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Organization and Business Background (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of subsidiaries and variable interest entity

		Date of		Place of
		Incorporation		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

Schedule of aggregate aggregate carrying value of Dongfang Paper’s assets and liabilities

		March 31,				December 31,
		2021				2020
ASSETS
Current Assets
Cash and bank balances		$	5,607,107			$	3,315,778
Restricted cash			-				-
Accounts receivable			5,200,164				2,389,057
Inventories			7,407,625				1,223,020
Prepayments and other current assets			6,663,371				7,051,381
Due from related parties			400,650				92,795
Total current assets			25,278,917				14,072,031
Prepayment on property, plant and equipment			19,478,642				19,617,159
Finance lease right-of-use assets, net			2,340,142				2,397,653
Property, plant, and equipment, net			128,612,757				133,134,932
Deferred tax asset non-current			12,537,630				12,040,962
Total Assets		$	188,248,088			$	181,262,737
LIABILITIES
Current Liabilities
Short-term bank loans		$	6,389,908			$	6,435,348
Current portion of long-term loans from credit union			547,837				551,733
Lease liability			188,723				182,852
Accounts payable			2,355,798				592,391
Advance from customers			82,042				82,625
Due to related parties			-				-
Accrued payroll and employee benefits			300,810				221,482
Other payables and accrued liabilities			4,469,554				4,672,265
Income taxes payable			482,209				259,649
Total current liabilities			14,816,881				12,998,345
Loans from credit union			4,565,307				4,597,772
Lease liability - non-current			301,654				354,107
Total liabilities		$	19,683,842			$	17,950,224

X

- Definition

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

+ References

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Paragraph i
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- Definition

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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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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