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CREDIT FACILITIES | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
CREDIT FACILITIES |
11. | Credit facilities
Short term loans — banks Outstanding balances on short-term bank loans consisted of the following:
|  |  |  | Interest |  |  | Collateral/ |  | December 31, |  |  | December 31, |
Bank Name |  | Maturities |  | rate |  |  | Guarantee |  | 2019 |  |  | 2018 |
Industrial Bank |  | August 2020 |  |  | 4.35 | % |  | Secured by $5 million fixed deposit |  | $ | 4,300,334 |  |  | $ | - |
Industrial Bank |  | December 2020 |  |  | 5.88 | % |  | Guarantee by Xiaodong Chen and Juanjuan Cai |  |  | 716,723 |  |  |  | - |
Industrial Bank |  | December 2020 |  |  | 5.88 | % |  | Guarantee by PICC Property and Casualty Company Limited Xiamen Branch, Xiaodong Chen and Juanjuan Cai |  |  | 430,034 |  |  |  | - |
Industrial Bank |  | December 2020 |  |  | 5.88 | % |  | Guarantee by Xiamen Siming Technology Financing Guarantee Co. Ltd., Xiaodong Chen and Juanjuan Cai |  |  | 372,696 |  |  |  | - |
China Construction Bank |  | March 2019 |  |  | 5.71 | % |  | Guarantee by Xiamen Jingyuan Finance Guarantee Co. Ltd |  |  | - |  |  |  | 944,973 |
Industrial Bank |  | December 2019 |  |  | 6.09 | % |  | Guarantee by Xiaodong Chen, Juanjuan Cai and Yong Chen |  |  | - |  |  |  | 436,142 |
China Construction Bank |  | March 2019 |  |  | 5.71 | % |  | Guarantee by Xiamen Jingyuan Finance Guarantee Co. Ltd |  |  | - |  |  |  | 1,090,354 |
Industrial Bank |  | December 2019 |  |  | 6.09 | % |  | Guarantee by Xiamen Siming Technology Financing Guarantee Co. Ltd., Xiaodong Chen Juanjuan Cai and Yong Chen |  |  | - |  |  |  | 654,212 |
Total |  |  |  |  |  |  |  |  |  | $ | 5,819,787 |  |  | $ | 3,125,681 |
Loan term loans — third party Outstanding balances on long-term third party loans consisted of the following:
|  |  |  | Weighted |  |  |  |  |  |  |  |  |
|  |  |  | Average |  |  | Collateral/ |  | December 31, |  |  | December 31, |
Lender Name |  | Maturities |  | Interest Rate |  |  | Guarantee |  | 2019 |  |  | 2018 |
Volkswagen Finance (China) Co. Ltd. |  | Due monthly until March 2021 |  |  | 4.06 | % |  | Automobiles |  | $ | 90,821 |  |  | $ | 167,455 |
Current maturities |  |  |  |  |  |  |  |  |  |  | (77,493 | ) |  |  | (75,469 | )
Total |  |  |  |  |  |  |  |  |  | $ | 13,328 |  |  | $ | 91,986 |
The maturities schedule is as follows as of December 31, 2019:
Twelve months ending December 31, |  | Amount |
2020 |  | $ | 79,750 |
2021 |  |  | 13,291 |
Deferred financing fees |  |  | (2,220 | )
Total |  | $ | 90,821 |
Interest expense pertaining to the above short-term and long-term loans for the years ended December 31, 2019, 2018 and 2017 amounted to $171,938, $142,641 and $183,291, respectively.

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