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Loans Payable (Tables)

12 Months Ended

Dec. 31, 2016

Loans Payable [Abstract]

Schedule of short-term bank loans

				December 31,				December 31,
				2016				2015
Industrial & Commercial Bank of China ("ICBC") Loan 1		(a)		$	-			$	3,079,956
The Commercial Bank of the City of Zhangjiakou		(b)			-				7,699,888
ICBC Loan 2		(c)			-				3,079,956
Bank of Hebei		(d)			2,162,318				-
ICBC Loan 3		(e)			2,883,091				-
Total short-term bank loans				$	5,045,409			$	13,859,800

(a)	On September 7, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $nil and $3,079,956 as of December 31, 2016 and 2015, respectively. The loan borne 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 working capital loan was guaranteed by Hebei Tengsheng Paper Co. Ltd (“Hebei Tengsheng”),a related party with its land use right and real property pledged by Hebei Tengsheng as collateral for the benefit of the bank. The loan was due and repaid on September 6, 2016.
(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 $nil and $7,699,888 as of December 31, 2016 and 2015, respectively. The loan bears a fixed interest rate of 11.88% per annum. The working capital loan was guaranteed by the Company’s CEO and his wife, as well as secured by Hebei Tengsheng’s land use right and real property as collateral for the benefit of the bank. The loan was due and repaid on October 15, 2016.
(c)	On December 11, 2015, the Company entered into a working capital loan agreement with the ICBC, with a balance of $nil and $3,079,956 as of December 31, 2016 and 2015, respectively. The working capital loan is secured by Hebei Tengsheng’s land use right and real property. The loan bears a fixed interest rate of 4.785% per annum. The loan was due and repaid on December 9, 2016.

(d)

On July 8, 2016, the Company entered into a working capital loan agreement with the Bank of Hebei, with a balance of $2,162,318 as of December 31, 2016. The loan bears a fixed interest rate of 5.22% per annum. The loan will be due on July 8, 2017. The working capital loan is 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.

(e)

On September 13, 2016, the Company entered into a working capital loan agreement with ICBC, with a balance of $2,883,091 as of December 31, 2016. The loan bears a fixed interest rate of 4.5675% per annum. The loan will be due on October 19, 2017. The working capital loan was guaranteed by Hebei Tengsheng with its land use right pledged as collateral for the benefit of the bank.

Schedule of future minimum lease payments of capital lease

December 31,		Amount
2017		$	8,867,906
Less: unearned discount			(81,378	)
			8,786,528
Less: current portion of obligation under capital lease, net			(8,786,528	)
		$	-

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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

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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

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