Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 15 – COMMITMENTS AND CONTINGENCIES

On June 13, 2016, the Company entered into an agreement to purchase patent technology use right for a ten-year term from Chengdu Textile College (“Chengdu College”). According to the agreement, the Company has the obligation to make a one-time payment of RMB 16.0 million (approximately $2.4 million) to Chengdu Textile College for this ten-year term exclusive patent use right. The patent covers ozone-ultrasonic textile dyeing equipment is valid for ten years from the issuance date of April 20, 2016.  The ten-year term of the right is contemporaneous with the life of the patent.  Chengdu College has the obligation to maintain the patent rights and to provide us with the information and material to enable us to use the patent rights.