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Loans Payable (Tables) | 6 Months Ended
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Jun. 30, 2016
Loans Payable [Abstract] |
Schedule of short-term bank loans |
|  |  |  | June 30, |  |  | December 31, |
|  |  |  | 2016 |  |  | 2015 |
Industrial & Commercial Bank of China ("ICBC") Loan 1 |  | (a) |  | $ | 3,016,045 |  |  | $ | 3,079,956 |
The Commercial Bank of the City of Zhangjiakou |  | (b) |  |  | 7,540,113 |  |  |  | 7,699,888 |
ICBC Loan 2 |  | (c) |  |  | 3,016,045 |  |  |  | 3,079,956 |
ICBC Loan 3 |  | (d) |  |  | 1,206,419 |  |  |  | - |
Total short-term bank loans |  |  |  | $ | 14,778,622 |  |  | $ | 13,859,800 |
(a) | On September 7, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $3,016,045 and $3,079,956 as of June 30, 2016 and December 31, 2015, respectively. The loan bears an interest rate of 5.06% per annum, which was 110% of the primary lending rate of the People’s Bank of China at the time of funding. The loan is due on September 6, 2016. The working capital loan was guaranteed by Hebei Tengsheng Paper Co. Ltd (“Hebei Tengsheng”), a n independent third party which owns the land use rights of about 330 acres (or 1.33 million square meters) of land in the Wei County and leases about one-fourth of the premises to Orient paper HB as our production bases of tissue paper and other future facilities, with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank.
(b) | On October 15, 2015, the Company entered into a working capital loan agreement with the Commercial Bank of the City of Zhangjiakou, with a balance of $7,540,113 and $7,699,888 as of June 30, 2016 and December 31, 2015, respectively. The loan bears a fixed interest rate of 11.88% per annum. The loan is due on October 15, 2016. The working capital loan was guaranteed by the Company’s CEO and his wife, as well as Hebei Tengsheng with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank.
(c) | On December 11, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $3,016,045 and $3,079,956 as of June 30, 2016 and December 31, 2015, respectively. The loan bears an interest rate of 4.785% per annum at the time of funding. The loan is due on December 9, 2016. The working capital loan was guaranteed by Hebei Tengsheng with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank.
(d) | On June 1, 2016, the Company entered into a working capital loan agreement with the ICBC, with a balance of $1,206,419 as of June 30, 2016. The loan bears an interest rate of 4.62% per annum at the time of funding. The loan is due on December 31, 2016. The working capital loan was guaranteed by Hebei Tengsheng with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank.
Schedule of future minimum lease payments of capital lease |
June 30, |  | Amount |
2017 |  | $ | 9,736,800 |
Less: unearned discount |  |  | (271,869 | )
|  |  | 9,464,931 |
Less: Current portion of obligation under capital lease, net |  |  | (9,464,931 | )
|  | $ | - |

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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + 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 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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