Construction in Progress and Fixed Assets

9 Months Ended

Sep. 30, 2018

Construction in Progress and Fixed Assets [Abstract]

CONSTRUCTION IN PROGRESS AND FIXED ASSETS

8. CONSTRUCTION IN PROGRESS AND FIXED ASSETS

Construction in progress was for constructing power generation systems. As of September 30, 2018 and December 31, 2017, the Company’s construction in progress included:

	2018		2017
Xuzhou Huayu	$	23,723,593	$	24,976,178
Xuzhou Tian’an		38,291,701		37,814,637
Boxing County Chengli		-		32,375,158
Total	$	62,015,294	$	95,165,973

As of September 30, 2018, the Company was committed to pay an additional $11.62 million for the Xuzhou Huayu project, and $4.03 million for the Xuzhou Tian’an project. The Chengli project finished construction, and was transferred to the Company’s fixed assets at a cost of $35.24 million and ready to be put into operation as of September 30, 2018; however, the owner of the Chengli Project changed from Chengli to Shandong Boxing Shengli Technology Company Ltd. (“Shengli”) during the quarter ended September 30, 2018, which resulted from the sale of the ownership of Chengli to Shengli. The Company is currently negotiating a new settlement price, operating period and settlement method with Shengli. The project will be put into operation as soon as the negotiations of the new operating terms are completed and the supplemental operating agreement is signed.