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Loans Payable (Tables) | 3 Months Ended
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Mar. 31, 2017
Loans Payable [Abstract] |
Schedule of short-term bank loans |
|  |  |  |  | March 31, |  |  | December 31, |
|  |  |  |  | 2017 |  |  | 2016 |
Bank of Hebei |  |  | (a) |  |  | $ | 2,174,134 |  |  | $ | 2,162,318 |
Industrial & Commercial Bank of China (“ICBC”) Loan 1 |  |  | (b) |  |  |  | 2,898,845 |  |  |  | 2,883,091 |
Bank of Cangzhou |  |  | (c) |  |  |  | 5,797,690 |  |  |  | - |
ICBC Loan 2 |  |  | (d) |  |  |  | 4,058,382 |  |  |  | - |
Total short-term bank loans |  |  |  |  |  | $ | 14,929,051 |  |  | $ | 5,045,409 |
(a) | On July 8, 2016, the Company entered into a working capital loan agreement with the Bank of Hebei, with a balance of $2,174,134 as of March 31, 2017 and $2,162,318 as of December 31, 2016, respectively. 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.
(b) | On September 13, 2016, the Company entered into a working capital loan agreement with ICBC, with a balance of $2,898,845 as of March 31, 2017 and $2,883,091 as of December 31, 2016, respectively. 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.
(c) | On December 5, 2016, the Company entered into a working capital loan agreement with the Bank of Cangzhou. The loan was drawn on January 3, 2017, with a balance of $5,797,690 as of March 31, 2017. The loan bears a fixed interest rate of 6.09% per annum. The loan will be due on January 3, 2018. The working capital loan is secured by the Company’s land use right and guaranteed by Orient Paper Shengde with its production equipment as collateral for the benefit of the bank.
(d) | On January 10, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,058,382 as of March 31, 2017. The working capital loan was guaranteed by Hebei Tengsheng with its land use right pledged as collateral for the benefit of the bank. The loan bears a fixed interest rate of 4.5675% per annum. The loan will be due on January 17, 2018.
Schedule of future minimum lease payments of capital lease |
March 31, |  | Amount |
2017 |  | $ | 8,916,363 |
Less: unearned discount |  |  | (145,236) |
|  |  | 8,771,127 |
Less: current portion of obligation under capital lease, net |  |  | (8,771,127 | )
|  | $ | - |

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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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