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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 10 – INTANGIBLE ASSETS, NET

 

Intangible assets, net consisted of the following: 

 

   December 31,
2018		   December 31,
2017		 
Land use rights  $7,705,939   $8,145,824 
Software   31,730    33,541 
Total   7,737,669    8,179,365 
Less: accumulated amortization   (896,156)   (777,815)
Intangible assets, net  $6,841,513   $7,401,550 

 

As of December 31, 2018, land use rights of 26,695 square meters with a carrying value of approximately $0.4 million was pledged to the bank as collateral for the Company’s short-term bank loan (see Note 11).

 

As of December 31, 2018 and 2017, land use rights of 306,000 square meters with a carrying value of approximately $4.9 million and $5.3 million, respectively, was pledged to the bank as collateral for the Company’s long-term bank loan (see Note 12).

 

Amortization expense was $166,850, $163,154 and $175,784 for the years ended December 31, 2018, 2017 and 2016, respectively.

 

Estimated future amortization expense is as follows: 

 

Twelve months ending December 31,  Amortization expense 
2019   160,222 
2020   160,205 
2021   160,205 
2022   160,205 
2023 and Thereafter   6,200,676 
   $6,841,513