Prepaid Land Use Rights, Net

3 Months Ended

Mar. 31, 2019

Prepaid Land Use Rights, net [Abstract]

Prepaid Land Use Rights, net

9. Prepaid Land Use Rights, net

Prepaid land use rights as of December 31, 2018 and March 31, 2019 consisted of the followings:

	December 31,			March 31,
	2018			2019
Prepaid land use rights	$	8,167,587		$	8,370,776
Accumulated amortization		(721,470	)		(781,272	)
	$	7,446,117		$	7,589,504
Less: Classified as current assets		(163,352	)		(167,416	)
	$	7,282,765		$	7,422,088

Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832m² in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $8,456,966 (RMB53.1 million). Other incidental costs incurred totaled $495,477 (RMB3.1 million).

Amortization expenses of the prepaid land use rights were $44,174 and $41,615 for the three months ended March 31, 2018 and 2019, respectively.