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Related Party Transactions | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS A member of the Company's board of directors ("Board") had advanced to the Company an aggregate amount of $1,354,567 as of December 31, 2020 and 2019 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 the years ended December 31, 2020 and 2019 was $13,546 and $13,546, respectively. The Company received advances totaling $163,825 during the year ended December 31, 2020 from its Chairperson, Chief Executive Officer and Interim Chief Financial Officer; and paid back $191,639 to her in the same period. Total amounts owed were $740,316 and $724,963 and are recorded as "Borrowings from related parties" on the accompanying consolidated balance sheets as of December 31, 2020 and December 31, 2019, respectively. On July 8, 2019 the Company entered into a loan agreement for cash of RMB 4,770,000 ($674,405) 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. The due date of the loan agreement was extended to July 10, 2021. Total interest expense related to the loan for the years ended December 31, 2020 and 2019 was $43,083 and $12,393, respectively. Compensation payable to the Chairperson, Chief Executive Officer and Interim Chief Financial Officer is included in "Other payables" in the accompanying consolidated balance sheets totaling $1,658,706 and $2,307,986 as of December 31, 2020 and 2019, respectively. On December 23, 2020 the Board approved the issuance of 2,000,000 shares of common stock from the Company's 2010 Long-Term Incentive Plan, as amended for the partial conversion of unpaid compensation totaling $864,480 to the Chairperson, Chief Executive Officer and Interim Chief Financial Officer. The shares were issued at a market price of $0.43 per share based on the average of the closing prices during the five trading days prior to the issuance date, and higher than the closing price of $0.42 per share on the issuance date.

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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