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Prepaid Land Use Rights, Net | 9 Months Ended
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Sep. 30, 2019
Prepaid Land Use Rights, net [Abstract] |
Prepaid Land Use Rights, net |
9. | Prepaid Land Use Rights, net
Prepaid land use rights as of December 31, 2018 and September 30, 2019 consisted of the followings:
|  | December 31, |  |  | September 30, |
|  | 2018 |  |  | 2019 |
Prepaid land use rights |  | $ | 8,167,587 |  |  | $ | 7,858,480 |
Accumulated amortization |  |  | (721,470 | ) |  |  | (812,043 | )
|  | $ | 7,446,117 |  |  | $ | 7,046,437 |
Less: Classified as current assets |  |  | (163,352 | ) |  |  | (157,170 | )
|  | $ | 7,282,765 |  |  | $ | 6,889,267 |
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 153,832 m2 in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $7,727,365 (RMB53.1 million). Other incidental costs incurred totaled $452,731 (RMB3.1 million). Amortization expenses of the prepaid land use rights were $40,764 and $40,019 for the three months ended September 30, 2018 and 2019 and $129,006 and $122,812 for the nine months ended September 30, 2018 and 2019, respectively.

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- Definition The entire disclosure for prepaid land use rights, net. + References No definition available. + Details
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