XML 49 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Construction Loan Facility and Lines of Credit (Details Textual)
1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2020
USD ($)
Apr. 30, 2020
USD ($)
Jun. 21, 2013
USD ($)
Jun. 21, 2013
CNY (¥)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
CNY (¥)
Jul. 31, 2020
USD ($)
Jul. 31, 2020
CNY (¥)
Jun. 30, 2020
USD ($)
Apr. 30, 2020
CNY (¥)
Jun. 21, 2013
CNY (¥)
Construction loan amount $ 1,400,000 $ 1,400,000 $ 13,000,000                 $ 8,500,000    
Description of loan interest rates   The loan bears interest at a rate of 4.25% per annum. The loan bears interest based upon 110% of the PRC government's eight-year term rate effective on the actual draw-down date, subject to annual adjustments based on 110% of the floating rate for the same type of loan on the anniversary from the draw-down date and its subsequent anniversary dates. The interest rate has remained at 5.39% on the anniversary dates which were July 10, 2017, 2018 and 2019, respectively. The loan required interest only payments for the first two years. Beginning July 11, 2015, the principal was due in at least two (2) annual installments with the first annual payment being due within six month period after July 10, 2015 and the second annual payment being due July 10, 2016 and each following year over the next five years through July 11, 2021 on the identical terms as described above for 2015. The loan bears interest based upon 110% of the PRC government's eight-year term rate effective on the actual draw-down date, subject to annual adjustments based on 110% of the floating rate for the same type of loan on the anniversary from the draw-down date and its subsequent anniversary dates. The interest rate has remained at 5.39% on the anniversary dates which were July 10, 2017, 2018 and 2019, respectively. The loan required interest only payments for the first two years. Beginning July 11, 2015, the principal was due in at least two (2) annual installments with the first annual payment being due within six month period after July 10, 2015 and the second annual payment being due July 10, 2016 and each following year over the next five years through July 11, 2021 on the identical terms as described above for 2015.     The loan bears interest at the rate of 4.05% per annum.              
Principal amount $ 700,000 $ 700,000     $ 2,145,389   $ 2,145,389     $ 400,000        
Payment due under the loan     $ 2,000,000                      
Laon facility term   Advances on the line of credit are due two years from the date of the advance.         The line of credit is due in one year on the anniversary date of the line of credit.              
Total interest expense         61,067 $ 67,590 $ 186,214 $ 251,624            
Line of credit, description Line of credit from a bank for an aggregate amount of RMB 10,000,000 (approximately $1.4 million), of which RMB 8,000,000 (approximately $1.17 million) have been advanced to the Company. In June 2020 the Company obtained an additional line of credit and received advances totaling RMB 8,500,000 (approximately $1.25 million). In addition, the Company obtained another line of credit and received advances totaling RMB 2,343,340 (approximately $0.34 million).           Total interest expense under this facility for the three and nine months ended September 30, 2020 was $10,420 and $15,410, respectively. The Company repaid RMB 500,000 (approximately $0.7 million) to Postal Savings Bank of China in October 2020 as per the payment schedule.              
Bank of Communications [Member]                            
Total interest expense         11,372   $ 11,372              
China CITIC Bank [Member]                            
Total interest expense         $ 377   $ 377              
Line of credit, description             The Company obtained a line of credit of RMB 3,200,000 (approximately $0.5 million) from China CITIC Bank in September, 2020 and obtained an advance of RMB 2,343,340 ($344,098), and the remaining of RMB 856,660 ($125,793) in October under this line. The loan bears interest at the rate of 4.50% per annum. The line of credit is due in one year on the anniversary date of the advance.              
RMB [Member]                            
Construction loan amount                       $ 1,200,000 ¥ 10,000,000 ¥ 80,000,000
Principal amount | ¥                 ¥ 15,000,000   ¥ 3,000,000   ¥ 5,000,000  
Payment due under the loan | ¥       ¥ 14,000,000