Land Purchase Liability

12 Months Ended

Dec. 31, 2018

Note 11 – Land Purchase Liability

The land purchase liability as of December 31, 2018 and 2017, consisted of the following:

Description	Taiwanese $			US$
Balance December 31, 2016		38,600,000			1,194,455
Payments made in 2017		(7,500,000	)		(229,253	)
Translation loss		-			(2,159	)
Balance December 31, 2017	$	31,100,000		$	963,043
Payments made in 2017		(5,000,000	)		(163,500	)
Translation gain		-			53,927
Balance December 31, 2018	$	26,100,000		$	853,470

On December 30, 2014, the Company entered into a land purchase agreement with a third-party individual. Pursuant to the agreement, the Company agreed to purchase 1,296 square feet of land in Tauyuan, Taiwan for $2,047,020 (Taiwanese $62,600,000). The title of the land has been transferred to the Company with the ownership certificate held in escrow until the total purchase price is paid. The remaining balance of $853,470 (Taiwanese $26,100,000) payable shall be made when the Company has secured financing. The Company is currently seeking a loan from a commercial bank. The land is currently a collateral to a bank for the seller’s outstanding borrowing.

KAOPU GROUP INC 10-K