XML 45 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Business Background (Tables)
6 Months Ended
Jun. 30, 2017
Organization and Business Background [Abstract]  
Schedule of subsidiaries and variable interest entities
    Date of Incorporation   Place of Incorporation or   Percentage of      
Name   or Establishment   Establishment    Ownership         Principal Activity
Subsidiary:                  
Dongfang Holding   November 13, 2006   BVI     100 %   Inactive investment holding
Shengde Holdings   February 25, 2009   State of Nevada     100 %   Investment holding
Orient Paper Shengde   June 1, 2009   PRC     100 %   Paper Production and distribution
Variable interest entity (“VIE”):                    
Orient Paper HB   March 10, 1996   PRC     Control *   Paper Production and distribution

 

* Orient Paper HB is treated as a 100% controlled variable interest entity of the Company

Schedule of aggregate financial information of assets and liabilities
    June 30,     December 31,  
    2017     2016  
    (Unaudited)      
ASSETS            
             
Current Assets            
Cash and cash equivalents   $ 4,386,347     $ 2,005,288  
Restricted cash     5,904,582       2,162,318  
Accounts receivable     2,262,038       3,894,435  
Inventories     10,394,269       5,592,230  
Prepayments and other current assets     2,896,607       451,349  
                 
Total current assets     25,843,843       14,105,620  
                 
Property, plant, and equipment, net     166,325,556       162,779,492  
Deferred tax asset non-current     3,950,927       2,804,019  
                 
Total Assets   $ 196,120,326     $ 179,689,131  
                 
LIABILITIES                
                 
Current Liabilities                
Short-term bank loans   $ 15,204,299     $ 5,045,409  
Current obligations under capital lease     6,940,652       8,786,528  
Accounts payable     346,464       559,952  
Advance from customers             28,831  
Notes payable     5,904,582       2,162,318  
Due to a related party     132,044       56,872  
Accrued payroll and employee benefits     223,466       206,642  
Other payables and accrued liabilities     901,728       2,424,751  
Income taxes payable     600,748       1,311,051  
                 
Total current liabilities     30,253,983       20,582,354  
                 
Loans from credit union     4,959,849       4,843,592  
Loans from a related party     10,333,018       10,090,817  
Deferred gain on sale-leaseback           102,232  
                 
Total liabilities   $ 45,546,850     $ 35,618,995