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Statutory Reserve
6 Months Ended
Jun. 30, 2018
Statutory Reserve [Abstract]  
STATUTORY RESERVE

NOTE 9 - STATUTORY RESERVE

 

Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). The Company did not make appropriations to statutory reserve as of June 30, 2018 as the Company is able to use the current period (2018) net income after tax to offset against the accumulate loss from prior periods.