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Loans Payable (Tables) | 6 Months Ended
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Jun. 30, 2018
Loans Payable [Abstract] |
Schedule of short-term bank loans |
|  |  |  | June 30, |  |  | December 31, |
|  |  |  | 2018 |  |  | 2017 |
Industrial and Commercial Bank of China (“ICBC”) Loan 1 |  | (a) |  | $ | - |  |  | $ | 4,285,145 |
ICBC Loan 2 |  | (b) |  |  | 2,871,565 |  |  |  | 2,907,778 |
Bank of Cangzhou |  | (c) |  |  | 5,289,726 |  |  |  | - |
ICBC Loan 3 |  | (d) |  |  | 4,231,781 |  |  |  | - |
Total short-term bank loans |  |  |  | $ | 12,393,072 |  |  | $ | 7,192,923 |
(a) | 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 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 was due and repaid on January 8, 2018.
(b) | On October 18, 2017, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,871,565 and $2,907,778 as of June 30, 2018 and December 31, 2017, respectively. 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.
(c) | On January 2, 2018, the Company entered into a working capital loan agreement with the Bank of Cangzhou. The loan was withdrawn on January 4, 2018, with a balance of $5,289,726 as of June 30, 2018. The loan bears a fixed interest rate of 6.09% per annum. The working capital loan is secured by the Company’s land use right and guaranteed by the Company’s CEO and Baoding Shengde with its production equipment as collateral for the benefit of the bank. The loan will be due on January 3, 2019.
(d) | On February 6, 2018, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,231,781 as of June 30, 2018. 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 5.4% per annum. The loan will be due on February 9, 2019.
Summary of loans payable |
|  | June 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
Rural Credit Union of Xushui County Loan 1 |  | $ | 1,299,761 |  |  | $ | 1,316,152 |
Rural Credit Union of Xushui County Loan 2 |  |  | 3,778,376 |  |  |  | 3,826,022 |
Rural Credit Union of Xushui County Loan 3 |  |  | 2,387,933 |  |  |  | 2,418,047 |
Total |  |  | 7,466,070 |  |  |  | 7,560,221 |
Less: Current portion of long-term loans from credit union |  |  | (7,466,070 | ) |  |  | (6,366,502 | )
Long-term loans from credit union |  | $ | - |  |  | $ | 1,193,719 |
Schedule of long-term debt repayments |
|  | Amount |
Fiscal year |  |  |  |
Remainder of 2018 |  | $ | 6,287,217 |
2019 |  |  | 1,178,853 |
2020 |  |  | - |
2021 |  |  | - |
2022 |  |  | - |
2023 |  |  | - |
Total |  |  | 7,466,070 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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