XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Related Party Transactions | 12 Months Ended
--- | ---
Dec. 31, 2019
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS A member of the Company's board of directors ("Board") had previously advanced the Company an aggregate amount of $1,354,567 as of December 31, 2019 and 2018 which are recorded as "Other payables – related parties" on the accompanying consolidated balance sheets. The advances bear interest at a rate of 1.0% per year. Total interest expense for each of the years ended December 31, 2019 and 2018 was $13,546 and $13,546, respectively. The Company received net advances totaling $667,440 and $278,596 from its Chairperson, Chief Executive Officer and Interim Chief Financial Officer. These amounts are recorded as Other payables – related parties on the accompanying consolidated balance sheets as of December 31, 2019 and December 31, 2018, respectively. On July 8, 2019 the Company entered into a loan agreement to borrow cash of RMB 4,770,000 ($691,459) with its Chairperson, Chief Executive Officer and Interim Chief Financial Officer. The loan bears interest at a rate of 4.35% and is payable within one year of the loan agreement. Total interest expense related to the loan for the year ended December 31, 2019 was $12,393. Compensation payable to the Chairperson, Chief Executive Officer and Interim Chief Financial Officer is included in Other payables in the accompanying consolidated balance sheet totaling $2,307,986 and $2,071,986 as of December 31, 2019 and December 31, 2018, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration