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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2018
Schedule of Accounts Receivable

Accounts receivable as at June 30, 2018 and December 31, 2017 are as follows:

 

    June 30,     December 31,  
    2018     2017  
    (Unaudited)        
Accounts Receivable   $ 9,808,594     $ 8,249,457  
Allowance for doubtful accounts     (2,884,899 )     (2,981,705 )
Accounts Receivable – Net   $ 6,923,695     $ 5,267,752  
Accounts Receivable-related parties   $ 7,389,359     $ 4,872,743  

Schedule of Allowance for Doubtful Accounts

The following table describes the movements in the allowance for doubtful accounts during the six month period ended June 30, 2018 and the year ended December 31, 2017:

 

Balance at January 1, 2017   $ 2,625,765  
Increase in allowance for doubtful accounts     180,305  
Foreign exchange difference     175,635  
Balance at December 31, 2017   $ 2,981,705  
Increase in allowance for doubtful accounts     28,155  
Amounts recovered during the period     (74,446 )
Foreign exchange difference     (50,515 )
Balance at June 30, 2018 (Unaudited)   $ 2,884,899  

Schedule of Fair Value, Assets and Liabilities Measured On Recurring Basis

Recurring fair value measurements:

 

    Fair Value Measurements Using  
          Quoted                    
          Prices in                    
          Active                 Total Gains  
          Markets     Significant           (Losses) for  
          for     Other     Significant     the year  
    As of     Identical     Observable     Unobservable     ended  
    December 31,     Liabilities     Inputs     Inputs     December 31,  
    2017     (Level 1)     (Level 2)     (Level 3)     2017  
Warrants liability   $ -     $ -     $ -     $ -     $ 3,719  
Total recurring fair value measurements                                   $ 3,719  

Schedule of Fair Value of Derivative Liability Related to Warrants

The following tables reflect the quantitative information about recurring Level 3 fair value measurements:

 

    Series A  
    Warrants  
December 31, 2017:        
Annual volatility     56.13 %
Risk-free rate     1.46 %
Dividend rate     0.00 %
Contractual term     0.4 years  
Closing price of ordinary shares   $ 1.48  
Conversion/exercise price   $ 7.73  

Schedule of Foreign Currency Translation

The exchange rates adopted are as follows:

 

    June 30,     December 31,     June 30,  
    2018     2017     2017  
Period-end RMB to US$ exchange rate     6.6205       6.5084       6.7780  
Average yearly RMB to US$ exchange rate     -       6.7561       -  
Average six months RMB to US$ exchange rate     6.3688       -       6.8758  

Property, Plant and Equipment [Member]  
Schedule of Estimated Useful Lives

Estimated useful lives of property, plant and equipment are as follows:

 

Office buildings     20-50 years  
Plant and machinery     3-20 years  
Electronics equipment, furniture and fixtures     3-5 years  
Motor vehicles     5 years  
Purchased software     3-10 years  

Intangible Assets [Member]  
Schedule of Estimated Useful Lives

Intangible assets are stated at acquisition fair value or cost less accumulated amortization, and amortized using the straight-line method over the following estimated useful lives:

 

Software development costs     3-5 years  
Trademarks     5 years