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Organization and Business Background (Tables)

9 Months Ended

Sep. 30, 2018

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
Baoding Shengde		June 1, 2009		PRC			100	%		Paper production and distribution
Variable interest entity (“VIE”):
Dongfang Paper		March 10, 1996		PRC			Control	*		Paper production and distribution

*   Dongfang Paper is treated as a 100% controlled variable interest entity of the Company.

Schedule of aggregate financial information of assets and liabilities

		September 30,				December 31,
		2018				2017
ASSETS
Current Assets
Cash and bank balances		$	5,390,465			$	2,681,942
Restricted cash			3,634,144				6,121,637
Accounts receivable			1,218,291				1,843,682
Inventories			4,645,582				8,431,972
Prepayments and other current assets			4,032,878				646,598
Total current assets			18,921,360				19,725,831
Property, plant, and equipment, net			152,438,579				167,727,768
Deferred tax asset non-current			6,287,598				5,167,288
Total Assets		$	177,647,537			$	192,620,887
LIABILITIES
Current Liabilities
Short-term bank loans		$	11,919,991			$	7,192,923
Current portion of long-term loans from credit union			1,308,292				5,142,175
Accounts payable			64,410				422,705
Notes payable			3,634,144				6,121,637
Due to related parties			166,374				60,378
Accrued payroll and employee benefits			181,824				227,163
Other payables and accrued liabilities			1,064,763				836,309
Income taxes payable			-				519,365
Total current liabilities			18,339,798				20,522,655
Loans from credit union			3,575,997				-
Loans from a related party			5,814,630				10,712,865
Total liabilities		$	27,730,425			$	31,235,520

X

- Definition

Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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