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Commitments
 9 Months Ended
Sep. 30, 2016
Commitments [Abstract]  
COMMITMENTS

20. COMMITMENTS

 

Lease Commitment

 

On March 4, 2014, Xi’an TCH’s office lease expired and Xi’an TCH renewed this lease for an additional two years; the monthly rental payment is $20,140. The lease for the office in Xi’an was renewed for an additional two years starting on March 5, 2016 with a monthly rental payment of $21,804 but payable quarterly in advance. In addition, on September 16, 2013, Xi’an TCH leased an office in Beijing for a term of two-years and three-months, expiring on December 31, 2015, with a monthly rental payment of $12,110. The lease for the office in Beijing was not renewed at expiration. For the nine months ended September 30, 2016 and 2015, the rental expense of Xi’an TCH was $183,843  and $300,923, respectively. For the three months ended September 30, 2016 and 2015, the rental expense of Xi’an TCH was $57,459 and $100,906, respectively. 

 

Future minimum annual rental payments required under operating leases as of September 30, 2016 were as below (by year):

 

2017 $256,313 
2018 $128,156 
Total $384,469 

 

Construction Commitment

 

Refer to Note 1 for additional details related to lease commitments with Chengli, Tianyu (and its subsidiaries Xuzhou Tian’an and Xuzhou Huayu), and Zhongtai and Note 8 for commitments on construction in progress.