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Prepaid Land Use Rights, Net
 9 Months Ended
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.