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Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2017
Loans Payable [Abstract]  
Schedule of short-term bank loans

     December 31,  December 31, 
     2017  2016 
Bank of Hebei  (a)  $-  $2,162,318 
Industrial and Commercial Bank of China (“ICBC”) Loan 1  (b)   -   2,883,091 
ICBC Loan 2  (c)   4,285,145   - 
ICBC Loan 3  (d)   2,907,778   - 
Total short-term bank loans     $7,192,923  $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 $2,162,318 as of December 31, 2016. The loan bears a fixed interest rate of 5.22% per annum. The working capital loan is guaranteed by the Company’s CEO and Hebei Tengsheng 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 July 6, 2017.
  
(b)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 working capital loan was guaranteed by Hebei Tengsheng with its land use right pledged as collateral for the benefit of the bank. The loan was due and repaid on September 7, 2017.
  
(c)

On January 10, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,285,145 as of December 31, 2017. The working capital loan is 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 was due and repaid on January 8, 2018.

  

(d)On October 18, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,907,778 as of December 31, 2017. The working capital loan is secured by the Company’s land use right as collateral for the benefit of the bank. The loan bears a fixed interest rate of 4.945% per annum. The loan will be due on October 12, 2018.
Summary of loans payable
  December 31,  December 31, 
  2017  2016 
Rural Credit Union of Xushui County Loan 1 $1,316,152  $1,239,729 
Rural Credit Union of Xushui County Loan 2  3,826,022   3,603,863 
Rural Credit Union of Xushui County Loan 3  2,418,047   - 
Total  7,560,221   4,843,592 
Less: Current portion of long-term loans from credit union  (6,366,502)  - 
Long-term loans from credit union $1,193,719  $4,843,592 
Schedule of long-term debt repayments
  Amount 
Fiscal year    
2018 $6,366,502 
2019  1,193,719 
2020  - 
2021  - 
2022  - 
Total  7,560,221