INVENTORIES

9 Months Ended

Sep. 30, 2018

Inventory, Net [Abstract]

INVENTORIES

NOTE 3 – INVENTORIES

Inventories as of September 30, 2018 and December 31, 2017 consisted of the following:

	As of
	September 30, 2018		December 31, 2017
	(unaudited)
Raw materials (A)	$	32,787,260	$	-
Work-in-progress (B)		71,524,413		90,406,021
Finished goods (C)		42,952,732		44,636,692
Total inventory	$	147,264,405	$	135,042,713

(A) Included 964,769 grams of Au9999 gold as of September 30, 2018 and Nil Au9999 gold as of December 31, 2017.

(B) Included 2,110,166 grams of Au9999 gold as of September 30, 2018 and 2,508,182 grams of Au9999 gold as of December 31, 2017.

(C) Included 1,258,327 grams of Au9999 gold as of September 30, 2018 and 1,231,586 grams of Au9999 gold as of December 31, 2017.

No lower of cost or net realizable value adjustment was recorded at September 30, 2018 and December 31, 2017, respectively.