XML 68 R51.htm IDEA: XBRL DOCUMENT v3.7.0.1
Loans Payable (Details Textual)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 10, 2017
Dec. 05, 2016
Sep. 13, 2016
Jul. 08, 2016
Jun. 21, 2016
USD ($)
Jun. 21, 2016
CNY (¥)
Jun. 15, 2015
USD ($)
Jun. 15, 2015
CNY (¥)
Apr. 16, 2014
USD ($)
Jul. 15, 2013
Jun. 16, 2013
USD ($)
Jun. 16, 2013
CNY (¥)
Mar. 21, 2017
USD ($)
Mar. 21, 2017
CNY (¥)
Dec. 21, 2016
USD ($)
Dec. 21, 2016
CNY (¥)
Sep. 20, 2016
USD ($)
Jun. 20, 2016
USD ($)
Jul. 01, 2015
USD ($)
May 19, 2015
USD ($)
May 19, 2015
CNY (¥)
Mar. 31, 2017
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Dec. 21, 2016
CNY (¥)
Dec. 20, 2016
USD ($)
Sep. 20, 2016
CNY (¥)
Jun. 21, 2016
CNY (¥)
Dec. 26, 2014
USD ($)
Jun. 16, 2013
CNY (¥)
Loans Payable (Textual)                                                            
Unpaid balance of short term debt                                           $ 14,929,051   $ 5,045,409            
Unsecured bank loans                                                          
Payments to lessor                                           $ 63,613 $ 198,931              
Average short-term borrowing rates                                           5.28%   8.79%            
Long-term obligations under capital lease                                                          
Current obligations under capital lease                                           8,771,127   $ 8,786,528            
Total interest expenses for the sale-leaseback arrangement                                           310,785 $ 150,033              
Deferred gain on sale of leased equipment                                           51,395   102,232            
Value of land use right pledged for sale-leaseback financing                                           4,910,399              
Assets pledged for guarantee of orient paper HB's capital lease                                           23,166,578   23,654,125            
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                                    
Nominal purchase price                     $ 2,246                                     ¥ 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                                           4,870,059   4,843,592            
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                 $ 181,178                                          
Original repayment of loan                 $ 94,212                                          
Total outstanding loan balance                                           1,246,503   $ 1,239,729            
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                                           188,425                
Original repayment of loan                                           86,965                
Total outstanding loan balance                                           3,623,556   $ 3,603,863            
Interest expense for the short-term bank loans and long-term loans                                           262,779   406,717            
Security loan agreement by manufacturing equipment                                           9,294,394   9,813,294            
Lease financing agreement [Member]                                                            
Loans Payable (Textual)                                                            
Short-term bank loans, bore interest rate         15.00%                                             15.00%    
Security loan agreement by manufacturing equipment                                 $ 2,898,845                   ¥ 20,000,000      
Total financing proceeds         $ 3,351,922 ¥ 22,300,000                 $ 227,971 ¥ 1,516,667 $ 2,898,845 $ 3,351,922                        
Nominal purchase price         $ 345,714                   3,234,179                   ¥ 21,516,667 $ 3,234,179   ¥ 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           ¥ 140,206                 138,682                              
Average short-term borrowing rates                                 18.25%                          
Lease Financing Agreement One [Member]                                                            
Loans Payable (Textual)                                                            
Total financing proceeds                             $ 2,898,845 ¥ 20,000,000                            
Average short-term borrowing rates                             18.25% 18.25%                            
Lease Financing Agreement Two [Member]                                                            
Loans Payable (Textual)                                                            
Total financing proceeds                         $ 5,797,690 ¥ 40,000,000               5,797,690                
Payment of interest                         $ 265,350                                  
Average short-term borrowing rates                         18.25% 18.25%                                
Lease Financing Agreement Three [Member]                                                            
Loans Payable (Textual)                                                            
Short-term bank loans, bore interest rate                         18.25% 18.25%                                
Total financing proceeds                         $ 1,449,422 ¥ 10,000,000                                
Average short-term borrowing rates                         18.25% 18.25%                                
ICBC Loan 1 [Member]                                                            
Loans Payable (Textual)                                                            
Unpaid balance of short term debt [1]                                           2,898,845   2,883,091            
Short-term bank loans, bore interest rate     4.5675%                                                      
Loan, maturity date     Oct. 19, 2017                                                      
ICBC Loan 2 [Member]                                                            
Loans Payable (Textual)                                                            
Unpaid balance of short term debt [2]                                           $ 4,058,382              
Short-term bank loans, bore interest rate 4.5675%                                                          
Loan, maturity date Jan. 17, 2018                                                          
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                     $ 2,174                                     ¥ 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 [3]                                           $ 2,174,134   2,162,318            
Short-term bank loans, bore interest rate       5.22%                                                    
Loan, maturity date       Jul. 08, 2017                                                    
Bank Of Cangzhou [Member]                                                            
Loans Payable (Textual)                                                            
Unpaid balance of short term debt [4]                                           $ 5,797,690              
Short-term bank loans, bore interest rate   6.09%                                                        
Loan, maturity date   Jan. 03, 2018                                                        
[1] On September 13, 2016, the Company entered into a working capital loan agreement with ICBC, with a balance of $2,898,845 as of March 31, 2017 and $2,883,091 as of December 31, 2016, respectively. 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.
[2] On January 10, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,058,382 as of March 31, 2017. The working capital loan was guaranteed by Hebei Tengsheng with its land use right pledged as collateral for the benefit of the bank. The loan bears a fixed interest rate of 4.5675% per annum. The loan will be due on January 17, 2018.
[3] On July 8, 2016, the Company entered into a working capital loan agreement with the Bank of Hebei, with a balance of $2,174,134 as of March 31, 2017 and $2,162,318 as of December 31, 2016, respectively. 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.
[4] On December 5, 2016, the Company entered into a working capital loan agreement with the Bank of Cangzhou. The loan was drawn on January 3, 2017, with a balance of $5,797,690 as of March 31, 2017. The loan bears a fixed interest rate of 6.09% per annum. The loan will be due on January 3, 2018. The working capital loan is secured by the Company's land use right and guaranteed by Orient Paper Shengde with its production equipment as collateral for the benefit of the bank.