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Commitments

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

22. COMMITMENTS

Lease Commitment

On November 20, 2017, Xi'an TCH entered into a lease for its office with a term from December 1, 2017 through November 30, 2020. The monthly rent is RMB 36,536 ($5,600) with quarterly payment in advance.

On August 2, 2018, the Company entered into a lease for its office use in Beijing with a term from August 4, 2018 through August 3, 2020. The monthly rent is RMB 22,000 ($3,205) with quarterly payment in advance.

At June 30, 2019, the future annual rental payments for the years ending are as follows:

June 30, 2020		$	106,133
June 30, 2021			31,569

For the six months ended June 30, 2019 and 2018, the rental expense of the Company was $53,067 and $33,600, respectively. 

For the three months ended June 30, 2019 and 2018, the rental expense of the Company was $26,494 and $16,800, respectively. 

Construction Commitment

Refer to Note 1 for additional details related to lease commitments with Xuzhou Tian'an, Note 8 for commitments on construction in progress.

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- References

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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

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