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3. PREPAID LAND LEASES | 6 Months Ended
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Jun. 30, 2020
Prepaid Land Leases |
3. PREPAID LAND LEASES | In December 2017, the Company paid a one lump sum upfront amount of $8,982,369 for a 50-year lease of a parcel of land at Bohai Marine Fine Chemical Industrial Park (“Bohai”) for the new chemical factory to be built. There is no purchase option at the end of the lease term. This was classified as an operating lease prior to and as of January 1, 2019. The land use certificate was issued on October 25, 2019. The lease term expires on August 12, 2069. The amount paid was recorded as prepaid land leases, net of current portion in the consolidated balance sheet as of June 30 2020 and December 31, 2019. As of June 30, 2020, the prepaid land lease increased to $9,349,625 due to an additional amount paid for stamp duty and related land use rights fees. Amortization of this prepaid land lease will commence when the chemical factory is built and placed in service. In June 2020, the construction of the new chemical factory commenced and is expected to complete in May 2021.

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