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Loans to Third Parties | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Loans to Third Parties | NOTE 5. LOANS TO THIRD PARTIES The Company lends their own funds to eligible third parties occasionally and receives interest income to better utilize the Company’s cash. 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 |
Direct loans 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 |  |  |  |  |  |  |
Management assessed the collectability of loans to third parties and determined that an impairment of $7,400,000 was required as of December 31, 2019. The interest income from such direct loans was $422,284, $1,133,407 and $1,865,426 for the years ended December 31, 2019, 2018 and 2017, respectively. Entrusted loans The Company also deposits (“entrust”) its funds in trust accounts with certain bank lenders, who will, in turn, make loans to borrowers. 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 |  |  |  |  |  |  |
$34,402,684 of the entrusted loan balance as of December 31, 2019 due from all borrower was not collected subsequently. Management assessed the collectability of these entrusted loans and determined that an impairment of $34,402,684 was required as of December 31, 2019. The interest income from such entrusted loans was $2,043,124, $5,109,237 and $2,205,173 for the years ended December 31, 2019, 2018and 2017.

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