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Property and Equipment and Construction in Progress
 9 Months Ended
Sep. 30, 2019
Receivables, Long-term Contracts or Programs [Abstract]  
PROPERTY AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

8. PROPERTY AND EQUIPMENT AND CONSTRUCTION IN PROGRESS

  

Property and Equipment

   

As of September 30, 2019 and December 31, 2018, the Company had net property and equipment (after impairment loss of $8.12 million recorded in 2018) of approximately $26.67 million, which was for the Chengli project.

  

The Chengli project finished construction, and was transferred to the Company's fixed assets at a cost of $35.24 million (without impairment loss) and ready to be put into operation as of December 31, 2018. On January 22, 2019, Xi'an Zhonghong completed the transfer of Chengli CDQ WHPG project as the partial repayment for the loan of RMB 188,639,400 ($27.54 million) to HYREF (see Note 12). However, because the loan was not deemed repaid (See Note 12 for explanation), the Company kept the Chengli project in its books as fixed assets for accounting purposes as of September 30, 2019.

  

Construction in Progress

  

Construction in progress was for constructing power generation systems. The Xuzhou Huayu project was sold in February 2019. In 2018, the progress of the Xuzhou Tian'an project was slow due to strict environmental protection policies. The Company estimated the FV of the Xuzhou Tian'an project to be around RMB 172,250,000.00 ($25.58 million). The Company compared the carrying value and FV of the Tian'an Project, and recorded asset impairment loss of $13,512,592 for the project for the year ended December 31, 2018. As of September 30, 2019 and December 31, 2018, the Company's construction in progress included:

  

   2019   2018 
Xuzhou Huayu  $-   $23,778,899 
Xuzhou Tian'an   37,243,036    38,380,969 
Less: assets impairment allowance   (12,889,518)   (19,577,691)
Total  $24,353,518   $42,582,177 

  

As of September 30, 2019, the Company was committed to pay an additional $3.92 million for the Xuzhou Tian'an project. The construction of the Xuzhou Tian'an Project is anticipated to be completed by the second quarter of 2020.