| | e) | Reconciliation of liabilities arising from financing activities |
| Balance as of January 1, 2017 | | $ | 4,047,937 | |
| Changes that represent cash flows | | | | |
| Proceeds from borrowings | | | 5,378,915 | |
| Principal payment on loans | | | (4,246,100) | |
| Changes that do not represent cash flows | | | | |
| Others | | | 68,272 | |
| Balance as of December 31, 2017 | | $ | 5,249,024 | |