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Loans to Third Parties (Tables)
 12 Months Ended
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