XML 65 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Details Textual)
1 Months Ended 3 Months Ended 9 Months Ended
Jan. 10, 2017
Dec. 05, 2016
Sep. 13, 2016
Jul. 08, 2016
Apr. 16, 2014
Jul. 15, 2013
Jun. 16, 2013
USD ($)
Jun. 16, 2013
CNY (¥)
Apr. 20, 2017
Jul. 01, 2015
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
Dec. 31, 2016
USD ($)
Oct. 14, 2016
USD ($)
Jun. 16, 2013
CNY (¥)
Loans Payable (Textual)                                  
Unpaid balance of short term debt                     $ 10,245,747   $ 10,245,747   $ 5,045,409    
Unsecured bank loans                            
Long-term debt, Interest rate per month                     0.60%   0.60%        
Loan extension period                 2 years                
Installment repayment description                 The Rural Credit Union of Xushui County for a term of 2 years, which is due and payable in various installments from August 26, 2017 to April 19, 2019.                
Total outstanding loan balance                                
Current portion of total outstanding loan                     $ 3,857,222   $ 3,857,222      
Average short-term borrowing rates                     5.30% 8.19% 5.28% 8.53%      
Long-term obligations under capital lease                              
Current obligations under capital lease                         8,786,528    
Total interest expenses for the sale-leaseback arrangement                     213,571 $ 237,053 789,322 $ 526,912      
Value of land use right pledged for sale-leaseback financing                     5,053,152   5,053,152      
Sale-leaseback arrangement [Member]                                  
Loans Payable (Textual)                                  
Proceeds from sale of paper manufacturing equipment to leasing company             $ 23,000,000 ¥ 150,000,000                  
Total financing proceeds             23,000,000 ¥ 150,000,000                  
Nominal purchase price             $ 2,260                   ¥ 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              
Term of lease             3 years 3 years                  
Rural Credit Union of Xushui County [Member]                                  
Loans Payable (Textual)                                  
Total outstanding loan balance                     2,410,764   2,410,764        
Current portion of total outstanding loan                     90,404   90,404        
Non-current portion of total outstanding loan                     2,320,360   2,320,360        
Loans from credit union                     7,473,368   7,473,368   4,843,592    
Long-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                     188,341   188,341        
Original repayment of loan                     82,870   82,870        
Total outstanding loan balance                     $ 1,295,786   $ 1,295,786   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%   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                     $ 195,875   $ 195,875        
Original repayment of loan                     75,336   75,336        
Total outstanding loan balance                     3,766,818   3,766,818   3,603,863    
Current portion of total outstanding loan                     3,766,818   3,766,818      
Interest expense for the short-term bank loans and long-term loans                     320,077 $ 354,011 907,785 $ 1,172,692      
Security loan agreement by manufacturing equipment                     8,579,118   8,579,118   9,813,294    
Non-current liabilities                         3,603,863    
Lease financing agreement [Member]                                  
Loans Payable (Textual)                                  
Security loan agreement by manufacturing equipment                               $ 2,898,845  
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.              
Current obligations under capital lease                         8,786,528    
ICBC Loan 1 [Member]                                  
Loans Payable (Textual)                                  
Unpaid balance of short term debt [1]                         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]                     4,218,837   4,218,837      
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             $ 23,000,000 ¥ 150,000,000                  
Total financing proceeds             23,000,000 ¥ 150,000,000                  
Nominal purchase price             $ 2,260                   ¥ 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                    
Bank of Hebei [Member]                                  
Loans Payable (Textual)                                  
Unpaid balance of short term debt [3]                         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]                     $ 6,026,910   $ 6,026,910      
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 $nil as of September 30, 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 was 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. The loan was repaid on September 7, 2017.
[2] On January 10, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,218,837 as of September 30, 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 $nil as of September 30, 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 was due on July 8, 2017. The working capital loan is guaranteed by the Company's CEO and Hebei Tengsheng with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank. The loan was repaid on July 6, 2017.
[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 $6,026,910 as of September 30, 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 and plant as collateral for the benefit of the bank.