XML 110 R12.htm IDEA: XBRL DOCUMENT v3.20.1

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

(6) Property, plant and equipment

As of December 31, 2019 and 2018, property, plant and equipment consisted of the following:

		December 31,				December 31,
		2019				2018
Property, Plant, and Equipment:
Land use rights		$	11,689,114			$	11,881,571
Building and improvements			70,811,803				94,127,348
Machinery and equipment			152,954,020				159,651,736
Vehicles			587,806				597,484
Construction in progress			6,399,986				5,005,041
Totals			242,442,729				271,263,180
Less: accumulated depreciation and amortization			(90,825,877	)			(103,433,464	)
Property, Plant and Equipment, net		$	151,616,852			$	167,829,716

As of December 31, 2019 and December 31, 2018, land use rights represented two parcel of state-owned lands located in Xushui District of Hebei Province in China, with lease terms of 50 years expiring from 2061 to 2066.

Construction in progress mainly represents payments for improvement of the office building and essentially all industrial-use buildings in the Headquarters Compound (the “Industrial Buildings”). 

As of December 31, 2019 and 2018, certain property, plant and equipment of Dongfang Paper with net values of $3,935,270 and $5,782,640, respectively, have been pledged pursuant to a long-term loan from credit union of Dongfang Paper. Land use right of Dongfang Paper with net values of $5,757,546 as of December 31, 2019 was pledged for the bank loan from Bank of Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,200,452 as of December 31, 2019 was pledged for a long-term loan from credit union of Baoding Shengde. In addition, land use right of Hebei Tengsheng with net value of $8,056,930 as of December 31, 2019 was pledged for another long-term loan from credit union of Baoding Shengde. See ” Short-term bank loans ” under Note (7), Loans Payable, for details of the transaction and asset collaterals.

Depreciation and amortization of property, plant and equipment was $15,304,039 and $14,290,919 for the years ended December 31, 2019 and 2018, respectively. Impairment loss was recorded for certain inactive production line in the amount of $nil and $3,894,461 for the years ended December 31, 2019 and 2018, respectively.

X

- References

No definition available.

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

+ Details

Name:	us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration