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3. PREPAID LAND LEASE | 12 Months Ended
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Dec. 31, 2018
Property Management Fees |
3. PREPAID LAND LEASE | 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. In December 2017, the Company paid $9,732,118 for a 50-year lease of a piece of land for the new factory at Bohai Marine Fine Chemical Industrial Park. 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 (See Note 1(b)). During the year ended December 31, 2018, amortization of prepaid land lease totaled $761,713 was recorded as direct labor and factory overheads incurred during plant shutdown in the consolidated statement of income (loss), and wrote off $4,004,788 of prepaid land lease (See Note 1(J) for further details). During the year ended December 31, 2017, amortization of prepaid land lease totaled $989,816, of which $634,535 and $355,281 were recorded as cost of net revenue and direct labor and factory overheads incurred during plant shutdown. 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 38.6 square kilometers of aggregate carrying value of $599,747 and approximately 54.97 square kilometers of aggregate carrying value of $645,761 as at December 31, 2018 and 2017, respectively.

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