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6. OPERATING LEASE RIGHT-OF-USE ASSETS | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
6. OPERATING LEASE RIGHT-OF-USE ASSETS | As of June 30, 2020, the total operating lease ROU assets was $8,429,714. The total operating lease cost for the three-month period ended June 30, 2020 and 2019 was $216,422and $225,022. The total operating lease cost for the six-month period ended June 30, 2020 and 2019 was $436,109 and $452,241. 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 (See Note 3). 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 $7,946,227as at June 30, 2020.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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