XML 69 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Details Textual) - USD ($)
1 Months Ended 3 Months Ended
Feb. 06, 2018
Jan. 03, 2018
Jan. 10, 2017
Apr. 16, 2014
Jul. 15, 2013
Oct. 18, 2017
Apr. 20, 2017
Mar. 31, 2018
Mar. 31, 2017
Jan. 02, 2018
Dec. 31, 2017
Aug. 31, 2015
Loans Payable (Textual)                        
Unpaid balance of short term debt               $ 13,040,505     $ 7,192,923  
Unsecured bank loans                    
Long-term debt, Interest rate per month               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               $ 6,615,671     6,366,502  
Average short-term borrowing rates               5.57% 5.28%      
Loans from credit union               $ 7,856,109     7,560,221  
Value of land use right pledged for sale-leaseback financing               15,440,870      
Assets pledged for guarantee of orient paper HB's capital lease               7,782,238     7,963,285  
Rural Credit Union of Xushui County [Member]                        
Loans Payable (Textual)                        
Total outstanding loan balance               2,512,683     2,418,047  
Current portion of total outstanding loan               1,272,245     1,224,328  
Loans from credit union               7,856,109     7,560,221  
Non-current liabilities               1,240,438     1,193,719  
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                       $ 198,788
Original repayment of loan                       71,564
Total outstanding loan balance               $ 1,367,663     1,316,152  
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                       206,740
Original repayment of loan                       $ 47,709
Total outstanding loan balance               $ 3,975,763     3,826,022  
Interest expense for the short-term bank loans and long-term loans               291,339 $ 262,779      
Security loan agreement by manufacturing equipment               7,782,238     7,963,285  
ICBC Loan 1 [Member]                        
Loans Payable (Textual)                        
Unpaid balance of short term debt [1]                   4,285,145  
Short-term bank loans, bore interest rate     4.5675%                  
Loan, maturity date     Jan. 08, 2018                  
ICBC Loan 2 [Member]                        
Loans Payable (Textual)                        
Unpaid balance of short term debt [2]               3,021,580     2,907,778  
Short-term bank loans, bore interest rate           4.945%            
Loan, maturity date           Oct. 12, 2018            
ICBC Loan 3 [Member]                        
Loans Payable (Textual)                        
Unpaid balance of short term debt               4,452,855        
Short-term bank loans, bore interest rate 5.40%                      
Loan, maturity date Feb. 09, 2019                      
Bank of Hebei [Member]                        
Loans Payable (Textual)                        
Unpaid balance of short term debt [3]               4,452,855      
Bank Of Cangzhou [Member]                        
Loans Payable (Textual)                        
Unpaid balance of short term debt [4]               $ 5,566,070      
Short-term bank loans, bore interest rate                   6.09%    
Loan, maturity date   Jan. 03, 2019                    
[1] On January 10, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,285,145 as of December 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 was due and repaid on January 8, 2018.
[2] On October 18, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $3,021,580 and $2,907,778 as of March 31, 2018 and December 31, 2017, respectively. The working capital loan is secured by the Company's land use right as collateral for the benefit of the bank. The loan bears a fixed interest rate of 4.945% per annum. The loan will be due on October 12, 2018.
[3] On February 6, 2018, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,452,855 as of March 31, 2018. 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 5.4% per annum. The loan will be due on February 9, 2019.
[4] On January 2, 2018, the Company entered into a working capital loan agreement with the Bank of Cangzhou. The loan was withdrawn on January 4, 2018, with a balance of $5,566,070 as of March 31, 2018. The loan bears a fixed interest rate of 6.09% per annum. The working capital loan is secured by the Company's land use right and guaranteed by the Company's CEO and Orient Paper Shengde with its production equipment as collateral for the benefit of the bank. The loan will be due on January 3, 2019.