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Banker's Acceptance Notes Payable | 12 Months Ended
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Dec. 31, 2019
Banking and Thrift [Abstract] |
BANKER'S ACCEPTANCE NOTES PAYABLE | NOTE 7 – BANKER'S ACCEPTANCE NOTES PAYABLE In April 2016, the Company entered into a Banker's Acceptance Note Agreement with a bank. Pursuant to the terms of the agreement, the Company can issue banker's acceptance notes to any third party as payment of amounts owing to that third party. The Company is required to deposit with the bank an amount equal to the amounts represented by the banker's acceptance notes issued to the third parties. The amount of these deposited balances is shown as "Restricted cash" on the accompanying balance sheets as of December 31, 2019 and December 31, 2018. The maximum amount that the Company can issue under this agreement is limited to the lesser of RMB30,000,000 (approximately $4.5 million) or the amount of cash available to deposit against the banker's acceptance notes. In addition, the agreement calls for the payment of fees equal to 0.05% of the note amount to the bank. As of December 31, 2019 and December 31, 2018, the Company had outstanding banker's acceptance notes in the amount of $109,908 and $1,273,940, respectively.

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- Definition The entire disclosure for financial services specifically banking and thrift entities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI http://asc.fasb.org/topic&trid=2209208 + Details
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