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Long Term Bank Loans (Tables) | 12 Months Ended
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Dec. 31, 2018
Long Term Bank Loans [Abstract] |
Schedule of long term bank loan |
|  | December 31, 2018 |  |  | December 31, 2017 |
Long-term bank loan - Industrial and Commercial Bank of China (“ICBC”) (1) |  | $ | - |  |  | $ | 7,411,564 |
Long-term bank loan - Changjiang Li Autonomous County Rural Credit Cooperative Association (“CCCA”) (2) |  |  | 8,578,600 |  |  |  | - |
Subtotal |  |  | 8,578,600 |  |  |  | 7,411,564 |
Less: current maturities of long-term loan |  |  | (436,200 | ) |  |  | (4,460,524 | )
Long-term loan-noncurrent portion |  | $ | 8,142,400 |  |  | $ | 2,951,040 |
(1) | In September 2013, REIT Changjiang entered into a line of credit agreement with ICBC, which allowed REIT Changjiang to borrow up to approximately $13.8 million (RMB 96 million) from ICBC for six years. The loan is used in the construction of REIT Changjiang’s manufacturing plant. The loan bears a variable interest rate based on the prevailing interest rate for a 6-year loan set by the People’s Bank of China at the time of borrowing, plus 29 basis points, adjusted every six months. During the year ended December 31, 2017, the Company repaid approximately $3.1 million (RMB 20.7 million). The remaining balance of approximately $7.4 million (RMB 48.2 million) was repaid in full as of December 31, 2018.
(2) | In June 2018, REIT Changjiang entered into a loan agreement with CCCA to borrow approximately $8.7 million (RMB $60 million) for expansion of its production facilities. The loan has a term of six years from June 19, 2018 to June 19, 2024 with a fixed interest rate of 7% per annum. REIT Changjiang has pledged its land use right of 306,000 square meters and construction in progress on this land, as well as certain production lines as collateral. RETO and Beijing REIT also pledged their shares in REIT Changjiang of 15.683% and 84.317%, respectively, as collateral to secure the loan. The loan is guaranteed by the CEO and principal shareholders of the Company. During the year ended December 31, 2018, the Company repaid approximately $0.1 million (RMB 1.0 million).
Schedule of repayment of the company's remaining long-term bank loan |
|  | Repayment in RMB |  |  | Repayment in USD |
June 19, 2019 |  | $ | 1,000,000 |  |  | $ | 145,400 |
December 19, 2019 |  |  | 2,000,000 |  |  |  | 290,800 |
June 19, 2020 |  |  | 2,000,000 |  |  |  | 290,800 |
December 19, 2020 |  |  | 6,000,000 |  |  |  | 872,400 |
June 19, 2021 |  |  | 6,000,000 |  |  |  | 872,400 |
December 19, 2021 |  |  | 7,000,000 |  |  |  | 1,017,800 |
June 19, 2022 |  |  | 7,000,000 |  |  |  | 1,017,800 |
December 19, 2022 |  |  | 7,000,000 |  |  |  | 1,017,800 |
June 19, 2023 |  |  | 7,000,000 |  |  |  | 1,017,800 |
December 19, 2023 |  |  | 7,000,000 |  |  |  | 1,017,800 |
June 19, 2024 |  |  | 7,000,000 |  |  |  | 1,017,800 |
Total |  | $ | 59,000,000 |  |  | $ | 8,578,600 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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