XML 84 R61.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans Payable (Details Textual)
1 Months Ended 12 Months Ended
Sep. 13, 2016
Jul. 08, 2016
Jun. 21, 2016
USD ($)
Jun. 21, 2016
CNY (¥)
Dec. 11, 2015
Oct. 15, 2015
Sep. 07, 2015
Jun. 15, 2015
USD ($)
Jun. 15, 2015
CNY (¥)
Apr. 16, 2014
Jul. 15, 2013
Jun. 16, 2013
USD ($)
Jun. 16, 2013
CNY (¥)
Dec. 21, 2016
USD ($)
Dec. 21, 2016
CNY (¥)
Sep. 20, 2016
USD ($)
Sep. 20, 2016
CNY (¥)
Jul. 01, 2015
USD ($)
May 19, 2015
USD ($)
May 19, 2015
CNY (¥)
Dec. 31, 2016
USD ($)
Dec. 31, 2016
CNY (¥)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 21, 2016
CNY (¥)
Jun. 21, 2016
CNY (¥)
Dec. 26, 2014
USD ($)
Jun. 16, 2013
CNY (¥)
Loans Payable (Textual)                                                        
Unpaid balance of short term debt                                         $ 5,045,409   $ 13,859,800          
Unsecured bank loans                                                    
Interest expense for the short-term bank loans and long-term loans                                         1,411,731   1,209,293 $ 1,031,163        
Payments to lessor                                         $ 675,139   $ 7,148,142 $ 4,199,689        
Average short-term borrowing rates                                         8.05% 8.05% 8.27% 7.71%        
Long-term obligations under capital lease                                           $ 3,217,785          
Current obligations under capital lease                                         8,786,528   6,860,412          
Total interest expenses for the sale-leaseback arrangement                                         749,867   1,363,011 $ 919,298        
Deferred gain on sale of leased equipment                                         102,232   327,637          
Value of land use right pledged for sale-leaseback financing                                         6,200,401   6,769,894          
Assets pledged for guarantee of orient paper HB's capital lease                                         23,654,125   28,745,628          
Sale-leaseback arrangement [Member]                                                        
Loans Payable (Textual)                                                        
Proceeds from sale of paper manufacturing equipment to leasing company                       $ 22,000,000 ¥ 150,000,000                              
Total financing proceeds                       22,000,000 ¥ 150,000,000               5,766,181 ¥ 40,000,000            
Nominal purchase price                       $ 2,162                               ¥ 15,000
Maturities repayment terms, Description                       The remaining lease term up to June 21, 2017. The remaining lease term up to June 21, 2017.                              
Future minimum lease payment                                   $ 1,617,574                    
Deferred gain on sale of leased equipment                       $ 1,379,282                                
Rural Credit Union of Xushui County [Member]                                                        
Loans Payable (Textual)                                                        
Loans from credit union                                         4,843,592   5,174,325          
Term Loan [Member] | Rural Credit Union of Xushui County [Member]                                                        
Loans Payable (Textual)                                                        
Long-term debt, Interest rate per month                   0.72%                                    
Loan extension period                   5 years                                    
Installment repayment description                   The Rural Credit Union of Xushui County for a term of 5 years, which is payable in various installments from June 21, 2014 to November 18, 2018.                                    
Loan amount                                         180,193              
Original repayment of loan                                         108,116              
Total outstanding loan balance                                         $ 1,239,729   1,324,380          
New term loan agreement [Member] | Rural Credit Union of Xushui County [Member]                                                        
Loans Payable (Textual)                                                        
Long-term debt, Interest rate per month                                         0.72%              
Loan extension period                     5 years                                  
Installment repayment description                     The Rural Credit Union of Xushui County for a term of 5 years, which is due and payable in various installments from December 21, 2013 to July 26, 2018.                                  
Loan amount                                         $ 187,401              
Original repayment of loan                                         100,908              
Total outstanding loan balance                                         3,603,863   3,849,945          
Security loan agreement by manufacturing equipment                                         9,813,294   14,236,083          
Lease financing agreement [Member]                                                        
Loans Payable (Textual)                                                        
Short-term bank loans, bore interest rate     15.00%                     15.00%   15.00% 15.00%               15.00% 15.00%    
Total financing proceeds     $ 3,351,922 ¥ 22,300,000                   $ 227,971 ¥ 1,516,667 $ 3,006,208 ¥ 20,000,000                      
Nominal purchase price     $ 345,714                     3,234,179                     ¥ 21,516,667 ¥ 2,300,000    
Maturities repayment terms, Description                                   The 2015 Agreement sets forth a modified and extended payment schedule with respect to the remaining payment obligation, with the final repayment date extended to June 21, 2017. Under the 2015 Agreement, the interest accrues at a rate of 15% per annum starting on June 16, 2015, and is payable on the 20th of every March, June, September and December until the principal is paid off, except for the first payment, which is due on July 31, 2015.                    
Payment of interest                           $ 138,682   $ 140,206                        
Average short-term borrowing rates                           18.25% 18.25% 18.25% 18.25%                      
Lease Financing Agreement One [Member]                                                        
Loans Payable (Textual)                                                        
Total financing proceeds                           $ 3,006,208 ¥ 20,000,000                          
Lease Financing Agreement Two [Member]                                                        
Loans Payable (Textual)                                                        
Total financing proceeds                           $ 1,441,545 ¥ 20,000,000                          
ICBC Loan 1 [Member]                                                        
Loans Payable (Textual)                                                        
Unpaid balance of short term debt [1]                                           3,079,956          
Short-term bank loans, bore interest rate             5.06%                                          
Short-term bank loans interest rate as percentage of prime rate             110.00%                                          
Loan, maturity date             Sep. 06, 2016                                          
ICBC Loan 2 [Member]                                                        
Loans Payable (Textual)                                                        
Unpaid balance of short term debt [2]                                           3,079,956          
Short-term bank loans, bore interest rate         4.785%                                              
Loan, maturity date         Dec. 09, 2016                                              
ICBC Loan 3 [Member]                                                        
Loans Payable (Textual)                                                        
Unpaid balance of short term debt [3]                                         2,883,091            
Short-term bank loans, bore interest rate 4.5675%                                                      
Loan, maturity date Oct. 19, 2017                                                      
The Commercial Bank of the City of Zhangjiakou [Member]                                                        
Loans Payable (Textual)                                                        
Unpaid balance of short term debt [4]                                           7,699,888          
Short-term bank loans, bore interest rate           11.88%                                            
Loan, maturity date           Oct. 15, 2016                                            
China National Foreign Trade Financial & Leasing Co. [Member] | Lease financing agreement [Member]                                                        
Loans Payable (Textual)                                                        
Proceeds from sale of paper manufacturing equipment to leasing company                       22,000,000 ¥ 150,000,000                              
Total financing proceeds                       22,000,000 ¥ 150,000,000                              
Nominal purchase price                       $ 2,162                               ¥ 15,000
Lease service charge, Description                       Equal to 5.55% of the amount financed. Equal to 5.55% of the amount financed.                              
Lease service expense                       $ 1,360,000                                
Implicit interest rate                       6.15%                               6.15%
Stated capital lease                       $ 25,750,170                                
Payment for liquidated damage                                                     $ 9,200  
Payments to lessor               $ 3,000,000 ¥ 20,000,000                   $ 800,000 ¥ 5,000,000                
China National Foreign Trade Financial & Leasing Co. [Member] | Collateral Agreement [Member]                                                        
Loans Payable (Textual)                                                        
Land collateral for capital lease | m²                                         58,566              
Bank of Hebei [Member]                                                        
Loans Payable (Textual)                                                        
Unpaid balance of short term debt [5]                                         $ 2,162,318            
Short-term bank loans, bore interest rate   5.22%                                                    
Loan, maturity date   Jul. 08, 2017                                                    
[1] On September 7, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $nil and $3,079,956 as of December 31, 2016 and 2015, respectively. The loan borne an interest rate of 5.06% per annum, which was 110% of the primary lending rate of the People's Bank of China at the time of funding. The working capital loan was guaranteed by Hebei Tengsheng Paper Co. Ltd ("Hebei Tengsheng"),a related party with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank. The loan was due and repaid on September 6, 2016.
[2] On December 11, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $nil and $3,079,956 as of December 31, 2016 and 2015, respectively. The working capital loan is secured by Hebei Tengsheng's land use right and real property. The loan bears a fixed interest rate of 4.785% per annum. The loan was due and repaid on December 9, 2016.
[3] On September 13, 2016, the Company entered into a working capital loan agreement with ICBC, with a balance of $2,883,091 as of December 31, 2016. The loan bears a fixed interest rate of 4.5675% per annum. The loan will be due on October 19, 2017. The working capital loan was guaranteed by Hebei Tengsheng with its land use right pledged as collateral for the benefit of the bank.
[4] On October 15, 2015, the Company entered into a working capital loan agreement with the Commercial Bank of the City of Zhangjiakou, with a balance of $nil and $7,699,888 as of December 31, 2016 and 2015, respectively. The loan bears a fixed interest rate of 11.88% per annum. The working capital loan was guaranteed by the Company's CEO and his wife, as well as secured by Hebei Tengsheng's land use right and real property as collateral for the benefit of the bank. The loan was due and repaid on October 15, 2016.
[5] On July 8, 2016, the Company entered into a working capital loan agreement with the Bank of Hebei, with a balance of $2,162,318 as of December 31, 2016. The loan bears a fixed interest rate of 5.22% per annum. The loan will be due on July 8, 2017. The working capital loan is guaranteed by the Company's CEO and his wife, as well as Hebei Tengsheng with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank.