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Commitments | 3 Months Ended
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Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS | 16. 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. This lease was expired in November 2020. The Company entered a new lease contract for the same location for a period from January 1, 2021 through December 31, 2023 with monthly rent of RMB 36,536 ($5,600), to be paid every half year in advance. For the three months ended March 31, 2021 and 2020, the rental expense of the Company was $16,903 and $16,374, respectively. 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:
|  | Three Months Ended |
|  | March 31, 2021 |
Operating lease cost – amortization of ROU |  | $ | 14,989 |
Operating lease cost – interest expense on lease liability |  | $ | 1,914 |
Weighted Average Remaining Lease Term - Operating leases |  |  | 2.75 years |
Weighted Average Discount Rate - Operating leases |  |  | 5 | %
|  | Three Months Ended |
|  | March 31, 2020 |
Operating lease cost– amortization of ROU |  | $ | 15,987 |
Operating lease cost – interest expense on lease liability |  | $ | 387 |
Weighted Average Remaining Lease Term - Operating leases |  |  | 0.67 years |
Weighted Average Discount Rate - Operating leases |  |  | 3 | %
The following is a schedule, by years, of maturities of the office lease liabilities as of March 31, 2021
|  |  | Operating Leases |
For the years ended March 31, 2022, |  | $ | 66,720 |
For the years ended March 31, 2023 |  |  | 66,720 |
For the years ended March 31, 2024 |  |  | 33,360 |
Total undiscounted cash flows |  |  | 166,800 |
Less: imputed interest |  |  | (9,978 | )
Present value of lease liabilities |  | $ | 156,822 |
Employment Agreement On May 8, 2020, the Company entered an employment agreement with Yongjiang Shi, 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. Investment Banking Engagement Agreement On October 10, 2019, the Company entered an investment banking engagement agreement with an investment banker firm to engage them as the exclusive lead underwriter for a registered securities offering of up to $20 million. The Company shall pay to the investment banker an equity retainer fee of 15,000 shares (post-reverse stock split) of the restricted Common Stock of the Company (10,000 shares was issued within 10 business days of signing the agreement, and remaining 5,000 shares will be paid upon completion of the offering). The agreement expired in March 2021.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 + Details
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