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BORROWINGS | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
BORROWINGS | 8. BORROWINGS The Group’s bank borrowings consist of the following:
|  | December 31, |
|  | 2017 |  |  | 2018 |
Short-term bank borrowings |  | $ | 43,807,350 |  |  | $ | 34,135,224 |
Long-term bank borrowings, current portion |  |  | 29,976,908 |  |  |  | 4,070,640 |
Total borrowings, current |  |  | 73,784,258 |  |  |  | 38,205,864 |
Long-term bank borrowings, non-current portion |  |  | 111,436,292 |  |  |  | 133,312,370 |
Total |  | $ | 185,220,550 |  |  | $ | 171,518,234 |
Short-term bank borrowings The Group’s short-term bank borrowings consist of the following:
|  | December 31, |
|  | 2017 |  |  | 2018 |
Short-term borrowings guaranteed by Daqo Group and its related parties |  | $ | 43,807,350 |  |  | $ | 29,076,000 |
Short-term borrowings pledged by certificate of deposit |  |  | - |  |  |  | 5,059,224 |
Total |  | $ | 43,807,350 |  |  | $ | 34,135,224 |
The weighted average interest rate on the short-term bank borrowing was 5.0%, 5.1% and 5.0% in the years ended December 31, 2016, 2017 and 2018, respectively. Long-term bank borrowings The long-term bank borrowings, including current portion, as of December 31, 2017 and 2018 are comprised of:
|  | December 31, |
|  | 2017 |  |  | 2018 |
Borrowing from Shihezi Rural Cooperative Bank |  | $ | - |  |  | $ | 17,445,600 |
Borrowing from Chongqing Rural Commercial Bank |  |  | 141,413,200 |  |  |  | 119,937,410 |
Total |  | $ | 141,413,200 |  |  | $ | 137,383,010 |
On June 25, 2015, Xinjiang Daqo entered into a six-year long term facility agreement with Chongqing Rural Commercial Bank. Such borrowing is restricted to renovation and extension project of polysilicon and has a maximum borrowing credit amounted to $96.1 million, with an interest rate of 20% above the five-year long term interest rate issued by People’s Bank of China. The borrowing is guaranteed by Daqo Group and four affiliated companies under Daqo Group. On May 30, 2016, an amendment to this credit facility was signed between Xinjiang Daqo and Chongqing Rural Commercial Bank, under which the borrowing is guaranteed by Chongqing Daqo, Daqo Group and three affiliated companies under Daqo Group. During the year ended December 31, 2015, Xinjiang Daqo drew down the maximum borrowing credit of $96.1 million at an interest rate of 5.9%. During the year ended December 31, 2016, Xinjiang Daqo had repaid $13.1 million. During the year ended December 31, 2017, Xinjiang Daqo had repaid $18.4 million. During the year ended December 31, 2018, Xinjiang Daqo has repaid $13.7 million. The outstanding bank borrowing was $50.9 million as of December 31, 2018. Xinjiang Daqo had no facility available for future draw down as of December 31, 2018. There is no financial covenants associated with the facility. On May 30, 2016, Xinjiang Daqo entered into a seven-year long term facility agreement with Chongqing Rural Commercial Bank. Such borrowing is restricted to extension project of polysilicon Phase 3A and has a maximum credit amounted to $76.8 million, with an interest rate of 20% above the five-year long term interest rate issued by People’s Bank of China. The borrowing is guaranteed by Chongqing Daqo, Daqo Group and three affiliated companies under Daqo Group. As of December 31, 2016, Xinjiang Daqo had drawn down $54.9 million at an interest rate of 5.9%. As of December 31, 2017, Xinjiang Daqo had drawn down the remaining facility $21.9 million at an interest rate of 5.9%. During the year ended December 31, 2018. Xinjiang Daqo has repaid $7.7 million. The outstanding bank borrowing was $69.1million as of December 31, 2018. Xinjiang Daqo had no facility available for future draw down as of December 31, 2018. There is no financial covenants associated with the facility. On November 1, 2018, Xinjiang Daqo entered into a three-year long term facility agreement with Xinjiang Shihezi Rural Cooperative Bank. Such borrowing is restricted to renovation and extension project of polysilicon and has a maximum borrowing credit amounted to $29.0 million, with an interest rate of 6.2%. Xinjiang Daqo pledged its land use rights and equipment as collaterals for this credit facility. As of December 31, 2018, Xinjiang Daqo had drawn down $17.4 million at an interest rate of 6.2% and the outstanding bank borrowing was $17.4 million as of December 31, 2018. Xinjiang Daqo had $11.6 million facility available for future draw down as of December 31, 2018. There is no financial covenants associated with the facility. The weighted average interest rate in the years ended December 31, 2016, 2017 and 2018 for the Group’s long-term bank borrowings was 5.7%, 5.9% and 5.9%, respectively. The principal maturities of these long-term bank borrowings as of December 31, 2018 are as follows:
Year ending December 31, |  | Amount |
2019 |  | $ | 4,070,640 |
2020 |  |  | 36,345,000 |
2021 |  |  | 40,997,160 |
2022 |  |  | 29,076,000 |
2023 |  |  | 26,894,210 |
Total |  | $ | 137,383,010 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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