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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

 

NOTE 16 – SUBSEQUENT EVENTS

 

Subsequent to September 30, 2015 the Company renewed its line of credit in the amount of RMB 30,000,000 ($4.7 million) with the same bank as discussed in Note 8.  The line of credit is payable in two equal installments of RMB 15,000,000 ($2.35 million) payable on September 16, 2016 and October 19, 2016.  Advances on the line of credit are collateralized by certain land use rights, buildings and accounts receivable and bear interest at an annual rate of 5.06% (based upon 110% of the PRC government’s current short term rate of 4.6%). In addition, the Company’s Chief Executive Officer and Chair of the board of directors personally guaranteed the line of credit.