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Bank Loans

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Bank Loans

10. BANK LOANS

(a) Short-term bank loans

		June 30,				December 31,
		2018				2017
		(Unaudited)
Secured short-term loans		$	7,280,369			$	7,817,610
Total short-term bank loans		$	7,280,369			$	7,817,610

(1) Detailed information of secured short-term loan balances as of June 30, 2018 and December 31, 2017 were as follows:

		June 30,				December 31,
		2018				2017
		(Unaudited)
Guaranteed by High-tech Investment Company(i) and Mr. Lin		$	1,057,315			$	1,536,480
Guaranteed by IST and guaranteed by Mr. Lin and guaranteed by Biznest and collateralized by IST			4,531,350				4,609,440
Guaranteed by IST and guaranteed by iASPEC and Collateralized by ISIOT and Secured by ISTIL			1,691,704				1,671,690
Total		$	7,280,369			$	7,817,610

(i) High-tech Investment Company is an unrelated third party.

As of June 30, 2018, the Company had short-term bank loans of approximately $7.3 million, which mature on various dates from July 7, 2018 to May 16, 2019. The short-term bank loans can be extended for another year by the banks without additional charges to the Company upon maturity. The bank borrowings are in the form of credit facilities. Amounts available to the Company from the banks are based on the amount of collateral pledged or the amount guaranteed by the Company’s subsidiaries. These borrowings bear interest rates ranging from 5.66% to 6.74% per annum. The weighted average interest rates on short term debt were approximately 6.51% and 5.97% for the six months ended June 30, 2018 and 2017, respectively. The interest expenses were approximately $0.2 million each, for the six months ended June 30, 2018 and 2017.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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