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Loans Payable (Tables)
 6 Months Ended
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 The loan was withdrawn on January 4, 2018, with a balance of $5,289,726 as of June 30, 2018.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