XML 25 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

 

In November 2014, the Company entered into a line of credit with a bank in the amount of RMB 30,000,000 (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 personally guaranteed the line of credit. In November, 2015 the Company renewed its line of credit in the amount of RMB 30,000,000 (approximately $4,498,169 with the same bank. The line of credit was fully paid in two equal installments of RMB 15,000,000 (approximately $2.25 million) payable on September 16, 2016 and October 19, 2016, respectively.