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CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Outstanding balances on short-term bank loans

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

Outstanding balances on long-term third party loans

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

Schedule of Maturities of Long-term Debt

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

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The entire disclosure for long-term debt.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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