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Loans Payable (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of short-term bank loans
     March 31,   December 31, 
      2019   2018 
Industrial and Commercial Bank of China ("ICBC") Loan 1  (a)  $-   $4,079,730 
Bank of Cangzhou  (b)   -    5,099,662 
ICBC Loan 2  (c)   2,673,201    2,622,683 
ICBC Loan 3  (d)   4,009,802    - 
Total short-term bank loans     $6,683,003   $11,802,075 

 

(a)

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.

 

(b)

On January 2, 2018, the Company entered into a working capital loan agreement with the Bank of Cangzhou, with a balance of $5,099,662 as of December 31, 2018. The loan bore a fixed interest rate of 6.09% per annum. The working capital loan was 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.

 

 (c) On November 22, 2018, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,673,201 and $2,622,683 as of March 31, 2019 and December 31, 2018, repectively. 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.
   
(d) On January 28, 2019, the Company entered into a working capital loan agreement with the ICBC, with a balance of $4,009,802 as of March 31, 2019. 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 4.785% per annum. The loan will due and repaid on January 30, 2020.
Schedule of loans payable
   March 31,   December 31, 
   2019   2018 
Rural Credit Union of Xushui District Loan 1  $1,277,196   $1,253,060 
Rural Credit Union of Xushui District Loan 2   3,712,779    3,642,615 
Rural Credit Union of Xushui District Loan 3   2,346,477    2,302,133 
Total   7,336,452    7,197,808 
Less: Current portion of long-term loans from credit union   (2,539,541)   (2,491,549)
Long-term loans from credit union  $4,796,911   $4,706,259 
Schedule of long-term debt repayments
  Amount 
Fiscal year     
Remainder of 2019  $2,539,541 
2020   133,660 
2021   207,916 
2022   1,633,623 
2023   2,821,712 
Total   7,336,452