many countries around the world have imposed travel restrictions in response to the outbreak of covid-19 , including mongolia . the mongolian government has implemented the measure of closing all ports of entry from and into china , effective until april 30 , 2021. continuously evolving government responses to the pandemic may create challenges for us . for example , the mongolian government has extended the measure of closing ports since early 2020 , and has not changed their stance after reviewing more than ten times . it is difficult to predict if the mongolian government will further extend the measures in place . our chinese workers are not allowed to enter into mongolia , which has led to no activity at mine b. furthermore , with limited operation income which is generated mainly from mine a , is compounded with the high expenses in our three offices : the hong kong headquarters , the erenhot office in china and the mongolian office . the company is always ready and prepared for the ports to reopen - our office in ulaanbaatar has liaised with the relevant government departments to prepare visa applications for our chinese workers , in case workers are allowed to enter into mongolia . the construction of the refinery at mine b was almost completed in late november 2019 , while the last step of power supply upgrade at mine b is still underway . we expect to get the power supply upgraded in 2021 once our chinese workers are allowed to enter into mongolia . the entire refinery could be put to trial once it is ready . nonetheless , keeping workers safe is at the top of our priority . paramount importance will be given to the health and safety of all of our workers , even if the mongolian government lifts the above measures . in this unprecedented time , covid-19 has transformed the world since earlier 2020 , affecting every corner of society and shaking the global economy . the global economy has been dramatically impacted by the covid-19 pandemic which continues to have a profound impact on our operations and markets around the world . despite the unpredictable nature of the pandemic , our response has remained strong – the management has been endeavoring to do their best to minimize the negative impact on our operations and trial production . we have worked extremely hard and tried every single possible way to keep the company 's operations running in these most challenging circumstances . on september 22 , 2020 , two directors , mr. shaowei deng and miss ka yi poon , resigned from the company for personal reasons . on december 10 , 2020 , mr. chi kin loo was appointed as a director of the company . 17 there were a total of four convertible bond agreements entered into between the company , a subsidiary of the company , arcus mining holdings limited ( “ arcus ” ) , and third party investors during 2020. on january 2 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on february 1 , 2020 , the convertible bond matured and was settled by issuing 53,236 common shares at a price of $ 3.62 per share representing loans of hk $ 1.5 million and interest expenses of hk $ 3,185 , for a total of hk $ 1,503,185 ( equivalent to $ 192,708 ) . on january 14 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on february 13 , 2020 , the convertible bond matured and was settled by issuing 14,196 common shares at a price of $ 3.62 per share representing loans of hk $ 400,000 and interest expenses of hk $ 849 , for a total of hk $ 400,849 ( equivalent to $ 51,389 ) . on february 24 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on march 25 , 2020 , the convertible bond matured and was settled by issuing 7,098 common shares at a price of $ 3.62 per share representing loans of hk $ 200,000 and interest expenses of hk $ 425 , for a total of hk $ 200,425 ( equivalent to $ 25,695 ) . on february 29 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on march 30 , 2020 , the convertible bond matured and was settled by issuing 17,745 common shares at a price of $ 3.62 per share representing loans of hk $ 500,000 and interest expenses of hk $ 1,062 , for a total of hk $ 501,062 ( equivalent to $ 64,235 ) . on april 20 , 2020 , the company issued 25,641 common shares at a price of $ 4.00 per share to settle the amount due to a stockholder of hk $ 800,000 ( equivalent to $ 102,564 ) . on september 14 , 2020 , the company issued 39,677 common shares at a price of $ 4.00 per share to settle the amount due to a stockholder of hk $ 1,237,941 ( equivalent to $ 158,710 ) . on december 21 , 2020 , the company issued 13,809 common shares at a price of $ 4.00 per share to settle the amount due to a director of hk $ 430,855 ( equivalent to $ 55,238 ) . apart from the exploration and infrastructure work at the mine sites , the company might consider further fund raising activities through the capital markets and from stockholders with the aim of speeding up the development of the company . story_separator_special_tag results of operations comparison of years ended december 31 , 2020 and december 31 , 2019 revenue revenue consisted mainly of fluorite products generated from production at mine a. in 2020 , we had total revenue of $ 753,694 , as compared to revenue of $ 282,857 during 2019. the percentage of such increment was approximately 166 % as a result of the adoption of open-pit mining at mine a. this method is more flexible to cope with weather conditions . although revenue in mine a increased in 2020 , nil revenue was generated from mine b as a result of the closure of mongolia since january 31 , 2020 due to covid-19 . exploration cost exploration costs are expensed as incurred and included labor and benefits , construction service fee , mining overhead , including food , supplies , utilities and lubricants related to mine exploration . exploration costs decreased significantly from $ 737,248 in 2019 to $ 467,745 in 2020. the percentage of such decrease was approximately 37 % and was mainly because of the decrease in mining overheads and utilities cost as no operating activities were carried out in mine b in 2020. selling and distribution cost selling and distribution costs included transportation and handling costs related to the movement of finished goods from mines to customer designated locations , security fee , royalty and custom tax . selling and distribution costs decreased slightly from $ 105,279 in 2019 to $ 102,715 in 2020. the percentage of such decrease was approximately 2 % and was mainly due to the net effect of the increase in tax paid to the mongolian government and the decrease in transportation costs . administrative expenses administrative expenses included salaries and benefits , consulting , audit , tax , legal , insurance , rent , utilities , net foreign exchange losses and other general operating expenses . administrative expenses decreased significantly from $ 1,645,900 in 2019 to $ 1,252,925 in 2020. the percentage of such decrease was approximately 24 % and was mainly due to commission expenses related to subscription package in 2019 , but nil was incurred in 2020 , and also the net effect of the increase in net foreign exchange losses , and the decrease in staff salaries , entertainment , legal and professional fees , travelling and other general operating expenses in 2020. other income other income decreased significantly from $ 195,576 in 2019 to $ 31,958 in 2020. the percentage of such decrease was approximately 84 % as a result of the net effect of a waiver of consultancy fee and a write back of receipt in advance due to the dissolution of our customer in 2019 , but nil in 2020 , and the increase of subsidies received from hong kong and mongolian governments in 2020 resulting from the outbreak of covid-19 so as to ease the effects impacted on the corporation 's business . interest expenses interest expenses mainly included other loan interest , related party loan interest and bond interest arising from convertible bonds . interest expenses increased from $ 76,824 in 2019 to $ 124,040 in 2020. the percentage of such increment was approximately 61 % and was mainly due to the net effect of the increase in amortization of non-cash interest expenses and bond discount related to the convertible bonds and non-current loan interest and the decrease in related party loans interest as a result of repayment of related party loans in 2019. net loss as a result of the factors described above , we had a net loss of $ 1,218,463 for the year ended december 31 , 2020 as compared to a net loss of $ 2,115,716 for the year ended december 31 , 2019. the net loss decreased mainly resulted from the increase in revenue and decrease in cost on mining infrastructure project . this was within our management expectation since our mine is still under trial production and we expect to further increase the productions and revenue in 2021 . 18 liquidity and capital resources cash and cash equivalents are short-term , highly liquid investments with original maturities of three months or less . as of december 31 , 2020 and 2019 , the company 's cash was $ 69,401 and $ 106,850 , respectively . there were no cash equivalents . factors affecting our liquidity include ( i ) net cash used in operating activities that consists of ( a ) cash required to fund the mining sites operating activities and continued expansion of our mining sites and ( b ) our working capital needs , which include advanced payments for several mining supplies and repair and maintenance , payment of our operating expenses ; and ( ii ) net cash used in investing activities that consists of the investments in purchasing new and additional property , plant and equipment for mining sites . to date , we have financed our liquidity needs primarily through advances from stockholders , proceeds from related parties and unrelated party loans , proceeds from issuance of common stock and the proceeds from issuance of convertible bonds . we expect to continue to make capital expenditures to keep pace with the expansion of the production and scale of operations of our mining sites , which we expect to fund in part with the proceeds from issuance of convertible bonds and other loans in the future . we expect that the proceeds from the above and our existing cash and cash equivalents will be used to fund working capital and for capital expenditures and other general corporate purposes , such as partnering arrangements , or reduction of debt obligations . however , there can be no assurance that we will be able obtain financing , if at all or upon terms that will be acceptable to us . story_separator_special_tag principles of asc 740 and asu 2013-11 “ presentation of an unrecognized tax benefit when a net operating loss carryforward , a similar tax loss

cash flows as of december 31 , 2020 , we had $ 69,401 in cash and cash equivalents , compared to $ 106,850 on december 31 , 2019. net cash used in operating activities our net cash used in operating activities decreased to $ 1,070,424 in 2020 from $ 1,228,886 in 2019. net cash used in operating activities for the year ended december 31 , 2020 primarily reflected our net loss of $ 1,218,463 and the add-back of non-cash items , mainly consisting of depreciation of property , plant and equipment of $ 48,884 , loss on disposal of property , plant and equipment of $ 4,089 , amortization of non-cash interest expenses and bond discount related to convertible bonds of $ 21,059 , exchange difference of $ 327,779 , non-cash interest expenses related to other loans of $ 17,603 and changes in operating assets and liabilities primarily consisting of an increase in accounts receivable of $ 727,979 , an increase of other receivables of $ 68,596 , an increase of deposits and prepayments of $ 48,607 , decrease in accrued charges of $ 125,594 and offset by an increase of trade and other payables of $ 648,012 , an increase in income tax payable of $ 23,212 , an increase in provision for asset retirement obligations of $ 3,300 and an increase in provision for exploration asset compensation of $ 24,877. net cash used in investing activities our net cash used in investing activities decreased to $ 55,416 in 2020 from $ 976,818 in 2019. this was mainly due to a decrease of acquisition of property , plant and equipment at mine sites .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows as of december 31 , 2020 , we had $ 69,401 in cash and cash equivalents , compared to $ 106,850 on december 31 , 2019. net cash used in operating activities our net cash used in operating activities decreased to $ 1,070,424 in 2020 from $ 1,228,886 in 2019. net cash used in operating activities for the year ended december 31 , 2020 primarily reflected our net loss of $ 1,218,463 and the add-back of non-cash items , mainly consisting of depreciation of property , plant and equipment of $ 48,884 , loss on disposal of property , plant and equipment of $ 4,089 , amortization of non-cash interest expenses and bond discount related to convertible bonds of $ 21,059 , exchange difference of $ 327,779 , non-cash interest expenses related to other loans of $ 17,603 and changes in operating assets and liabilities primarily consisting of an increase in accounts receivable of $ 727,979 , an increase of other receivables of $ 68,596 , an increase of deposits and prepayments of $ 48,607 , decrease in accrued charges of $ 125,594 and offset by an increase of trade and other payables of $ 648,012 , an increase in income tax payable of $ 23,212 , an increase in provision for asset retirement obligations of $ 3,300 and an increase in provision for exploration asset compensation of $ 24,877. net cash used in investing activities our net cash used in investing activities decreased to $ 55,416 in 2020 from $ 976,818 in 2019. this was mainly due to a decrease of acquisition of property , plant and equipment at mine sites .
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 Suspicious Activity Report : many countries around the world have imposed travel restrictions in response to the outbreak of covid-19 , including mongolia . the mongolian government has implemented the measure of closing all ports of entry from and into china , effective until april 30 , 2021. continuously evolving government responses to the pandemic may create challenges for us . for example , the mongolian government has extended the measure of closing ports since early 2020 , and has not changed their stance after reviewing more than ten times . it is difficult to predict if the mongolian government will further extend the measures in place . our chinese workers are not allowed to enter into mongolia , which has led to no activity at mine b. furthermore , with limited operation income which is generated mainly from mine a , is compounded with the high expenses in our three offices : the hong kong headquarters , the erenhot office in china and the mongolian office . the company is always ready and prepared for the ports to reopen - our office in ulaanbaatar has liaised with the relevant government departments to prepare visa applications for our chinese workers , in case workers are allowed to enter into mongolia . the construction of the refinery at mine b was almost completed in late november 2019 , while the last step of power supply upgrade at mine b is still underway . we expect to get the power supply upgraded in 2021 once our chinese workers are allowed to enter into mongolia . the entire refinery could be put to trial once it is ready . nonetheless , keeping workers safe is at the top of our priority . paramount importance will be given to the health and safety of all of our workers , even if the mongolian government lifts the above measures . in this unprecedented time , covid-19 has transformed the world since earlier 2020 , affecting every corner of society and shaking the global economy . the global economy has been dramatically impacted by the covid-19 pandemic which continues to have a profound impact on our operations and markets around the world . despite the unpredictable nature of the pandemic , our response has remained strong – the management has been endeavoring to do their best to minimize the negative impact on our operations and trial production . we have worked extremely hard and tried every single possible way to keep the company 's operations running in these most challenging circumstances . on september 22 , 2020 , two directors , mr. shaowei deng and miss ka yi poon , resigned from the company for personal reasons . on december 10 , 2020 , mr. chi kin loo was appointed as a director of the company . 17 there were a total of four convertible bond agreements entered into between the company , a subsidiary of the company , arcus mining holdings limited ( “ arcus ” ) , and third party investors during 2020. on january 2 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on february 1 , 2020 , the convertible bond matured and was settled by issuing 53,236 common shares at a price of $ 3.62 per share representing loans of hk $ 1.5 million and interest expenses of hk $ 3,185 , for a total of hk $ 1,503,185 ( equivalent to $ 192,708 ) . on january 14 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on february 13 , 2020 , the convertible bond matured and was settled by issuing 14,196 common shares at a price of $ 3.62 per share representing loans of hk $ 400,000 and interest expenses of hk $ 849 , for a total of hk $ 400,849 ( equivalent to $ 51,389 ) . on february 24 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on march 25 , 2020 , the convertible bond matured and was settled by issuing 7,098 common shares at a price of $ 3.62 per share representing loans of hk $ 200,000 and interest expenses of hk $ 425 , for a total of hk $ 200,425 ( equivalent to $ 25,695 ) . on february 29 , 2020 , a convertible bond agreement was entered into between the company , arcus and a third party investor . on march 30 , 2020 , the convertible bond matured and was settled by issuing 17,745 common shares at a price of $ 3.62 per share representing loans of hk $ 500,000 and interest expenses of hk $ 1,062 , for a total of hk $ 501,062 ( equivalent to $ 64,235 ) . on april 20 , 2020 , the company issued 25,641 common shares at a price of $ 4.00 per share to settle the amount due to a stockholder of hk $ 800,000 ( equivalent to $ 102,564 ) . on september 14 , 2020 , the company issued 39,677 common shares at a price of $ 4.00 per share to settle the amount due to a stockholder of hk $ 1,237,941 ( equivalent to $ 158,710 ) . on december 21 , 2020 , the company issued 13,809 common shares at a price of $ 4.00 per share to settle the amount due to a director of hk $ 430,855 ( equivalent to $ 55,238 ) . apart from the exploration and infrastructure work at the mine sites , the company might consider further fund raising activities through the capital markets and from stockholders with the aim of speeding up the development of the company . story_separator_special_tag results of operations comparison of years ended december 31 , 2020 and december 31 , 2019 revenue revenue consisted mainly of fluorite products generated from production at mine a. in 2020 , we had total revenue of $ 753,694 , as compared to revenue of $ 282,857 during 2019. the percentage of such increment was approximately 166 % as a result of the adoption of open-pit mining at mine a. this method is more flexible to cope with weather conditions . although revenue in mine a increased in 2020 , nil revenue was generated from mine b as a result of the closure of mongolia since january 31 , 2020 due to covid-19 . exploration cost exploration costs are expensed as incurred and included labor and benefits , construction service fee , mining overhead , including food , supplies , utilities and lubricants related to mine exploration . exploration costs decreased significantly from $ 737,248 in 2019 to $ 467,745 in 2020. the percentage of such decrease was approximately 37 % and was mainly because of the decrease in mining overheads and utilities cost as no operating activities were carried out in mine b in 2020. selling and distribution cost selling and distribution costs included transportation and handling costs related to the movement of finished goods from mines to customer designated locations , security fee , royalty and custom tax . selling and distribution costs decreased slightly from $ 105,279 in 2019 to $ 102,715 in 2020. the percentage of such decrease was approximately 2 % and was mainly due to the net effect of the increase in tax paid to the mongolian government and the decrease in transportation costs . administrative expenses administrative expenses included salaries and benefits , consulting , audit , tax , legal , insurance , rent , utilities , net foreign exchange losses and other general operating expenses . administrative expenses decreased significantly from $ 1,645,900 in 2019 to $ 1,252,925 in 2020. the percentage of such decrease was approximately 24 % and was mainly due to commission expenses related to subscription package in 2019 , but nil was incurred in 2020 , and also the net effect of the increase in net foreign exchange losses , and the decrease in staff salaries , entertainment , legal and professional fees , travelling and other general operating expenses in 2020. other income other income decreased significantly from $ 195,576 in 2019 to $ 31,958 in 2020. the percentage of such decrease was approximately 84 % as a result of the net effect of a waiver of consultancy fee and a write back of receipt in advance due to the dissolution of our customer in 2019 , but nil in 2020 , and the increase of subsidies received from hong kong and mongolian governments in 2020 resulting from the outbreak of covid-19 so as to ease the effects impacted on the corporation 's business . interest expenses interest expenses mainly included other loan interest , related party loan interest and bond interest arising from convertible bonds . interest expenses increased from $ 76,824 in 2019 to $ 124,040 in 2020. the percentage of such increment was approximately 61 % and was mainly due to the net effect of the increase in amortization of non-cash interest expenses and bond discount related to the convertible bonds and non-current loan interest and the decrease in related party loans interest as a result of repayment of related party loans in 2019. net loss as a result of the factors described above , we had a net loss of $ 1,218,463 for the year ended december 31 , 2020 as compared to a net loss of $ 2,115,716 for the year ended december 31 , 2019. the net loss decreased mainly resulted from the increase in revenue and decrease in cost on mining infrastructure project . this was within our management expectation since our mine is still under trial production and we expect to further increase the productions and revenue in 2021 . 18 liquidity and capital resources cash and cash equivalents are short-term , highly liquid investments with original maturities of three months or less . as of december 31 , 2020 and 2019 , the company 's cash was $ 69,401 and $ 106,850 , respectively . there were no cash equivalents . factors affecting our liquidity include ( i ) net cash used in operating activities that consists of ( a ) cash required to fund the mining sites operating activities and continued expansion of our mining sites and ( b ) our working capital needs , which include advanced payments for several mining supplies and repair and maintenance , payment of our operating expenses ; and ( ii ) net cash used in investing activities that consists of the investments in purchasing new and additional property , plant and equipment for mining sites . to date , we have financed our liquidity needs primarily through advances from stockholders , proceeds from related parties and unrelated party loans , proceeds from issuance of common stock and the proceeds from issuance of convertible bonds . we expect to continue to make capital expenditures to keep pace with the expansion of the production and scale of operations of our mining sites , which we expect to fund in part with the proceeds from issuance of convertible bonds and other loans in the future . we expect that the proceeds from the above and our existing cash and cash equivalents will be used to fund working capital and for capital expenditures and other general corporate purposes , such as partnering arrangements , or reduction of debt obligations . however , there can be no assurance that we will be able obtain financing , if at all or upon terms that will be acceptable to us . story_separator_special_tag principles of asc 740 and asu 2013-11 “ presentation of an unrecognized tax benefit when a net operating loss carryforward , a similar tax loss

