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Financing with Sale-Leaseback | 6 Months Ended
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Jun. 30, 2021
Financing with Sale-Leaseback [Abstract] |
Financing with Sale-Leaseback | (7) Financing with Sale-Leaseback The Company entered into a sale-leaseback arrangement (the “Lease Financing Agreement”) with TAC Leasing Co., Ltd.(“TLCL”) on August 6, 2020, for a total financing proceeds in the amount of RMB 16 million (approximately US$2.5 million). Under the sale-leaseback arrangement, Hebei Tengsheng sold the Leased Equipment to TLCL for 16 million (approximately US$2.5 million). Concurrent with the sale of equipment, Hebei Tengsheng leases back the equipment sold to TLCL for a lease term of three years. At the end of the lease term, Hebei Tengsheng may pay a nominal purchase price of RMB 100 (approximately $15) to TLCL and buy back the Leased Equipment. The Leased Equipment in amount of $2,349,452 was recorded as right of use assets and the net present value of the minimum lease payments was recorded as lease liability and calculated with TLCL’s implicit interest rate of15.6% per annum and stated at $567,099 at the inception of the lease on August 17, 2020. Hebei Tengsheng made payments due according to the schedule. The balance of Leased Equipment net of amortization was $2,339,145 and $2,397,653 as of June 30, 2021 and December 31, 2020, respectively. The lease liability was $453,573 and $536,959, and its current portion in the amount of $199,544 and $182,852 as of June 30, 2021 and December 31, 2020, respectively. Amortization of the Leased Equipment was $41,457 and nil for the three months ended June 30, 2021 and 2020. Amortization of the Leased Equipment was $82,454 and nil for the six months ended June 30, 2021 and 2020. Total interest expenses for the sale-leaseback arrangement was $18,932 and nil for the three months ended June 30, 2021 and 2020. Total interest expenses for the sale-leaseback arrangement was $39,350 and nil for the six months ended June 30, 2021 and 2020. As a result of the sale and leaseback, a deferred gain in the amount of $430,695 was recorded. The deferred gain is amortized over the lease term and as an offset to amortization of the Leased Equipment. The future minimum lease payments of the capital lease as of June 30, 2021 were as follows:
June 30, |  | Amount |
2022 |  |  | 256,343 |
2023 |  |  | 256,343 |
2024 |  |  | 21,362 |
Less: unearned discount |  |  | (80,474 | )
|  |  | 453,573 |
Less: Current portion lease liability |  |  | (199,544 | )
|  | $ | 254,029 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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