SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2018

Depreciation is provided on a straight-line basis, less estimated residual value, over an asset’s estimated useful life. The estimated useful lives used in connection with the preparation of the financial statements are as follows:

		Estimated Useful Life
Buildings		30 years
Plant and machinery		15 years
Motor vehicles		10 years
Office furniture and electronic equipment		5 – 10 years
Leasehold improvements		5 years

Schedule of Product Information

Revenue by major product line was as follows for the three and nine months ended September 30, 2018 and 2017:

	For the three months ended September 30,				For the nine months ended September 30,
	2018		2017		2018		2017
Branded production sales	$	612,836,724	$	568,620,635	$	1,808,294,992	$	1,318,304,351
Customized production sales		13,279,852		15,746,535		35,961,620		34,125,524
Trade in product sales		54,496		59,532		103,514		109,405
Other		-		84,937		131,264		127,636
	$	626,171,072	$	584,511,639	$	1,844,491,390	$	1,352,666,916

Currency Exchange Rates

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

September 30, 2018

September 30, 2017

December 31, 2017

Balance sheet items, except for equity, as of the period ended

US$

1=RMB 6.8683

US$

1=RMB 6.6549

US$

1=RMB 6.5064

Amounts included in the statements of operations and cash flows for the periods presented

US$

1=RMB 6.5153

US$

1=RMB 6.8065

US$

1=RMB 6.7570