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Loans to Third Parties (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Loans to Third Parties | Loans to third parties consisted of direct loans and entrusted loan as follows:
|  | As of December 31, 2019 |  |  | As of December 31, 2018 |
Direct loans to third parties |  | $ | 12,200,000 |  |  | $ | 12,000,000 |
Entrusted loans to third parties |  |  | 34,402,684 |  |  |  | 34,969,111 |
Impairment on uncollectable loans |  |  | (41,802,684 | ) |  |  | (7,119,594 | )
Total loans to third parties |  | $ | 4,800,000 |  |  | $ | 39,849,517 |
Schedule of Direct Loan Information | The Company lends their own funds directly to third parties. The detailed direct loan information as of December 31, 2019 is as follows:
Borrower |  |  | Amount |  |  | Annual Interest rate |  |  | Due dates
| A |  |  | $ | 4,000,000 |  |  |  | 5 | % |  | Aug 7, 2020
| B |  |  |  | 5,000,000 |  |  |  | 15 | % |  | Jan 28, 2019
| C |  |  |  | 3,000,000 |  |  |  | 5 | % |  | Jul 6, 2020
| C |  |  |  | 200,000 |  |  |  | 5 | % |  | Dec 26, 2020
| Total |  |  | $ | 12,200,000 |  |  |  |  |  |  |
The detailed direct loan information as of December 31, 2018 is as follows:
Borrower |  |  | Amount |  |  | Annual Interest rate |  |  | Due dates
| A |  |  | $ | 4,000,000 |  |  |  | 5 | % |  | August 6,2019
| B |  |  |  | 5,000,000 |  |  |  | 15 | % |  | January 28,2019
| C |  |  |  | 3,000,000 |  |  |  | 5 | % |  | July 6,2019
| Total |  |  | $ | 12,000,000 |  |  |  |  |  |  |
Schedule of Entrusted Loan Information | The balance of entrusted loans as of December 31, 2019 was $34,402,684 to four borrowers. The detailed entrusted loan information as of December 31, 2019 is as follows:
Borrower |  |  | Amount |  |  | Annual Interest rate |  |  | Due dates
| A |  |  | $ | 2,866,890 |  |  |  | 16 | % |  | October 23, 2018
| A |  |  |  | 5,733,781 |  |  |  | 16 | % |  | December 26, 2018
| B |  |  |  | 4,300,335 |  |  |  | 16 | % |  | May 30, 2019
| B |  |  |  | 5,017,058 |  |  |  | 16 | % |  | July 27, 2019
| C |  |  |  | 7,167,225 |  |  |  | 16 | % |  | June 9, 2019
| C |  |  |  | 5,733,781 |  |  |  | 16 | % |  | July 9, 2019
| D |  |  |  | 3,583,614 |  |  |  | 16 | % |  | September 7, 2019
| Total |  |  | $ | 34,402,684 |  |  |  |  |  |  |
The balance of entrusted loans as of December 31, 2018 was $34,969,111 to four borrowers. The detailed entrusted loan information as of December 31, 2018 is as follows:
Borrower |  |  | Amount |  |  | Annual Interest rate |  |  | Due dates
| A |  |  | $ | 2,914,093 |  |  |  | 16 | % |  | October 23, 2018
| A |  |  |  | 5,828,185 |  |  |  | 16 | % |  | December 26, 2018
| B |  |  |  | 4,371,139 |  |  |  | 16 | % |  | May 30, 2019
| B |  |  |  | 5,099,662 |  |  |  | 16 | % |  | July 27, 2019
| C |  |  |  | 7,285,231 |  |  |  | 16 | % |  | June 5, 2019
| C |  |  |  | 5,828,185 |  |  |  | 16 | % |  | July 9, 2019
| D |  |  |  | 3,642,616 |  |  |  | 16 | % |  | September 7, 2019
| Total |  |  | $ | 34,969,111 |  |  |  |  |  |  |

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