Right-of-use assets

3 Months Ended

Mar. 31, 2020

Right-of-use Assets

Right-of-use assets

9. Right-of-use assets

Prepaid land use rights as of March 31, 2020 consisted of the followings:

	Prepaid land
	lease payments
Balance as of January 1, 2020	$	7,194,195
Amortization charge for the period		(40,244	)
Foreign exchange adjustment		(118,218	)
Balance as of March 31, 2020	$	7,035,733

Lump sum payments was made upfront to acquire the leased land from the owners with lease period for 50 years up to August 9, 2064, and no ongoing payments will be made under the terms of these land leases.