XML 88 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loans Payable (Details) - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Schedule of short-term bank loans    
Total short-term bank loans $ 7,192,923 $ 5,045,409
Bank of Hebei [Member]    
Schedule of short-term bank loans    
Total short-term bank loans [1] 2,162,318
Industrial and Commercial Bank of China ("ICBC") Loan 1 [Member]    
Schedule of short-term bank loans    
Total short-term bank loans [2] 2,883,091
ICBC Loan 2 [Member]    
Schedule of short-term bank loans    
Total short-term bank loans [3] 4,285,145
ICBC Loan 3 [Member]    
Schedule of short-term bank loans    
Total short-term bank loans [4] $ 2,907,778
[1] 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.
[2] 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.
[3] 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.
[4] 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.