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Right-of-use Assets
 9 Months Ended
Sep. 30, 2020
Right-of-use assets [Abstract]  
Right-of-use assets
9. Right-of-use assets

 

Right-of-use assets as of September 30, 2020 consisted of the followings:

 

   Prepaid land lease payments 
Balance as of January 1, 2020  $7,194,195 
Amortization charge for the period   (120,457)
Foreign exchange adjustment   179,648 
Balance as of September 30, 2020  $7,253,386 

 

Lump sum payments were made upfront to acquire the leased land from the owners with lease period for 50 years up to August 9, 2064, and no ongoing payments will be made under the terms of these land leases.