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Commitment and Contingencies
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENT AND CONTINGENCIES

NOTE 13 COMMITMENT AND CONTINGENCIES

 

On March 2019, Shanghai La Go Go Fashion Company Limited ("LA GO GO") filed a complaint against Shanghai Chijing Investment Management Co., Ltd. ("Shanghai Chijing") for unpaid rent of RMB2.45 million ($0.36 million) in the Shanghai People's Court (the "Court"). On July 2019, Shanghai Chijing filed a counterclaim against LA GO GO for RMB15.38 million ($2.17 million), alleging that LA GO GO had not fulfilled its corresponding obligations as a landlord. As a result, the Court has frozen the bank accounts of both Shanghai Chijing and LA GO GO. As of September 30, 2019, a total balance of RMB9.79 million ($1.4 million) was frozen in the bank accounts of LA GO GO. LA GO GO believes that Shanghai Chijing's counterclaim is frivolous and without merit, and intends to rigorously defend against the counterclaim. As of September 30, 2019, the company had booked this restricted cash in other receivables.