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Bank Loans

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Bank Loans

10. BANK LOANS

		December 31, 2019				December 31, 2018
Secured short-term loans		$	6,584,664			$	6,082,574
Total short-term bank loans		$	6,584,664			$	6,082,574

Detailed information of secured short-term loan balances as of December 31, 2019 and 2018 were as follows:

		December 31, 2019				December 31, 2018
Collateralized by office buildings of IST and guaranteed by Mr. Lin and Biznest		$	4,017,664			$	4,361,310
Guaranteed by IST and guaranteed by iASPEC and guaranteed by Mr. Lin and Collateralized by ISIOT and Secured by ISTIL			1,985,874				1,721,264
Guaranteed by IST and guaranteed by Mr. Lin and guaranteed by DU YONG			258,278				-
Guaranteed by High-tech Investment Company(i) and Mr. Lin			322,848				-
Total		$	6,584,664			$	6,082,574

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

As of December 31, 2019, the Company had short-term bank loans of approximately $6.6 million, which mature on various dates from January 2, 2020 to October 17, 2020. 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 9.00% per annum. The weighted average interest rates on short term debts were approximately 6.56%, 6.43% and 6.38% for the year ended December 31, 2019, 2018, and 2017, respectively. The interest expenses were approximately $0.5 million, $0.5 million, and $0.5 million, respectively, for the same periods, respectively.

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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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