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Commitments | 12 Months Ended
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Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS | 20. 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. This lease was terminated in 2019. For the years ended December 31, 2019 and 2018, the rental expense of the Company was $86,874 (including Beijing office rent of $19,674) and $83,394 (including Beijing office rent of $16,194), respectively. The Company adopted ASC 842 on CFS on January 1, 2019. The components of lease costs, lease term and discount rate with respect of the office lease with an initial term of more than 12 months are as follows:
|  | Year Ended |
|  | December 31, 2019 |
Operating lease cost |  | $ | 66,262 |
Weighted Average Remaining Lease Term - Operating leases |  |  | 0.92 years |
Weighted Average Discount Rate - Operating leases |  |  | 3 | %
The following is a schedule, by years, of maturities of the office lease liabilities as of December 31, 2019:
|  | Operating Leases |
2020 |  | $ | 57,610 |
Total undiscounted cash flows |  |  | 57,610 |
Less: imputed interest |  |  | (855 | )
Present value of lease liabilities |  | $ | 56,755 |
Construction Commitment Refer to Note 1 for additional details related to lease commitments with Xuzhou Tian'an, Note 6 for commitments on construction in progress. Employment Agreement On May 8, 2020, the Company entered an employment agreement with the Company's CFO for a term of 24 months. The monthly salary is RMB 16,000 ($2,300). The Company will grant the CFO no less than 5,000 shares of the Company's common stock annually.

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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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