XML 64 R50.htm IDEA: XBRL DOCUMENT v3.19.3
Loans Payable (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 21, 2018
Feb. 06, 2018
Jan. 02, 2018
Jul. 15, 2013
Apr. 17, 2019
Jan. 28, 2019
Nov. 22, 2018
Nov. 06, 2018
Apr. 20, 2017
Apr. 16, 2014
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Loans Payable (Textual)                              
Unpaid balance of short term debt                     $ 6,362,312   $ 6,362,312   $ 11,802,075
Unsecured bank loans                        
Long-term debt, Interest rate per month                 0.60%            
Loan extension period 5 years               2 years            
Installment repayment description The loan was extended for additional 5 years and will be due and payable in various installments from December 21, 2018 to June 20, 2023.               The Rural Credit Union of Xushui District for a term of 2 years, which was due and payable in various installments from Aug            
Total outstanding loan balance current                     1,215,909   1,215,909   1,253,060
Current portion of total outstanding loan                     311,046   311,046   2,491,549
Interest expense for the short-term bank loans and long-term loans                     $ 214,907 $ 328,955 $ 445,860 $ 620,294  
Average short-term borrowing rates                     4.77% 5.59% 4.76% 5.58%  
Loans from credit union                     $ 7,012,682   $ 7,012,682   7,197,808
Assets pledged for guarantee of Dongfang Paper capital lease                     4,313,899   4,313,899   5,782,640
Rural Credit Union of Xushui [Member]                              
Loans Payable (Textual)                              
Loan extension period               5 years   5 years          
Installment repayment description               The loan was renewed for additional 5 years and will be due and payable in various installments from December 21, 2018 to November 5, 2023.   The Rural Credit Union of Xushui District for a term of 5 years, which was originally due in various installments from June 21, 2014 to November 18, 2018.          
Total outstanding loan balance current                             2,491,549
Current portion of total outstanding loan                         2,302,133
Non-current liabilities                            
Bank of Cangzhou [Member]                              
Loans Payable (Textual)                              
Short-term bank loans, bore interest rate                            
New Term Loans [Member] | Rural Credit Union of Xushui [Member]                              
Loans Payable (Textual)                              
Long-term debt, Interest rate per month                     0.64%   0.64%   0.64%
Loan extension period       5 years                      
Installment repayment description       The Rural Credit Union of Xushui District for a term of 5 years, which was originally due and payable in various installments from December 21, 2013 to July 26, 2018.                      
Total outstanding loan balance current                     $ 3,534,617   $ 3,534,617   $ 3,642,615
Current portion of total outstanding loan                     127,246   127,246   101,993
Non-current portion of total outstanding loan                     3,407,371   3,407,371   3,540,622
Term Loans [Member] | Rural Credit Union of Xushui [Member]                              
Loans Payable (Textual)                              
Current portion of total outstanding loan                     113,108   113,108   87,423
Non-current portion of total outstanding loan                     1,102,801   1,102,801   1,165,637
New Term Loans 1 [Member] | Rural Credit Union of Xushui [Member]                              
Loans Payable (Textual)                              
Long-term debt, Interest rate per month         0.60%                    
Loan extension period         2 years                    
Installment repayment description         Which was due and payable in various installments from August 21, 2019 to April 16, 2021.                    
Loan amount                     70,692   70,692  
Non-current portion of total outstanding loan                     2,262,156   2,262,156  
Non-current liabilities                     2,191,464   2,191,464  
Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member]                              
Loans Payable (Textual)                              
Loans from credit union                     3,534,617   3,534,617   3,642,615
Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member]                              
Loans Payable (Textual)                              
Loans from credit union                     1,215,909   1,215,909   1,253,060
Rural Credit Union Of Xushui County Loan Two [Member]                              
Loans Payable (Textual)                              
Loans from credit union                         2,302,133
Industrial and Commercial Bank of China (“ICBC”) Loan 1 [Member]                              
Loans Payable (Textual)                              
Unpaid balance of short term debt [1]                         4,079,730
Short-term bank loans, bore interest rate   5.40%                          
Loan, maturity date   Jan. 28, 2019                          
Bank of Cangzhou [Member]                              
Loans Payable (Textual)                              
Unpaid balance of short term debt [2]                         5,099,662
Short-term bank loans, bore interest rate     6.09%                        
Loan, maturity date     Jan. 03, 2019                        
ICBC Loan 2 [Member]                              
Loans Payable (Textual)                              
Unpaid balance of short term debt [3]                     2,544,925   2,544,925   2,622,683
Short-term bank loans, bore interest rate             4.741%                
Loan, maturity date             Nov. 26, 2019                
ICBC Loan 3 [Member]                              
Loans Payable (Textual)                              
Unpaid balance of short term debt [4]                     $ 3,817,387   $ 3,817,387  
Short-term bank loans, bore interest rate           4.785%                  
Loan, maturity date           Jan. 30, 2020                  
[1] On February 6, 2018, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,079,730 as of December 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 was due and repaid on January 28, 2019.
[2] On January 2, 2018, the Company entered into a working capital loan agreement with the Bank of Cangzhou, with a balance of $5,099,662 as of December 31, 2018. The loan bore a fixed interest rate of 6.09% per annum. The working capital loan was secured by the Company's land use right and guaranteed by the Company's CEO and Baoding Shengde with its production equipment as collateral for the benefit of the bank. The loan was due and repaid on January 3, 2019.
[3] On November 22, 2018, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,544,925 and $2,622,683 as of September 30, 2019 and December 31, 2018, 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 4.741% per annum. The loan will be due by November 26, 2019.
[4] On January 28, 2019, the Company entered into a working capital loan agreement with the ICBC, with a balance of $3,817,387 as of September 30, 2019. 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 4.785% per annum. The loan will be due and repaid by January 30, 2020.