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Loans Payable (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of short-term bank loans

				December 31,				December 31,
				2018				2017
Industrial and Commercial Bank of China (“ICBC”) Loan 1		(a)		$	-			$	4,285,145
ICBC Loan 2		(b)			-				2,907,778
Bank of Cangzhou		(c)			5,099,662				-
ICBC Loan 3		(d)			4,079,730				-
ICBC Loan 4		(e)			2,622,683				-
Total short-term bank loans				$	11,802,075			$	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 $- and $2,907,778 as of December 31, 2018 and 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 was due and repaid 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 The loan was withdrawn on January 4, 2018, with a balance of $5,099,662 as of December 31, 2018.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 was due and repaid 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 $4,079,730 as of December 31, 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 was due and repaid on January 28, 2019.
(e)	On November 22, 2018, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,622,683 as of December 31, 2018. 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 4.741% per annum. The loan will be due on November 26, 2019.

Schedule of loans payable

		December 31,				December 31,
		2018				2017
Rural Credit Union of Xushui District Loan 1		$	1,253,060			$	1,316,152
Rural Credit Union of Xushui District Loan 2			3,642,615				3,826,022
Rural Credit Union of Xushui District Loan 3			2,302,133				2,418,047
Total			7,197,808				7,560,221
Less: Current portion of long-term loans from credit union			(2,491,549	)			(6,366,502	)
Long-term loans from credit union		$	4,706,259			$	1,193,719

Schedule of long-term debt repayments

Fiscal year		Amount
2019		$	2,491,549
2020			131,134
2021			203,986
2022			1,602,751
2023			2,768,388
Total			7,197,808

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