:RefundableDepositFromCustomersForSystemsLeasingTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. REFUNDABLE DEPOSITS FROM CUSTOMERS FOR SYSTEMS LEASING</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020 and December 31, 2019, the balance of refundable deposits from customers for systems leasing was $0 and $544,709 (for Pucheng systems), respectively.</font></p><br/>
</creg:RefundableDepositFromCustomersForSystemsLeasingTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. RELATED PARTY TRANSACTIONS</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 29, 2018, the Company’s Chairman of the Board and CEO, Guohua Ku, entered into a Buy-Back Agreement with the following parties: Xi’an TCH, Xi’an Zhonghong, HYREF, Chonggong Bai and Xi’an Hanneng Enterprises Management Consulting Co. Ltd. (“Xi’an Hanneng”). Pursuant to the terms of the Buy Back Agreement, Mr. Ku, together with Xi’an TCH, Xi’an Zhonghong, and Chonggong Bai, as Buyers, jointly and severally agreed to buy back all outstanding capital equity of Xi’an Hanneng which was transferred to HYREF by Chonggong Bai, and a CDQ WHPG station in Boxing County which was transferred to HYREF by Xi’an Zhonghong. (See Note 9). Pursuant to the terms of the Buy-Back agreement, HYREF may request that the Buyers buy back the equity shares of Xi’an Hanneng and/or the CDQ WHPG station if one of the following conditions is met: (i) HYREF holds the equity shares of Xi’an Hanneng until December 31, 2021; (ii) Xi’an Huaxin New Energy Co., Ltd., is delisted from The National Equities Exchange And Quotations Co., Ltd., a Chinese over-the-counter trading system (the “NEEQ”); (iii) Xi’an Huaxin New Energy, or any of the Buyers or its affiliates has a credit problem, including not being able to issue an auditor report or standard auditor report or any control person or executive of the Buyers is involved in crimes and is under prosecution or has other material credit problems, to HYREF’s reasonable belief; (iv) if Xi’an Zhonghong fails to timely make repayment on principal or interest of the loan agreement, its supplemental agreement or extension agreement; (v) the Buyers or any party to the Debt Repayment Agreement materially breaches the Debt Repayment Agreement or its related transaction documents, including but not limited to the Share Transfer Agreement, the Pledged Assets Transfer Agreement, the Entrusted Loan Agreement and their guarantee agreements and supplemental agreements. Due to halted trading of Huaxin stock by NEEQ for not filing its 2018 annual report, on December 19, 2019, Xi’an TCH, Xi’an Zhonghong, Guohua Ku and Chonggong Bai jointly and severally agreed to buy back all outstanding capital equity of Xi’an Hanneng which was transferred to HYREF by Chonggong Bai earlier. The total buy back price was RMB 261,727,506 ($37.52 million) including accrued interest of RMB 14,661,506 ($2.10 million), and was paid in full by Xi’an TCH.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, and December 31, 2019, the Company had $28,720 and $41,174, respectively, in advances from the Company’s management, which bear no interest, are unsecured, and are payable upon demand. </font></p><br/>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<creg:BuyBackPrice unitRef="cny" contextRef="c179_AsOf29Dec2018_XianTCHMember" decimals="0"> 261727506 </creg:BuyBackPrice>
<creg:BuyBackPrice unitRef="usd" contextRef="c179_AsOf29Dec2018_XianTCHMember" decimals="-4"> 37520000 </creg:BuyBackPrice>
<us-gaap:InterestReceivable unitRef="cny" contextRef="c179_AsOf29Dec2018_XianTCHMember" decimals="0"> 14661506 </us-gaap:InterestReceivable>
<us-gaap:InterestReceivable unitRef="usd" contextRef="c179_AsOf29Dec2018_XianTCHMember" decimals="-4"> 2100000 </us-gaap:InterestReceivable>
<creg:ConvertibleNotePayableNetTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. NOTE PAYABLES, NET</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Convertible Notes / Promissory Notes in January and February 2019</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On  January 31, 2019, the Company entered into a Securities Purchase Agreement with Iliad Research and Trading, L.P., a Utah limited partnership (the “Purchaser”), pursuant to which the Company sold and issued to the Purchaser a Convertible Promissory Note of $1,050,000. The Purchaser purchased the Note with an original issue discount of $50,000. The Note bears interest at 8%. All outstanding principal and accrued interest on the Note will become due and payable on January 30, 2021, subject to a potential one-year extension period during which interest would not accrue. The Company’s obligations under the Note may be prepaid at any time, provided that in such circumstance the Company would pay 125% of any amounts outstanding under the Note and being prepaid. Amounts outstanding under the Note may be converted at any time, at the Lender’s option, into shares of the Company’s common stock at a conversion price of $3.00 per share, subject to certain adjustments as discussed in the July 2018 Note above. The conversion feature did not require bifurcation and derivative accounting as the conversion price was greater than the market price of the Company common shares, there was no beneficial conversion feature to recognize.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 27, 2019, the Company entered into a Securities Purchase Agreement with Iliad Research and Trading, L.P., a Utah limited partnership (the “Purchaser”), pursuant to which the Company sold and issued to the Purchaser a Convertible Promissory Note of $1,050,000. The Purchaser purchased the Note with an original issue discount of $50,000. The Note bears interest at 8%. All outstanding principal and accrued interest on the Note will become due and payable on February 26, 2021, subject to a potential one-year extension period during which interest would not accrue. The Company’s obligations under the Note may be prepaid at any time, provided that in such circumstance the Company would pay 125% of any amounts outstanding under the Note and being prepaid. Amounts outstanding under the Note may be converted at any time, at the Lender’s option, into shares of the Company’s common stock at a conversion price of $3.00 per share, subject to certain adjustments as discussed above in the July 2018 Note. The conversion feature did not require bifurcation and derivative accounting and as the conversion price was greater than the market value of the Company common shares, there was no beneficial conversion feature to recognize.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to an Exchange Agreement dated April 14, 2019 (the “Exchange Agreement”), the Company and Iliad Research and Trading, L.P. agreed to exchange the above two notes (the “Original Notes”) with two new promissory notes (the “Exchange Notes”). Upon execution of the agreement, the notes holder surrendered the Convertible Notes to the Company and the Company issued to the holder the Exchange Notes. Upon surrender, the two Convertible Notes were cancelled and the remaining amount owed to Holder hereafter be evidenced solely by the Exchange Notes ($1,173,480 and $ 1,165,379 for the January and February 2019 notes, respectively). All outstanding principal and accrued interest on the Exchange Notes will become due and payable on January 31, 2021 and February 27, 2021, respectively. The Exchange Notes bore interest at 8% and did not grant conversion options to the Purchaser. The Company’s obligations under the Exchange Notes could be prepaid at any time, provided that in such circumstance the Company would have paid 125% of any amounts outstanding under the Exchange Notes. Beginning on the date that is six months from the issue date of the respective Original Notes (the “Issue Dates”) and at any time thereafter until the Exchange Notes are paid in full, Purchaser shall have the right to redeem up to $750,000 of the outstanding balance during months six to eight following the respective Issue Date and any amount thereafter. The exchange of the Convertible Notes with Promissory Notes did not cause substantially different terms, and did not meet the conditions described in ASC 405-20-40-1, and therefore was accounted for as a modification and not an extinguishment; accordingly, the Company did not recognize any gain or loss for the exchange of the notes under ASC 470-50-40-8. During the six months ended June 30, 2020, the Company amortized OID of $39,583 and recorded $61,609 interest expense. During the three months ended June 30, 2020, the Company amortized OID of $27,083 and recorded $26,482 interest expense.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of default in the redemption request by the lender made on August 1, 2019, the Company and the lender entered into a forbearance agreement in which the lender agreed not to enforce its rights under the agreement and agreed not to make any Redemptions pursuant to the Section 4 of the Note before October 1, 2019. Under the term of the forbearance agreement, in the event Lender delivers after October 1, 2019 a Redemption Notice to Borrower and the Redemption Amount set forth therein is not paid in cash to Lender within three Trading Days, then the applicable Redemption Amount shall be increased by 25% (the “First Adjustment,” and such increase to the Redemption Amount, the “First Adjusted Redemption Amount”). In the event the First Adjusted Redemption Amount is not paid within three Trading Days after the date of First Adjustment, then the First Adjusted Redemption Amount shall be increased in accordance with the following formula: $0.50 divided by the lowest Closing Trade Price of the Common Stock during the 20 Trading Days prior to the date of the Second Adjustment and the resulting quotient multiplied by the First Adjusted Redemption Amount (the “Second Adjustment,” and such increase to the First Adjusted Redemption Amount, the “Second Adjusted Redemption Amount”), provided, however, that such formula shall only be applied if the resulting quotient is greater than one and such formula shall in no event be used to reduce the First Adjusted Redemption Amount.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2019, the Company entered into a series of Exchange Agreements with Iliad Research and Trading, L.P. Pursuant to the Agreement, the Company and Lender partitioned five Promissory Notes in the original total principal amount of $797,000 from a Promissory Note issued by the Company on April 14, 2019. The Company and Lender exchanged the Partitioned Note for the delivery of total 175,400 shares (post-reverse stock split) of the Company’s Common Stock. The Company recorded $131,740 gain on conversion of these portion of the note. However, on December 16, 2019, the Company and the lender amended the September 11, 2019 forbearance agreement to increase the adjustment ratio described above from $0.50 to $0.30 (pre-reverse stock split price). The outstanding balance of the Note shall be reduced by an amount equal to the total outstanding balance of the Partitioned Note. The investor made adjustments of $305,626 to increase the principle of the notes during the year ended December 31, 2019 under the term of the September 11<sup>th</sup> forbearance agreement and the amendment to forbearance agreement dated on December 16, 2019.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the first quarter of 2020, Company entered into three Exchange Agreements with Iliad Research and Trading, L.P. Pursuant to the Agreement, the Company and Lender partitioned three new Promissory Notes in the original total principal amount of $430,000 from a Promissory Note issued by the Company on April 14, 2019. The Company and Lender exchanged the Partitioned Note for the delivery of total 143,333 shares (post-reverse stock split) of the Company’s Common Stock. The Company recorded $103,167 loss on conversion of these portion of the note.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the second quarter of 2020, Company entered into four Exchange Agreements with Iliad Research and Trading, L.P. Pursuant to the Agreement, the Company and Lender partitioned four new Promissory Notes in the original total principal amount of $819,586 from a Promissory Note issued by the Company on April 14, 2019. The Company and Lender exchanged the Partitioned Note for the delivery of total 304,710 shares (post-reverse stock split) of the Company’s Common Stock. The Company recorded $49,837 gain on conversion of these portion of the note. In addition, the investor also made adjustments of $145,000 to increase the principle of the notes during the second quarter of 2020 under the term of the September 11<sup>th</sup> forbearance agreement and the amendment to forbearance agreement dated on December 16, 2019. These transactions were recorded as credit to additional paid in capital of $769,749, which was the difference between Note conversion of $819,586 and gain on conversion of $49,837. The $49,837 gain on conversion was presented net of $145,000 adjustment discussed above and resulted in a net loss on note redemption/ conversion of $95,163 in the statement of operations.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 15, 2020, the Company entered into a Forbearance Agreement with the Lender. The Lender had delivered a redemption notice to the Company on November 4, 2019 pursuant to the terms of the Exchange Agreement dated April 14, 2019 and the Company failed to pay the amount provided therein. Accordingly, the Lender has the right to accelerate the maturity date of the Note and cause the outstanding balance to be increased by 25%. The Lender agreed with the Company to withdraw the November 4, 2019 redemption notice as if it was never made and agreed that as of May 15, 2020 there is no default under the Note. The Company did not pay any consideration to the Lender for this forbearance. The outstanding balance of the Note as of May 15, 2020 is $1,271,720, and under the new Forbearance Agreement, if the Lender delivers a redemption notice and the amount set forth in such notice is not paid in cash to Lender within three trading days, the applicable redemption amount shall be increased to 25%.  </font></p><br/>
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<us-gaap:ConvertibleNotesPayable unitRef="usd" contextRef="c182_AsOf27Feb2019_SecuritiesPurchaseAgreementMember" decimals="0"> 1050000 </us-gaap:ConvertibleNotesPayable>
<us-gaap:DebtInstrumentCarryingAmount unitRef="usd" contextRef="c182_AsOf27Feb2019_SecuritiesPurchaseAgreementMember" decimals="0"> 50000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentInterestRateDuringPeriod unitRef="pure" contextRef="c183_From1Feb2019To27Feb2019_SecuritiesPurchaseAgreementMember" decimals="2"> 0.08 </us-gaap:DebtInstrumentInterestRateDuringPeriod>
<creg:PercentageOfAmountsOutstanding unitRef="pure" contextRef="c183_From1Feb2019To27Feb2019_SecuritiesPurchaseAgreementMember" decimals="2"> 1.25 </creg:PercentageOfAmountsOutstanding>
<us-gaap:DebtInstrumentConvertibleConversionPrice1 unitRef="usdPershares" contextRef="c182_AsOf27Feb2019_SecuritiesPurchaseAgreementMember" decimals="2"> 3.00 </us-gaap:DebtInstrumentConvertibleConversionPrice1>
<us-gaap:ConvertibleDebt unitRef="usd" contextRef="c184_AsOf31Jan2019_ExchangeAgreementMember" decimals="0"> 1173480 </us-gaap:ConvertibleDebt>
<us-gaap:ConvertibleDebt unitRef="usd" contextRef="c185_AsOf27Feb2019_ExchangeAgreementMember" decimals="0"> 1165379 </us-gaap:ConvertibleDebt>
<us-gaap:DebtInstrumentInterestRateDuringPeriod unitRef="pure" contextRef="c186_From1Jan2019To31Jan2019_ExchangeAgreementMember" decimals="2"> 0.08 </us-gaap:DebtInstrumentInterestRateDuringPeriod>
<us-gaap:DebtInstrumentInterestRateDuringPeriod unitRef="pure" contextRef="c187_From1Feb2019To27Feb2019_ExchangeAgreementMember" decimals="2"> 0.08 </us-gaap:DebtInstrumentInterestRateDuringPeriod>
<creg:AgreementDescription contextRef="c188_From1Jan2020To30Jun2020_ExchangeAgreementMember"> The Company’s obligations under the Exchange Notes could be prepaid at any time, provided that in such circumstance the Company would have paid 125% of any amounts outstanding under the Exchange Notes. Beginning on the date that is six months from the issue date of the respective Original Notes (the “Issue Dates”) and at any time thereafter until the Exchange Notes are paid in full, Purchaser shall have the right to redeem up to $750,000 of the outstanding balance during months six to eight following the respective Issue Date and any amount thereafter. </creg:AgreementDescription>
<us-gaap:AmortizationOfFinancingCostsAndDiscounts unitRef="usd" contextRef="c188_From1Jan2020To30Jun2020_ExchangeAgreementMember" decimals="0"> 39583 </us-gaap:AmortizationOfFinancingCostsAndDiscounts>
<us-gaap:DebtInstrumentPeriodicPaymentInterest unitRef="usd" contextRef="c188_From1Jan2020To30Jun2020_ExchangeAgreementMember" decimals="0"> 61609 </us-gaap:DebtInstrumentPeriodicPaymentInterest>
<us-gaap:AmortizationOfFinancingCostsAndDiscounts unitRef="usd" contextRef="c189_From1Apr2020To30Jun2020_ExchangeAgreementMember" decimals="0"> 27083 </us-gaap:AmortizationOfFinancingCostsAndDiscounts>
<us-gaap:InterestExpenseDebtExcludingAmortization unitRef="usd" contextRef="c189_From1Apr2020To30Jun2020_ExchangeAgreementMember" decimals="0"> 26482 </us-gaap:InterestExpenseDebtExcludingAmortization>
<creg:AgreementDescription contextRef="c190_From1Jan2020To30Jun2020_ForbearanceAgreementMember"> Under the term of the forbearance agreement, in the event Lender delivers after October 1, 2019 a Redemption Notice to Borrower and the Redemption Amount set forth therein is not paid in cash to Lender within three Trading Days, then the applicable Redemption Amount shall be increased by 25% (the “First Adjustment,” and such increase to the Redemption Amount, the “First Adjusted Redemption Amount”). In the event the First Adjusted Redemption Amount is not paid within three Trading Days after the date of First Adjustment, then the First Adjusted Redemption Amount shall be increased in accordance with the following formula: $0.50 divided by the lowest Closing Trade Price of the Common Stock during the 20 Trading Days prior to the date of the Second Adjustment and the resulting quotient multiplied by the First Adjusted Redemption Amount (the “Second Adjustment </creg:AgreementDescription>
<creg:AgreementDescription contextRef="c191_From1Jan2019To31Dec2019_ForbearanceAgreementMember"> the Company entered into a series of Exchange Agreements with Iliad Research and Trading, L.P. Pursuant to the Agreement, the Company and Lender partitioned five Promissory Notes in the original total principal amount of $797,000 from a Promissory Note issued by the Company on April 14, 2019. The Company and Lender exchanged the Partitioned Note for the delivery of total 175,400 shares (post-reverse stock split) of the Company’s Common Stock. The Company recorded $131,740 gain on conversion of these portion of the note. However, on December 16, 2019, the Company and the lender amended the September 11, 2019 forbearance agreement to increase the adjustment ratio described above from $0.50 to $0.30 (pre-reverse stock split price). The outstanding balance of the Note shall be reduced by an amount equal to the total outstanding balance of the Partitioned Note. The investor made adjustments of $305,626 to increase the principle of the notes during the year ended December 31, 2019 under the term of the September 11th forbearance agreement and the amendment to forbearance agreement dated on December 16, 2019. </creg:AgreementDescription>
<creg:PrinicipleAdjustmentAmount unitRef="usd" contextRef="c192_AsOf31Dec2019_InvestorMember" decimals="0"> 305626 </creg:PrinicipleAdjustmentAmount>
<us-gaap:DebtInstrumentFaceAmount unitRef="usd" contextRef="c193_AsOf31Mar2019_ConvertibleNotesPayableMember" decimals="0"> 430000 </us-gaap:DebtInstrumentFaceAmount>
<creg:TotalSharesOfCommonStock unitRef="shares" contextRef="c194_AsOf30Jun2020_ExchangeAgreementsTwoMember" decimals="INF"> 143333 </creg:TotalSharesOfCommonStock>
<us-gaap:DebtConversionOriginalDebtAmount1 unitRef="usd" contextRef="c195_From1Jan2020To30Jun2020_ExchangeAgreementsTwoMember" decimals="0"> 103167 </us-gaap:DebtConversionOriginalDebtAmount1>
<creg:AgreementDescription contextRef="c196_From1Jan2020To30Jun2020_TradingLPMember"> Pursuant to the Agreement, the Company and Lender partitioned four new Promissory Notes in the original total principal amount of $819,586 from a Promissory Note issued by the Company on April 14, 2019. The Company and Lender exchanged the Partitioned Note for the delivery of total 304,710 shares (post-reverse stock split) of the Company’s Common Stock. The Company recorded $49,837 gain on conversion of these portion of the note. In addition, the investor also made adjustments of $145,000 to increase the principle of the notes during the second quarter of 2020 under the term of the September 11th forbearance agreement and the amendment to forbearance agreement dated on December 16, 2019. </creg:AgreementDescription>
<us-gaap:AdditionalPaidInCapital unitRef="usd" contextRef="c197_AsOf30Jun2020_TradingLPMember" decimals="0"> 769749 </us-gaap:AdditionalPaidInCapital>
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<creg:NetConversionOfStockAmountConverted unitRef="usd" contextRef="c196_From1Jan2020To30Jun2020_TradingLPMember" decimals="0"> 145000 </creg:NetConversionOfStockAmountConverted>
<us-gaap:GainsLossesOnExtinguishmentOfDebt unitRef="usd" contextRef="c196_From1Jan2020To30Jun2020_TradingLPMember" decimals="0"> 95163 </us-gaap:GainsLossesOnExtinguishmentOfDebt>
<creg:IncreaseDecreaseOutstandingBalancePercentage unitRef="pure" contextRef="c198_From1May2020To15May2020_ExchangeAgreementsTwoMember" decimals="2"> 0.25 </creg:IncreaseDecreaseOutstandingBalancePercentage>
<creg:DebtInstrumentOutstandingBalance unitRef="usd" contextRef="c198_From1May2020To15May2020_ExchangeAgreementsTwoMember" decimals="0"> 1271720 </creg:DebtInstrumentOutstandingBalance>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. SHARES ISSUED FOR EQUITY FINANCING AND STOCK COMPENSATION</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following is a summary of the activities of warrants that were issued from equity financing (post-reverse stock split) for the six months ended June 30, 2020:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Exercise<br/> Price<br/> (post-reverse<br/> stock split<br/> price)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Outstanding at December 31, 2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">30,411</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.21</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercisable at December 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.21</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Expired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at June 30, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercisable at June 30, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.71</td><td style="text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Shares Issued for Stock Compensation</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 16, 2020, the Company’s Board of Director agreed to issue 3,333 shares of the Company’s common stock (post-reverse stock split) to the Company’s law firm. The shares are earned in full and non-refundable as of March 9, 2020. The FV of these shares are $10,999 on March 9, 2020. </font></p><br/>
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<us-gaap:StockIssuedDuringPeriodSharesNewIssues unitRef="shares" contextRef="c199_From1Mar2020To16Mar2020_BoardOfDirectorsChairmanMember" decimals="INF"> 3333 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues unitRef="usd" contextRef="c200_From1Mar2020To9Mar2020_BoardOfDirectorsChairmanMember" decimals="0"> 10999 </us-gaap:StockIssuedDuringPeriodValueNewIssues>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Exercise<br/> Price<br/> (post-reverse<br/> stock split<br/> price)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Outstanding at December 31, 2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">30,411</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.21</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercisable at December 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.21</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Expired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at June 30, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercisable at June 30, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30,411</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.71</td><td style="text-align: left"> </td></tr> </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. INCOME TAX</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Chinese subsidiaries are governed by the Income Tax Law of the PRC concerning privately-run enterprises, which are generally subject to tax at 25% on income reported in the statutory financial statements after appropriate tax adjustments. Under Chinese tax law, the tax treatment of finance and sales-type leases is similar to US GAAP. However, the local tax bureau continues to treat CREG sales-type leases as operating leases. Accordingly, the Company recorded deferred income taxes. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s subsidiaries generate all of their income from their PRC operations. All of the Company’s Chinese subsidiaries’ effective income tax rate for 2019 and 2018 was 25%. Yinghua, Shanghai TCH, Xi’an TCH, Huahong, Zhonghong and Erdos TCH file separate income tax returns.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no income tax for companies domiciled in the Cayman Islands. Accordingly, the Company’s CFS do not present any income tax provisions related to Cayman Islands tax jurisdiction, where Sifang Holding is domiciled.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The US parent company, CREG is taxed in the US and, as of June 30, 2020, had net operating loss (“NOL”) carry forwards for income taxes of $1.74 million; for federal income tax purposes, the NOL arising in tax years beginning after 2017 may only reduce 80% of a taxpayer’s taxable income, and may be carried forward indefinitely. The management believes the realization of benefits from these losses may be uncertain due to the US parent company’s continuing operating losses. Accordingly, a 100% deferred tax asset valuation allowance was provided.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The recently issued Coronavirus Aid, Relief and Economic Security Act (the CARES Act or the Act), provides four relief provisions for corporate taxpayers as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Five-year net operating loss (NOL) carryback provision: the Act allows for the carryback of losses arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to each of the five taxable years preceding the taxable year of the loss.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year NOL carryback fix from the Tax Cuts and Jobs Act (TCJA) of 2017: the Act corrects the language to provide fiscal year taxpayers who had NOLs arising in years that began prior to December 31, 2017 and ended after December 31, 2017 with the ability to carry back those NOLs.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferral of 80% income limitation on post-2017 NOLs to 2021: the Act suspends this 80% limitation for taxable years beginning before January 1, 2021, and instead allows the full offset of taxable income. For tax years beginning after December 31, 2020, the Act reinstates the 80% limitation.</font></td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediate Alternative Minimum Tax (“AMT”) tax credit refunds: the Act accelerates availability of AMT credits. The full remaining refundable AMT credit amount will be available for a corporation’s first taxable year beginning in 2019. Alternatively, a corporation may elect to use 100% of its AMT credits for its first taxable year beginning in 2018. </font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2020, the Company’s PRC subsidiaries had $66 million NOL that can be carried forward to offset future taxable income for five years from the year the loss is incurred. The NOL was mostly from Erdos TCH and Zhonghong, Erdos TCH has not yet resumed operation and Zhonghong has not yet generated any sales; accordingly, the Company recorded a 100% deferred tax valuation allowance for PRC NOL.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the six months ended June 30, 2020 and 2019, respectively:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">U.S. statutory rates</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax rate difference – current provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax adjustment on PRC tax return</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reversal of temporary difference due to disposal of Shenqiu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22.4</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Change in valuation allowance on PRC NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(62.8</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance on US NOL</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19.1</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Tax (benefit) per financial statements</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(24.1</td><td style="padding-bottom: 4pt; text-align: left">)%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income tax expense for the six months ended June 30, 2020 and 2019 consisted of the following:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax expense  – current</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,044</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Income tax benefit – deferred</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,364,088</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total income tax benefit</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,286,044</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the U.S. statutory rates to the Company’s effective tax rate for the three months ended June 30, 2020 and 2019, respectively:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">U.S. statutory rates</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax rate difference – current provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.8</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax adjustment on PRC tax return</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reversal of temporary difference due to disposal of Shenqiu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance on PRC NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33.8</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance on US NOL</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.8</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.3</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif">Tax expense per financial statements</p></td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.0</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provision for income tax expense for the three months ended June 30, 2020 and 2019 consisted of the following:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></font></td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2019</b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax benefit  – current</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(61,700)</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense – deferred</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166,527</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total income tax expense</font></td> <td> </td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,827</font></td> <td> </td></tr> </table><br/>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations unitRef="pure" contextRef="c204_From1Jan2020To30Jun2020_PRCMember" decimals="2"> 0.25 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations unitRef="pure" contextRef="c205_From1Jan2019To31Dec2019_PRCMember" decimals="2"> 0.25 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations unitRef="pure" contextRef="c206_From31Dec2018To31Dec2018_PRCMember" decimals="2"> 0.25 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:IncomeTaxExaminationDescription contextRef="c0_From1Jan2020To30Jun2020"> The US parent company, CREG is taxed in the US and, as of June 30, 2020, had net operating loss (“NOL”) carry forwards for income taxes of $1.74 million; for federal income tax purposes, the NOL arising in tax years beginning after 2017 may only reduce 80% of a taxpayer’s taxable income, and may be carried forward indefinitely. The management believes the realization of benefits from these losses may be uncertain due to the US parent company’s continuing operating losses. Accordingly, a 100% deferred tax asset valuation allowance was provided. </us-gaap:IncomeTaxExaminationDescription>
<us-gaap:OperatingLossCarryforwards unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="-4"> 1740000 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OtherInformationPertainingToIncomeTaxes contextRef="c0_From1Jan2020To30Jun2020"> 1. Five-year net operating loss (NOL) carryback provision: the Act allows for the carryback of losses arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to each of the five taxable years preceding the taxable year of the loss. 2. Fiscal year NOL carryback fix from the Tax Cuts and Jobs Act (TCJA) of 2017: the Act corrects the language to provide fiscal year taxpayers who had NOLs arising in years that began prior to December 31, 2017 and ended after December 31, 2017 with the ability to carry back those NOLs. 3. Deferral of 80% income limitation on post-2017 NOLs to 2021: the Act suspends this 80% limitation for taxable years beginning before January 1, 2021, and instead allows the full offset of taxable income. For tax years beginning after December 31, 2020, the Act reinstates the 80% limitation. 4. Immediate Alternative Minimum Tax (“AMT”) tax credit refunds: the Act accelerates availability of AMT credits. The full remaining refundable AMT credit amount will be available for a corporation’s first taxable year beginning in 2019. Alternatively, a corporation may elect to use 100% of its AMT credits for its first taxable year beginning in 2018. </us-gaap:OtherInformationPertainingToIncomeTaxes>
<us-gaap:OperatingLossCarryforwards unitRef="usd" contextRef="c207_AsOf30Jun2020_PRCMember" decimals="-6"> 66000000 </us-gaap:OperatingLossCarryforwards>
<creg:EffectiveIncomeTaxRateReconciliationDeferredTaxValuationAllowance unitRef="pure" contextRef="c204_From1Jan2020To30Jun2020_PRCMember" decimals="2"> 1.00 </creg:EffectiveIncomeTaxRateReconciliationDeferredTaxValuationAllowance>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">U.S. statutory rates</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax rate difference – current provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax adjustment on PRC tax return</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.3</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reversal of temporary difference due to disposal of Shenqiu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22.4</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Change in valuation allowance on PRC NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(62.8</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.4</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance on US NOL</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19.1</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Tax (benefit) per financial statements</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(24.1</td><td style="padding-bottom: 4pt; text-align: left">)%</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">U.S. statutory rates</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">(21.0</td><td style="width: 1%; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Tax rate difference – current provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.4</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3.8</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Tax adjustment on PRC tax return</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Reversal of temporary difference due to disposal of Shenqiu</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in valuation allowance on PRC NOL</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33.8</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance on US NOL</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.8</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.3</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif">Tax expense per financial statements</p></td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2.0</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<creg:USStatutoryRates unitRef="pure" contextRef="c0_From1Jan2020To30Jun2020" decimals="3"> -0.210 </creg:USStatutoryRates>
<creg:USStatutoryRates unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> 0.210 </creg:USStatutoryRates>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential unitRef="pure" contextRef="c0_From1Jan2020To30Jun2020" decimals="3"> 0.101 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> -0.036 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<creg:EffectiveIncomeTaxRateReconciliationAdjustmentOnPRCTaxReturn unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> 0.053 </creg:EffectiveIncomeTaxRateReconciliationAdjustmentOnPRCTaxReturn>
<creg:ReversalOfTemporaryDifferenceDueToDisposal unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> -0.224 </creg:ReversalOfTemporaryDifferenceDueToDisposal>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments unitRef="pure" contextRef="c0_From1Jan2020To30Jun2020" decimals="3"> 0.126 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> 0.020 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments>
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<us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> 0.154 </us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther>
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<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance unitRef="pure" contextRef="c4_From1Jan2019To30Jun2019" decimals="3"> 0.002 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
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<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential unitRef="pure" contextRef="c6_From1Apr2019To30Jun2019" decimals="3"> -0.038 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<creg:EffectiveIncomeTaxRateReconciliationAdjustmentOnPRCTaxReturn unitRef="pure" contextRef="c6_From1Apr2019To30Jun2019" decimals="3"> 0.098 </creg:EffectiveIncomeTaxRateReconciliationAdjustmentOnPRCTaxReturn>
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<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent unitRef="pure" contextRef="c6_From1Apr2019To30Jun2019" decimals="3"> 0.016 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther unitRef="pure" contextRef="c5_From1Apr2020To30Jun2020" decimals="3"> -0.338 </us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther>
<us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther unitRef="pure" contextRef="c6_From1Apr2019To30Jun2019" decimals="3"> 0.119 </us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance unitRef="pure" contextRef="c5_From1Apr2020To30Jun2020" decimals="3"> 0.048 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance unitRef="pure" contextRef="c6_From1Apr2019To30Jun2019" decimals="3"> 0.003 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Income tax expense  – current</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,044</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Income tax benefit – deferred</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,364,088</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total income tax benefit</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,286,044</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></font></td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2019</b></font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax benefit  – current</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(61,700)</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense – deferred</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166,527</font></td> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total income tax expense</font></td> <td> </td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td> <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,827</font></td> <td> </td></tr> </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15. STOCK-BASED COMPENSATION PLAN</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Options to Employees and Directors</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 19, 2015, the stockholders of the Company approved the China Recycling Energy Corporation Omnibus Equity Plan (the “Plan”) at its annual meeting. The total shares of common stock authorized for issuance during the term of the Plan is 124,626 (post-reverse stock split). The Plan was effective immediately upon its adoption by the Board of Directors on April 24, 2015, subject to stockholder approval, and will terminate on the earliest to occur of (i) the 10th anniversary of the Plan’s effective date, or (ii) the date on which all shares available for issuance under the Plan shall have been issued as fully-vested shares. The stockholders approved the Plan at their annual meeting on June 19, 2015.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes option activity with respect to employees and independent directors, and the number of options reflects the Reverse Stock Split effective April 13, 2020:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Exercise Price<br/> per Share (post-reverse stock split price)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Outstanding at December 31, 2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">900</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">54.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercisable at December 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">54.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Outstanding at June 30, 2020</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">900</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">54.3</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.91</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Exercisable at June 30, 2020</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">900</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">54.3</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.91</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/>
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<us-gaap:ExcessStockSharesAuthorized unitRef="shares" contextRef="c208_AsOf19Jun2015" decimals="INF"> 124626 </us-gaap:ExcessStockSharesAuthorized>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average<br/> Exercise Price<br/> per Share (post-reverse stock split price)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Weighted<br/> Average<br/> Remaining<br/> Contractual<br/> Term in Years</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Outstanding at December 31, 2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">900</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">54.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.41</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercisable at December 31, 2019</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">54.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.41</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Outstanding at June 30, 2020</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">900</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">54.3</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.91</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Exercisable at June 30, 2020</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">900</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">54.3</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.91</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<creg:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice unitRef="usdPershares" contextRef="c211_AsOf30Jun2020_IndependentDirectorsCompensationPlanMember" decimals="1"> 54.3 </creg:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionOutstandingWeightedAverageExercisePrice>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16. STATUTORY RESERVES</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the corporate law of the PRC effective January 1, 2006, the Company is only required to maintain one statutory reserve by appropriating from its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Surplus Reserve Fund</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s Chinese subsidiaries are required to transfer 10% of their net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company’s registered capital. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the six and three months ended June 30, 2020, the Company transferred $140,494, which is 10% of Xi’an TCH’s net income to the statutory reverse. The maximum statutory reserve amount has not been reached for any subsidiary. The table below discloses the statutory reserve amount in the currency type registered for each Chinese subsidiary as of June 30, 2020 and December 31, 2019:</p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Chinese Subsidiaries</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Registered<br/> Capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maximum<br/> Statutory <br/> Reserve<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Statutory reserve at<br/> June 30, <br/> 2020</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Statutory<br/> reserve at<br/> December 31,<br/> 2019</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 38%; text-align: left">Shanghai TCH</td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; width: 1%; text-align: left">$</td><td style="vertical-align: top; width: 9%; text-align: right">29,800,000</td><td style="vertical-align: top; width: 1%; text-align: left"> </td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; width: 1%; text-align: left">$</td><td style="vertical-align: top; width: 9%; text-align: right">14,900,000</td><td style="vertical-align: top; width: 1%; text-align: left"> </td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="text-align: left; width: 18%; vertical-align: top">¥6,564,303 ($1,003,859)</td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="text-align: left; width: 18%; vertical-align: top">¥6,564,303 ($1,003,859)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Xi’an TCH</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">202,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">101,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥70,347,763 ($10,747,478)</td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥69,359,820 ($10,606,984)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Erdos TCH</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">120,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">60,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥19,035,814 ($2,914,869)</td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥19,035,814 ($2,914,869)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Xi’an Zhonghong</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">30,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">15,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Shaanxi Huahong</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">$</td><td style="vertical-align: top; text-align: right">2,500,300</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">$</td><td style="vertical-align: top; text-align: right">1,250,150</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">Zhongxun</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">35,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">17,500,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Common Welfare Fund</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The common welfare fund is a voluntary fund to which the Company can transfer 5% to 10% of its net income. This fund can only be utilized on capital items for the collective benefit of the Company’s employees, such as construction of dormitories, cafeteria facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation. The Company does not participate in this fund.</font></p><br/>
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<creg:PercentageOfStatutoryReserveNetIncome unitRef="pure" contextRef="c212_From1Jan2020To30Jun2020_StatutorySurplusReserveFundMember" decimals="2"> 0.10 </creg:PercentageOfStatutoryReserveNetIncome>
<creg:PercentageOfReserveRegisteredCapital unitRef="pure" contextRef="c212_From1Jan2020To30Jun2020_StatutorySurplusReserveFundMember" decimals="2"> 0.50 </creg:PercentageOfReserveRegisteredCapital>
<creg:TotalRemainingReserveDescription contextRef="c212_From1Jan2020To30Jun2020_StatutorySurplusReserveFundMember"> The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years’ losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. </creg:TotalRemainingReserveDescription>
<creg:StatutoryReserveDescription contextRef="c0_From1Jan2020To30Jun2020"> the Company transferred $140,494, which is 10% of Xi’an TCH’s net income to the statutory reverse </creg:StatutoryReserveDescription>
<us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount unitRef="usd" contextRef="c5_From1Apr2020To30Jun2020" decimals="0"> 140494 </us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount>
<us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount unitRef="usd" contextRef="c0_From1Jan2020To30Jun2020" decimals="0"> 140494 </us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount>
<us-gaap:DebtInstrumentDescription contextRef="c5_From1Apr2020To30Jun2020"> 10% </us-gaap:DebtInstrumentDescription>
<creg:PercentageOfStatutoryReserveNetIncome unitRef="pure" contextRef="c213_From1Jan2020To30Jun2020_MinimumMember_CommonWelfareFundMember" decimals="2"> 0.05 </creg:PercentageOfStatutoryReserveNetIncome>
<creg:PercentageOfStatutoryReserveNetIncome unitRef="pure" contextRef="c214_From1Jan2020To30Jun2020_MaximumMember_CommonWelfareFundMember" decimals="2"> 0.10 </creg:PercentageOfStatutoryReserveNetIncome>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Chinese Subsidiaries</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Registered<br/> Capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maximum<br/> Statutory <br/> Reserve<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Statutory reserve at<br/> June 30, <br/> 2020</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Statutory<br/> reserve at<br/> December 31,<br/> 2019</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 38%; text-align: left">Shanghai TCH</td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; width: 1%; text-align: left">$</td><td style="vertical-align: top; width: 9%; text-align: right">29,800,000</td><td style="vertical-align: top; width: 1%; text-align: left"> </td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="vertical-align: top; width: 1%; text-align: left">$</td><td style="vertical-align: top; width: 9%; text-align: right">14,900,000</td><td style="vertical-align: top; width: 1%; text-align: left"> </td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="text-align: left; width: 18%; vertical-align: top">¥6,564,303 ($1,003,859)</td><td style="text-align: left; width: 1%; vertical-align: top"> </td> <td style="text-align: left; width: 18%; vertical-align: top">¥6,564,303 ($1,003,859)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Xi’an TCH</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">202,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">101,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥70,347,763 ($10,747,478)</td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥69,359,820 ($10,606,984)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Erdos TCH</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">120,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">60,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥19,035,814 ($2,914,869)</td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top">¥19,035,814 ($2,914,869)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Xi’an Zhonghong</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">30,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">15,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Shaanxi Huahong</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">$</td><td style="vertical-align: top; text-align: right">2,500,300</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">$</td><td style="vertical-align: top; text-align: right">1,250,150</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; vertical-align: top"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="text-align: left; vertical-align: top"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: top">Zhongxun</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">35,000,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">¥</td><td style="vertical-align: top; text-align: right">17,500,000</td><td style="vertical-align: top; text-align: left"> </td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td><td style="text-align: left; vertical-align: top"> </td> <td style="vertical-align: top; text-align: left">Did not accrue yet due to accumulated deficit</td></tr> </table>
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<us-gaap:Capital unitRef="usd" contextRef="c215_AsOf30Jun2020_ShanghaiTCHMember" decimals="0"> 29800000 </us-gaap:Capital>
<creg:MaximumStatutoryReserveAmount unitRef="cny" contextRef="c215_AsOf30Jun2020_ShanghaiTCHMember" xs:nil="true"/>
<creg:MaximumStatutoryReserveAmount unitRef="usd" contextRef="c215_AsOf30Jun2020_ShanghaiTCHMember" decimals="0"> 14900000 </creg:MaximumStatutoryReserveAmount>
<creg:StatutoryReserveDescription contextRef="c216_From1Jan2020To30Jun2020_ShanghaiTCHMember"> 6,564,303 ($1,003,859) </creg:StatutoryReserveDescription>
<creg:StatutoryReserveDescription contextRef="c217_From1Jan2019To31Dec2019_ShanghaiTCHMember"> 6,564,303 ($1,003,859) </creg:StatutoryReserveDescription>
<us-gaap:Capital unitRef="cny" contextRef="c218_AsOf30Jun2020_XianTCHMember" decimals="0"> 202000000 </us-gaap:Capital>
<us-gaap:Capital unitRef="usd" contextRef="c218_AsOf30Jun2020_XianTCHMember" xs:nil="true"/>
<creg:MaximumStatutoryReserveAmount unitRef="cny" contextRef="c218_AsOf30Jun2020_XianTCHMember" decimals="0"> 101000000 </creg:MaximumStatutoryReserveAmount>
<creg:MaximumStatutoryReserveAmount unitRef="usd" contextRef="c218_AsOf30Jun2020_XianTCHMember" xs:nil="true"/>
<creg:StatutoryReserveDescription contextRef="c219_From1Jan2020To30Jun2020_XianTCHMember"> 70,347,763 ($10,747,478) </creg:StatutoryReserveDescription>
<creg:StatutoryReserveDescription contextRef="c220_From1Jan2019To31Dec2019_XianTCHMember"> 69,359,820 ($10,606,984) </creg:StatutoryReserveDescription>
<us-gaap:Capital unitRef="cny" contextRef="c221_AsOf30Jun2020_ErdosTCHMember" decimals="0"> 120000000 </us-gaap:Capital>
<us-gaap:Capital unitRef="usd" contextRef="c221_AsOf30Jun2020_ErdosTCHMember" xs:nil="true"/>
<creg:MaximumStatutoryReserveAmount unitRef="cny" contextRef="c221_AsOf30Jun2020_ErdosTCHMember" decimals="0"> 60000000 </creg:MaximumStatutoryReserveAmount>
<creg:MaximumStatutoryReserveAmount unitRef="usd" contextRef="c221_AsOf30Jun2020_ErdosTCHMember" xs:nil="true"/>
<creg:StatutoryReserveDescription contextRef="c222_From1Jan2020To30Jun2020_ErdosTCHMember"> 19,035,814 ($2,914,869) </creg:StatutoryReserveDescription>
<creg:StatutoryReserveDescription contextRef="c223_From1Jan2019To31Dec2019_ErdosTCHMember"> 19,035,814 ($2,914,869) </creg:StatutoryReserveDescription>
<us-gaap:Capital unitRef="cny" contextRef="c224_AsOf30Jun2020_XianZhonghongMember" decimals="0"> 30000000 </us-gaap:Capital>
<us-gaap:Capital unitRef="usd" contextRef="c224_AsOf30Jun2020_XianZhonghongMember" xs:nil="true"/>
<creg:MaximumStatutoryReserveAmount unitRef="cny" contextRef="c224_AsOf30Jun2020_XianZhonghongMember" decimals="0"> 15000000 </creg:MaximumStatutoryReserveAmount>
<creg:MaximumStatutoryReserveAmount unitRef="usd" contextRef="c224_AsOf30Jun2020_XianZhonghongMember" xs:nil="true"/>
<creg:StatutoryReserveDescription contextRef="c225_From1Jan2020To30Jun2020_XianZhonghongMember"> Did not accrue yet due to accumulated deficit </creg:StatutoryReserveDescription>
<creg:StatutoryReserveDescription contextRef="c226_From1Jan2019To31Dec2019_XianZhonghongMember"> Did not accrue yet due to accumulated deficit </creg:StatutoryReserveDescription>
<us-gaap:Capital unitRef="cny" contextRef="c227_AsOf30Jun2020_ShaanxiHuahongMember" xs:nil="true"/>
<us-gaap:Capital unitRef="usd" contextRef="c227_AsOf30Jun2020_ShaanxiHuahongMember" decimals="0"> 2500300 </us-gaap:Capital>
<creg:MaximumStatutoryReserveAmount unitRef="cny" contextRef="c227_AsOf30Jun2020_ShaanxiHuahongMember" xs:nil="true"/>
<creg:MaximumStatutoryReserveAmount unitRef="usd" contextRef="c227_AsOf30Jun2020_ShaanxiHuahongMember" decimals="0"> 1250150 </creg:MaximumStatutoryReserveAmount>
<creg:StatutoryReserveDescription contextRef="c228_From1Jan2020To30Jun2020_ShaanxiHuahongMember"> Did not accrue yet due to accumulated deficit </creg:StatutoryReserveDescription>
<creg:StatutoryReserveDescription contextRef="c229_From1Jan2019To31Dec2019_ShaanxiHuahongMember"> Did not accrue yet due to accumulated deficit </creg:StatutoryReserveDescription>
<us-gaap:Capital unitRef="cny" contextRef="c230_AsOf30Jun2020_ZhongxunMember" decimals="0"> 35000000 </us-gaap:Capital>
<us-gaap:Capital unitRef="usd" contextRef="c230_AsOf30Jun2020_ZhongxunMember" xs:nil="true"/>
<creg:MaximumStatutoryReserveAmount unitRef="cny" contextRef="c230_AsOf30Jun2020_ZhongxunMember" decimals="0"> 17500000 </creg:MaximumStatutoryReserveAmount>
<creg:MaximumStatutoryReserveAmount unitRef="usd" contextRef="c230_AsOf30Jun2020_ZhongxunMember" xs:nil="true"/>
<creg:StatutoryReserveDescription contextRef="c231_From1Jan2020To30Jun2020_ZhongxunMember"> Did not accrue yet due to accumulated deficit </creg:StatutoryReserveDescription>
<creg:StatutoryReserveDescription contextRef="c232_From1Jan2019To31Dec2019_ZhongxunMember"> Did not accrue yet due to accumulated deficit </creg:StatutoryReserveDescription>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17. CONTINGENCIES</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China maintains a “closed” capital account, meaning companies, banks, and individuals cannot move money in or out of the country except in accordance with strict rules. The People’s Bank of China (PBOC) and State Administration of Foreign Exchange (SAFE) regulate the flow of foreign exchange in and out of the country. For inward or outward foreign currency transactions, the Company needs to make a timely declaration to the bank with sufficient supporting documents to declare the nature of the business transaction. The Company’s sales, purchases and expense transactions are denominated in RMB and all of the Company’s assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. Remittances in currencies other than RMB may require certain supporting documentation in order to make the remittance.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company sells electricity to its customers and receives commercial notes (bank acceptance) from them in lieu of payments for accounts receivable. The Company discounts the commercial notes with the bank or endorses the commercial notes to vendors for payment of their own obligations or to get cash from third parties. Most of the commercial notes have a maturity of less than six months.</font></p><br/>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18. COMMITMENTS</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Lease Commitment</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 20, 2017, Xi’an TCH entered into a lease for its office with a term from December 1, 2017 through November 30, 2020. The monthly rent is RMB 36,536 ($5,600) with quarterly payment in advance.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the six months ended June 30, 2020 and 2019, the rental expense of the Company was $32,502 and $53,067 (including Beijing office rent of $19,201), respectively. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three months ended June 30, 2020 and 2019, the rental expense of the Company was $16,128 and $26,494 (including Beijing office rent of $9,419), respectively. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASC 842 on CFS on January 1, 2019. The components of lease costs, lease term and discount rate with respect of the office lease with an initial term of more than 12 months are as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">Operating lease cost – amortization of ROU</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">31,848</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Operating lease cost – interest expense on lease liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">654</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted Average Remaining Lease Term - Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.42 years</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted Average Discount Rate - Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left">%</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Three Months <br/> Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">Operating lease cost – amortization of ROU</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">15,861</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Operating lease cost – interest expense on lease liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">267</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a schedule, by years, of maturities of the office lease liabilities as of June 30, 2020:</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Operating <br/> Leases</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,804</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total undiscounted cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(193</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Present value of lease liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,611</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Employment Agreement</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 8, 2020, the Company entered an employment agreement with the Company’s CFO for a term of 24 months. The monthly salary is RMB 16,000 ($2,300). The Company will grant the CFO no less than 5,000 shares of the Company’s common stock annually. </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Investment Banking Engagement Agreement</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 10, 2019, the Company entered an investment banking engagement agreement with an investment banker firm to engage them as the exclusive lead underwriter for a registered securities offering. The Company shall pay to the investment banker an equity retainer fee of 15,000 shares (post-reverse stock split) of the restricted common stock of the Company (10,000 shares was issued within 10 business days of signing the agreement, and remaining 5,000 shares will be paid upon completion of the offering). The proposed offering amount is $5 million, at closing of the offering, the Company will pay a 7% of the gross offering proceeds and warrants to purchase that number of shares of common stock or units of securities as shall equal 7% of the securities issued and sold by the Company at each closing of the offering. This agreement was renewed on July 22, 2020 for another six months, or the final closing of a transaction, whichever comes first.</font></p><br/>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:PaymentsForRent unitRef="cny" contextRef="c233_From1Nov2017To20Nov2017" decimals="0"> 36536 </us-gaap:PaymentsForRent>
<us-gaap:PaymentsForRent unitRef="usd" contextRef="c233_From1Nov2017To20Nov2017" decimals="0"> 5600 </us-gaap:PaymentsForRent>
<us-gaap:LeaseAndRentalExpense unitRef="usd" contextRef="c0_From1Jan2020To30Jun2020" decimals="0"> 32502 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense unitRef="usd" contextRef="c4_From1Jan2019To30Jun2019" decimals="0"> 53067 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense unitRef="usd" contextRef="c234_From1Jan2020To30Jun2020_BeijingOfficeMember" decimals="0"> 19201 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense unitRef="usd" contextRef="c235_From30Apr2020To30Jun2020" decimals="0"> 16128 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense unitRef="usd" contextRef="c6_From1Apr2019To30Jun2019" decimals="0"> 26494 </us-gaap:LeaseAndRentalExpense>
<us-gaap:LeaseAndRentalExpense unitRef="usd" contextRef="c236_From1Apr2020To30Jun2020_BeijingOfficeMember" decimals="0"> 9419 </us-gaap:LeaseAndRentalExpense>
<us-gaap:EmployeeBenefitsAndShareBasedCompensation unitRef="cny" contextRef="c237_From1May2020To8May2020_ChiefFinancialOfficerMember" decimals="0"> 16000 </us-gaap:EmployeeBenefitsAndShareBasedCompensation>
<us-gaap:EmployeeBenefitsAndShareBasedCompensation unitRef="usd" contextRef="c237_From1May2020To8May2020_ChiefFinancialOfficerMember" decimals="0"> -2300 </us-gaap:EmployeeBenefitsAndShareBasedCompensation>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant unitRef="shares" contextRef="c238_AsOf8May2020" decimals="INF"> 5000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:SaleOfStockDescriptionOfTransaction contextRef="c239_From1Oct2019To10Oct2019"> the Company entered an investment banking engagement agreement with an investment banker firm to engage them as the exclusive lead underwriter for a registered securities offering. The Company shall pay to the investment banker an equity retainer fee of 15,000 shares (post-reverse stock split) of the restricted common stock of the Company (10,000 shares was issued within 10 business days of signing the agreement, and remaining 5,000 shares will be paid upon completion of the offering). The proposed offering amount is $5 million, at closing of the offering, the Company will pay a 7% of the gross offering proceeds and warrants to purchase that number of shares of common stock or units of securities as shall equal 7% of the securities issued and sold by the Company at each closing of the offering. This agreement was renewed on July 22, 2020 </us-gaap:SaleOfStockDescriptionOfTransaction>
<us-gaap:LeaseCostTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Six Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">Operating lease cost – amortization of ROU</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">31,848</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Operating lease cost – interest expense on lease liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">654</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted Average Remaining Lease Term - Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.42 years</font></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted Average Discount Rate - Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left">%</td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Three Months <br/> Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 4pt">Operating lease cost – amortization of ROU</td><td style="width: 1%; padding-bottom: 4pt"> </td> <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right">15,861</td><td style="width: 1%; padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Operating lease cost – interest expense on lease liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">267</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:LeaseCostTableTextBlock>
<us-gaap:OperatingLeaseCost unitRef="usd" contextRef="c0_From1Jan2020To30Jun2020" decimals="0"> 31848 </us-gaap:OperatingLeaseCost>
<creg:OperatingLeaseCostInterestExpenseOnLeaseLiability unitRef="usd" contextRef="c0_From1Jan2020To30Jun2020" decimals="0"> 654 </creg:OperatingLeaseCostInterestExpenseOnLeaseLiability>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="c2_AsOf30Jun2020"> P153D </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent unitRef="pure" contextRef="c2_AsOf30Jun2020" decimals="2"> 0.03 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
<us-gaap:OperatingLeaseCost unitRef="usd" contextRef="c5_From1Apr2020To30Jun2020" decimals="0"> 15861 </us-gaap:OperatingLeaseCost>
<creg:OperatingLeaseCostInterestExpenseOnLeaseLiability unitRef="usd" contextRef="c5_From1Apr2020To30Jun2020" decimals="0"> 267 </creg:OperatingLeaseCostInterestExpenseOnLeaseLiability>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Operating <br/> Leases</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2020</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,804</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Total undiscounted cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(193</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Present value of lease liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">25,611</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 25804 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDue unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> 25804 </us-gaap:OperatingLeasesFutureMinimumPaymentsDue>
<creg:LessImputedInterest unitRef="usd" contextRef="c2_AsOf30Jun2020" decimals="0"> -193 </creg:LessImputedInterest>
<us-gaap:SubsequentEventsTextBlock contextRef="c0_From1Jan2020To30Jun2020">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19. SUBSEQUENT EVENTS</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated subsequent events through the date the financial statements were issued and determined the Company has the following material subsequent events: </font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 7, 2020, the Company entered into an Exchange Agreement with Iliad Research and Trading, L.P. Pursuant to the Agreement, the Company and the Lender agreed to partition a new Promissory Note in the original principal amount of $200,000 from a Convertible Promissory Note dated January 31, 2019 which was exchanged for a new Promissory Note on April 14, 2019. The Company and the Lender agreed to exchange the Partitioned Note for 85,837 shares of common stock of the Company, and then the amount of the outstanding balance of the Promissory Note will be reduced by an amount equal to the Partitioned Note. The shares of common stock were issued without any restrictions.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 3, 2020, the Company entered into an Exchange Agreement with Iliad Research and Trading, L.P. Pursuant to the Agreement, the Company and the Lender agreed to partition a new Promissory Note in the original principal amount of $200,000 from a Convertible Promissory Note dated January 31, 2019 which was exchanged for a new Promissory Note on April 14, 2019. The Company and the Lender agreed to exchange the Partitioned Note for 73,529 shares of common stock of the Company, and then the amount of the outstanding balance of the Promissory Note will be reduced by an amount equal to the Partitioned Note. The shares of common stock were issued without any restrictions.</font></p><br/>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:DebtInstrumentFaceAmount unitRef="usd" contextRef="c240_AsOf7Jul2020_IliadResearchMember_SubsequentEventMember" decimals="0"> 200000 </us-gaap:DebtInstrumentFaceAmount>
<creg:PartitionedNoteShares unitRef="shares" contextRef="c241_From2Jul2020To7Jul2020_IliadResearchMember_SubsequentEventMember" decimals="INF"> 85837 </creg:PartitionedNoteShares>
<us-gaap:DebtInstrumentFaceAmount unitRef="usd" contextRef="c242_AsOf3Aug2020_IliadResearchMember_SubsequentEventMember" decimals="0"> 200000 </us-gaap:DebtInstrumentFaceAmount>
<creg:PartitionedNoteShares unitRef="shares" contextRef="c243_From1Aug2020To3Aug2020_IliadResearchMember_SubsequentEventMember" decimals="INF"> 73529 </creg:PartitionedNoteShares>
</xbrl>

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