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Notes Receivable - Bank Acceptance
3 Months Ended
Mar. 31, 2018
Notes Receivable - Bank Acceptance/ Other Receivables [Abstract]  
NOTES RECEIVABLE - BANK ACCEPTANCE

3. NOTES RECEIVABLE – BANK ACCEPTANCE

 

As of March 31, 2018 and December 31, 2017, the Company had outstanding notes receivable on-hand of $620,219 and $979,462, respectively, representing the bank acceptance that were issued by the suppliers to Erdos TCH and the payments were honored by the bank. Erdos TCH may hold the bank acceptance until the maturity for the full payment, or get cashed from the bank at a discount at an earlier date prior to maturity, or transfer the bank acceptance to its vendors in lieu of payment. As of March 31, 2018, Erdos TCH had $8.1 million bank acceptance that was transferred to one of its suppliers but haven’t matured; If the honored bank refuse to redeem the bank acceptance, then Erdos TCH would be obligated to redeem these bank acceptance.