XML 61 R40.htm IDEA: XBRL DOCUMENT
v3.20.1

Other Current and Non-Current Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of Other Current Assets | As of December 31, 2019 and 2018, other current assets consist of:
|  | December 31, 2019 |  |  | December 31, 2018 |
Advances to unrelated-parties (ii) |  | $ | 1,835,826 |  |  | $ | 3,223,897 |
Receivable from sale of the deposit of the land use right(i) |  |  | - |  |  |  | 2,911,567 |
Advances to employees |  |  | 64,777 |  |  |  | 65,258 |
Other current assets |  |  | 187,343 |  |  |  | 104,000 |
|  | $ | 2,087,946 |  |  | $ | 6,304,722 |
(i) | The Company planned to purchase land use rights in Dongguan City for expansion of operations in manufacturing and office building in 2010. Under the terms of the purchase agreement with Dongguan Fenggang Municipal Government (the “Local Government”), IST paid approximately $14.0 million (RMB 90.8 million) in total with the Local Government as security deposit for purchase of land use rights, which was refundable, if the Company was to terminate the agreement. In September 2016, the Company terminated the purchase agreement because of the shift of the Company’s business strategy and transformation of the Company’s business. The Company sold deposit receivable of approximately $13.0 million (RMB 90.2 million) without recourse to an unrelated party, Dongguan Dongyi Industrial Co., Ltd. (“Dongyi”), in a consideration of approximately $10.4 million (RMB 72.2 million) with an installment payment plan which ran through December 31, 2019. A total of approximately $10.4 million payment from Dongyi had been fully collected by December 31, 2019.
| The transaction was governed by FASB ASC 860-20, Sales of Financial Assets. The Company recognized and recorded a loss of approximately $2.7 million from the sale in the consolidated statement of operations for the year ended December 31, 2016.
(ii) | The advances to unrelated parties for business development, and are non-interest bearing and due on demand.
| Included in the balance of advances to unrelated parties, $1.8 million was the amount due from one unrelated party, which consisted of $0.16 million interest receivables related to a loan agreement entered during 2018 (see Note 14) and $1.66 million advances for business development purposes which were non-interest bearing and due on demand. Subsequent to the year ended December 31, 2019, the Company has fully collected the balance from this unrelated party
Schedule of Other Assets, Noncurrent |
(b) | As of December 31, 2019 and 2018, Other assets, non-current consist of:
|  | December 31, 2019 |  |  | December 31, 2018 |
Other assets, non-current |  |  | 4,304,640 |  |  |  | - |
|  | $ | 4,304,640 |  |  | $ | - |

X
- References No definition available. + Details
Name: | us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of noncurrent assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other current assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration