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Commitments | 12 Months Ended
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Dec. 31, 2017
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 two years; the monthly rental payment is $20,140. The lease for the office in Xi’an was renewed for another two years starting on March 5, 2016 with a monthly rental payment of $21,804 but payable quarterly in advance. However, the Company decided not to lease Xi’an TCH’s office after October 15, 2017. The landlord provided 45 days to the Company for moving without charging rent after October 15, 2017. There was no penalty for not complying with the lease agreement since the Company used to prepay three-month rent in advance. On November 20, 2017, Xi’an TCH entered a lease agreement for its office use for a lease term from December 1, 2017 through November 30, 2020. The monthly rent is RMB 36,536 ($5,600) with quarterly payment in advance. The annual rental payment is $67,200, $67,200 and $61,600 for the years ending December 31, 2018, 2019 and 2020. For the years ended December 31, 2017 and 2016, the rental expense of Xi’an TCH was $197,143 and $245,699, respectively. Construction Commitment Refer to Note 1 for additional details related to lease commitments with Chengli, and Tianyu (and its subsidiaries Xuzhou Tian’an and Xuzhou Huayu), Note 8 for commitments on construction in progress.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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