XML 26 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
EQUITY

NOTE 13 – EQUITY

 

Statutory Reserve

 

The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity’s registered capital. Appropriations to the surplus reserve are made at the discretion of the Board of Directors. As of June 30, 2018 and December 31, 2017, the balance of statutory reserve was $4,679,861 and $4,617,039, respectively.

 

Share Issuance

 

On November 18, 2017, the Company granted 15,705 shares and 8,000 shares collectively to its Chief Financial Officer and two directors, respectively. On November 18, 2016, the Company granted 15,705 shares and 8,000 shares collectively to its Chief Financial Officer and two directors, respectively. On November 2, 2015, the Company granted 15,667 shares and 12,000 shares collectively to its Chief Financial Officer and three directors, respectively. On November 18, 2015, the Company granted 38 shares to its Chief Financial Officer. The Company recorded $58,077 and $23,705 as stock based compensation expense for the six months ended June 30, 2018 and 2017, respectively.