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Impairment Loss | 12 Months Ended
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Dec. 31, 2019
Entry into a Material Definitive Agreement [Abstract] |
IMPAIRMENT LOSS | 8. IMPAIRMENT LOSS The Company recorded $2.75 million of impairment loss in fiscal year 2019 related with 10% equity investment in InUnion Chain Limited that Digipay Finteh Limited invested in June 2018. The Company recognized an impairment loss of $4.36 million in fiscal year 2018 related with the fixed assets of the Company's subsidiary Yingkou, which had no production since the year 2016. In 2018, the Company recorded an impairment loss of $25.19 million regarding Company's fixed assets and construction in progress. Among this amount, $11.51 million was related with Shaanxi Guoweimei Kiwi Deep Processing Co., Ltd. ("Guo Wei Mei"). On April 19, 2013, we established Guo Wei Mei to engage in the business of producing kiwi fruit juice, kiwi puree, cider beverages, and related products. The total estimated investment was RMB 294 million. By the end of 2018, the Company has finished the building of an R&D center and an office building with a total investment of approximately $11.24 million (RMB 76.2 million), the Company has also purchased a fruit juice production line of approximately $19.02 million (RMB 129 million). As the Chinese government recently tightened environmental regulations, the project has been delayed and the construction has been stopped since early 2017. Since the Company's current cash cannot support the future input of this project and there is no forecasted cash flow from this project, the value of the construction in progress of this project was impaired. An impairment loss of $25.68 million recorded in 2018 was related with our Suizhong project in Liaoning Province, which was to establish a fruit and vegetable industry chain and further processing demonstration zone in Suizhong County, Liaoning Province (the "Suizhong Project"). We started the Suizhong project in August 2013. The Company has made partial payment to acquire land use rights from the local government, purchase equipment and build facilities. By the end of 2018, the Company has finished construction of an office building, dormitory, refrigeration storage facility and warehouse. However, due to heavy competition in the concentrated apple juice business in China, our Huludao Wonder and Yingkou facilities in Liaoning have had no production in the past few years, and the construction work on Suizhong project is also currently suspended. Since the Company's current cash cannot support the future input of this project and there is no forecasted cash flow from this project, the value of the construction in progress of this project was impaired. An impairment loss of $32.68 million recorded in 2018 was related with our Yidu project. On November 23, 2015, the Company started the construction of the Yidu project, which was to establish the distribution center and the deep processing zone on the project land of approximately 280 mu, or 46 acre. As the Chinese government recently tightened environment regulations, the project has been delayed. Since the Company's current cash cannot support the future input of this project and there is no forecasted cash flow from this project, the value of the construction in progress of this project was impaired.

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