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Prepaid Land Use Rights, net
 12 Months Ended
Dec. 31, 2018
Prepaid Land Use Rights, net [Abstract]  
Prepaid Land Use Rights, net
10.Prepaid Land Use Rights, net

 

Prepaid land use rights as of December 31, 2017 and 2018 consisted of the followings:

 

   December 31,   December 31, 
   2017   2018 
Prepaid land use rights  $8,634,993   $8,167,587 
Accumulated amortization   (590,058)   (721,470)
　  $8,044,935   $7,446,117 
Less: Classified as current assets   (172,700)   (163,352)
　  $7,872,235   $7,282,765 

 

Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832m2 in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $7,715,548 (RMB53.1 million). Other incidental costs incurred totaled $452,039 (RMB3.1 million).

 

Amortization expenses of the prepaid land use rights were $166,233 and $169,516 for the years ended December 31, 2017 and 2018, respectively.