NOTES PAYABLE	12 Months Ended
Dec. 31, 2016
NOTES PAYABLES
NOTES PAYABLES	NOTE 7 – NOTES PAYABLE In November 2014, the Company entered into a line of credit with a bank in the amount of RMB30,000,000 (approximately $4.5 million). Advances on the line of credit were due one year from the date of the advance and were collateralized by certain land use rights, buildings and accounts receivable and bear interest at an annual rate of 6.16% (based upon 110% of the PRC government's short term rate of 5.6% in November 2014). In addition, the Company's Chief Executive Officer and Chair of the board of directors personally guaranteed the line of credit. In November, 2015 the Company renewed its line of credit in the amount of RMB30,000,000 (approximately $4.5 million) with the same bank. The line of credit was payable in two equal installments of RMB15,000,000 (approximately $2.25 million) payable on September 16, 2016 and October 19, 2016, respectively. The Company made the respective payments due for RMB15,000,000 according to the terms of the agreement during 2016. The outstanding balance due under the revolving line of credit was RMB0 and RMB30,000,000 as of December 31, 2016 and December 31, 2015, respectively ($0 and $4,621,998 as of December 31, 2016 and 2015, respectively). The Company has no additional amounts available to it under this line of credit. *Fair Value of Notes Payable* – Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the carrying amounts of notes payable outstanding as of December 31, 2015 approximated its fair value because of the immediate or short-term maturity of this financial instrument and because the underlying instrument bears interest rates that approximated current market rates.

NOTES PAYABLE

12 Months Ended

Dec. 31, 2016

NOTE 7 – NOTES PAYABLE

In November 2014, the Company entered into a line of credit with a bank in the amount of RMB30,000,000 (approximately $4.5 million). Advances on the line of credit were due one year from the date of the advance and were collateralized by certain land use rights, buildings and accounts receivable and bear interest at an annual rate of 6.16% (based upon 110% of the PRC government's short term rate of 5.6% in November 2014). In addition, the Company's Chief Executive Officer and Chair of the board of directors personally guaranteed the line of credit. In November, 2015 the Company renewed its line of credit in the amount of RMB30,000,000 (approximately $4.5 million) with the same bank. The line of credit was payable in two equal installments of RMB15,000,000 (approximately $2.25 million) payable on September 16, 2016 and October 19, 2016, respectively. The Company made the respective payments due for RMB15,000,000 according to the terms of the agreement during 2016.

The outstanding balance due under the revolving line of credit was RMB0 and RMB30,000,000 as of December 31, 2016 and December 31, 2015, respectively ($0 and $4,621,998 as of December 31, 2016 and 2015, respectively). The Company has no additional amounts available to it under this line of credit.

Fair Value of Notes Payable – Based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities, the carrying amounts of notes payable outstanding as of December 31, 2015 approximated its fair value because of the immediate or short-term maturity of this financial instrument and because the underlying instrument bears interest rates that approximated current market rates.