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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

17. COMMITMENTS AND CONTINGENCIES

Capital commitments

As of December 31, 2020, commitments outstanding for the purchases of property, plant and equipment approximated $56.3 million, which will be due subsequent to receipt of the purchases.

Lease commitments

The operating lease commitments as of December 31, 2020 were principally for the housing rental from Daqo Group. The lease expense was $38.6 thousand, $69.0 thousand and $145.2 thousand for the years ended December 31, 2018, 2019 and 2020, respectively.

Future minimum lease payments are as follows:

​

​	​	​	​
Year ending December 31,		​	​
2021	​	$	96
2022	​	​	26
Total	​	​	122
Less: imputed interest	​	​	(7)
Present value of minimum operating lease payments	​	​	115

​

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- References

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- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI http://asc.fasb.org/topic&trid=2144648

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