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3. PREPAID LAND LEASES | 3 Months Ended
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Mar. 31, 2018
Notes to Financial Statements |
3. PREPAID LAND LEASES | The Company prepaid for land leases with lease terms for periods ranging from one to fifty years to use the land on which the production facilities and warehouses of the Company are situated. The prepaid land lease is amortized on a straight line basis. The Company paid $9,732,118 for a 50-year lease of a parcel of land for the new factory at Bohai Marine Fine Chemical Industrial Park in December, 2017. The land use certificate is being processed by the government and the commencement date of the lease will be known upon completion of the application process. During the three-month period ended March 31, 2018, amortization of prepaid land lease totaled $144,097, which amount was recorded as direct labor and factory overheads incurred during plant shutdown. During the three-month period ended March 31, 2017, amortization of prepaid land leases totaled $107,461, which amount was recorded as cost of net revenue. The Company has the rights to use certain parcels of land located in Shouguang, the PRC, through lease agreements signed with local townships or the government authority. For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land of which the Company cannot obtain land use rights certificates covers a total of approximately 54.97 square kilometers of aggregate carrying value of $916,059 and approximately 54.97 square kilometers of aggregate carrying value of $645,761 as at March 31, 2018 and December 31, 2017, respectively.

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