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Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

(6) Property, plant and equipment, net

As of March 31, 2020 and December 31, 2019, property, plant and equipment consisted of the following:

		March 31,				December 31,
		2020				2019
Property, Plant, and Equipment:
Land use rights		$	11,509,449			$	11,689,114
Building and improvements			69,723,406				70,811,803
Machinery and equipment			150,603,073				152,954,020
Vehicles			578,771				587,806
Construction in progress			6,546,542				6,399,986
Totals			238,961,241				242,442,729
Less: accumulated depreciation and amortization			(93,155,517	)			(90,825,877	)
Property, Plant and Equipment, net		$	145,805,724			$	151,616,852

As of March 31, 2020 and December 31, 2019, land use rights represented two parcel of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring in 2061 and 2066, respectively.

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 March 31, 2020 and December 31, 2019, certain property, plant and equipment of Dongfang Paper with net values of $3,443,097 and $3,935,270, respectively, have been pledged pursuant to a long-term loan from credit union for Dongfang Paper. Land use right of Dongfang Paper with net values of $5,635,572 and $5,757,546 as of March 31, 2020 and December 31, 2019, respectively, was pledged for the bank loan from Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,120,520 and $5,200,452 as of March 31, 2020 and December 31, 2019, respectively, 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 $7,933,093 and $8,056,930 as of March 31, 2020 and December 31, 2019, respectively, was pledged for another long-term loan from credit union of Baoding Shengde. See “Short-term bank loans” and Long-term loans from credit union under Note (7), Loans Payable, for details of the transaction and asset collaterals.

Depreciation and amortization of property, plant and equipment was $3,774,674 and $3,930,060 for the three months ended March 31, 2020 and 2019, respectively.

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- References

No definition available.

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- 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

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