v2.4.0.8
SHORT-TERM LOANS (Tables)
9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Schedule Of Short-Term Debt [Table Text Block]
Short-term loans consisted of the following:
 
 
 
September 30,
 
December 31,
 
 
 
2014
 
2013
 
 
 
 
 
 
 
 
 
Bank loan payable to Agriculture Development Bank of China, bearing
 
 
 
 
 
 
 
interest at the prime rate based on six-month to one-year loan interest rate released by
 
 
 
 
 
 
 
The People's Bank of China.
 
 
 
 
 
 
 
The actual interest rates as of September 30, 2014 and December 31, 2013 were 6.00%
 
 
 
 
 
 
 
and the past-due interest rate was 7.8%.
The term of the loan started from August 14, 2012 with maturity
 
 
 
 
 
 
 
date on August 13, 2013. The loan was obtained by Taizihu and
 
 
 
 
 
 
 
pledged by its buildings and land use right.
 
 
 
 
 
 
 
On July 31, 2013 the loan was repaid for $65,359 (or RMB400,000).
 
 
 
 
 
 
 
As of September 30, 2014, the loan balance was $2,378,625 (or RMB14,600,000.00).
 
 
 
 
 
 
 
As of the date of this filing, the Company has been in negotiation with the lender on renewal of the loan. The Company is not currently able to predict the probability of the success on the renewal and will repay the loan immediately if the loan cannot be renewed.
 
$
2,378,625
 
$
2,411,748
 
 
 
 
 
 
 
 
 
Bank loan payable to Agriculture Development Bank of China, bearing
 
 
 
 
 
 
 
interest at the prime rate, based on six-month to one-year loan interest rate released by
 
 
 
 
 
 
 
The People's Bank of China.
 
 
 
 
 
 
 
The actual interest rates as of September 30, 2014 and December 31, 2013 were 6.0%
 
 
 
 
 
 
 
and the past-due interest rate was 7.8%.
The term of the loan started from September 18, 2012 with maturity
 
 
 
 
 
 
 
date on September 17, 2013. The loan was obtained by Taizihu and
 
 
 
 
 
 
 
pledged by its buildings and land use right.
 
 
 
 
 
 
 
As of the date of this filing, the Company has been in negotiation with the lender on renewal of the loan. The Company is not currently able to predict the probability of the success on the renewal and will repay the loan immediately if the loan cannot be renewed.
 
 
1,466,276
 
 
1,486,694
 
 
 
 
 
 
 
 
 
Bank loan payable to Jinzhong City Yuci District Rural Credit Union Co., Ltd.,
 
 
 
 
 
 
 
bearing interest at a fixed rate of prime rate plus 145% of prime
 
 
 
 
 
 
 
rate, of which prime rate was based on six-month to one-year loan
 
 
 
 
 
 
 
interest rate released by The People's Bank of China. The
 
 
 
 
 
 
 
actual interest rates as of September 30, 2014 were 14.688%.
 
 
 
 
 
 
 
The term of the loan started from September 12, 2014 with maturity
 
 
 
 
 
 
 
date on September 11, 2015. The loan was obtained by Jinzhong Yongcheng and
 
 
 
 
 
 
 
guaranteed by Yuci Jinmao Food Processing Factory, a related party,
 
 
 
 
 
 
 
for a period of two years starting from September 12, 2015.
 
 
1,384,816
 
 
-
 
 
 
 
 
 
 
 
 
Bank loan payable to Jinzhong City Yuci District Rural Credit Union Co., Ltd.,
 
 
 
 
 
 
 
bearing interest at a fixed rate of prime rate plus 145% of prime
 
 
 
 
 
 
 
rate, of which prime rate was based on six-month to one-year loan
 
 
 
 
 
 
 
interest rate released by The People's Bank of China. The
 
 
 
 
 
 
 
actual interest rates as of September 30, 2014 were 14.688%.
 
 
 
 
 
 
 
The term of the loan started from September 12, 2014 with maturity
 
 
 
 
 
 
 
date on September 11, 2015. The loan was obtained by Jinzhong Yuliang and
 
 
 
 
 
 
 
guaranteed by Yuci Jinmao Food Processing Factory, a related party,
 
 
 
 
 
 
 
for a period of two years starting from September 12, 2015.
 
 
1,384,816
 
 
-
 
 
 
 
 
 
 
 
 
Bank loan payable to Agriculture Development Bank of China, bearing
 
 
 
 
 
 
 
interest at the prime rate, based on six-month to one-year loan interest rate released by the People's Bank of China.
 
 
 
 
 
 
 
The actual interest rate as of September 30, 2014 was 6.0% and the past-due interest rate was 7.8%.
 
 
 
 
 
 
 
The term of the loan started from January 4, 2013 with maturity
 
 
 
 
 
 
 
date on January 3, 2014. The loan was obtained by Taizihu and
 
 
 
 
 
 
 
pledged by its buildings and land use right.
 
 
733,138
 
 
743,347
 
As of the date of this filing, the Company has been in negotiation with the lender on renewal of the loan. The Company is not currently able to predict the probability of the success on the renewal and will repay the loan immediately if the loan cannot be renewed.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank loan payable to Bank of Communications Gongzhufen subbranch, bearing
 
 
 
 
 
 
 
interest at a fix rate of prime rate, of which prime rate was based on one-year loan
 
 
 
 
 
 
 
interest rate released by The People's Bank of China. The
 
 
 
 
 
 
 
actual interest rate as of September 30, 2014 was 6.310%.
 
 
 
 
 
 
 
The term of the loan started from December 15, 2013 with maturity
 
 
 
 
 
 
 
date on December 16, 2014. The loan was obtained by Detian Yu.
 
 
14,663
 
 
14,867
 
Bank loan payable to Jinzhong City Yuci District Rural Credit Union Co., Ltd.,
 
 
 
 
 
 
 
bearing interest at a fixed rate of prime rate plus 130% of prime
 
 
 
 
 
 
 
rate, of which prime rate was based on six-month to one-year loan
 
 
 
 
 
 
 
interest rate released by The People's Bank of China. 
 
 
 
 
 
 
 
The term of the loan started from September 6, 2013 with maturity
 
 
 
 
 
 
 
date on August 22, 2014. The loan was obtained by Jinzhong Yongcheng and
 
 
 
 
 
 
 
guaranteed by Yuci Jinmao Food Processing Factory, a related party,
 
 
 
 
 
 
 
for a period of two years starting from August 23, 2014.
 
 
-
 
 
1,404,100
 
The loan was paid off on September 11, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bank loan payable to Jinzhong City Yuci District Rural Credit Union Co., Ltd.,
 
 
 
 
 
 
 
bearing interest at a fixed rate of prime rate plus 130% of prime
 
 
 
 
 
 
 
rate, of which prime rate was based on six-month to one-year loan
 
 
 
 
 
 
 
interest rate released by The People's Bank of China. 
 
 
 
 
 
 
 
The term of the loan started from September 6, 2013 with maturity
 
 
 
 
 
 
 
date on August 22, 2014. The loan was obtained by Jinzhong Yongcheng and
 
 
 
 
 
 
 
guaranteed by Yuci Jinmao Food Processing Factory, a related party,
 
 
 
 
 
 
 
for a period of two years starting from August 23, 2014.
 
 
-
 
 
1,404,100
 
The loan was paid off on September 11, 2014.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
7,362,333
 
$
7,464,856