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CONSTRUCTION LOAN FACILITY. | 12 Months Ended
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Dec. 31, 2014
CONSTRUCTION LOAN FACILITY |
CONSTRUCTION LOAN FACILITY | NOTE 11 – CONSTRUCTION LOAN FACILITY The Company obtained a construction loan facility in the amount of RMB 80,000,000 (approximately $13.0 and $12.5 million as of December 31, 2014 and 2013, respectively) from a construction loan facility dated June 21, 2013. The loan facility is for an eight-year term, which commenced on July 11, 2013, the initial draw-down date. The total loan facility amount is RMB 80,000,000 (approximately $13 million) and is from the same bank that currently provides the line of credit as discussed in Note 10. The proceeds of the loan were used for and are collateralized by the construction of the Company’s new production facility and the included production line equipments and machinery. The loan currently bears interest at 7.205%, based upon 110% of the PRC government’s eight-year term rate effective on the actual draw-down date, subject to annual adjustments based on 110% of the floating rate for the same type of loan on the anniversary from the draw-down date and its subsequent anniversary dates. The loan requires interest only payments for the first two years. Beginning July 11, 2015, the balance of the principal is due in annual installments over the next six years through July 11, 2021. As of December 31, 2014, the Company had no additional amounts available to it under this loan facility. Principal payments required for the next five years as of December 31, 2014 are as follows:
Year |  | Amount |
2015 |  |  | 1,629,062 |
2016 |  |  | 1,629,062 |
2017 |  |  | 2,443,594 |
2018 |  |  | 2,443,594 |
2019 |  |  | 2,443,594 |
Thereafter |  |  | 2,443,594 |
|  | $ | 13,032,500 |
Fair Value of Construction Loan Facility – Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the carrying amounts of the construction loan facility outstanding as of December 31, 2014 approximated its fair value because the underlying instrument bears an interest rate that approximated current market rates.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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