SHORT-TERM BANK BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2016

Short-term bank borrowings consist of the following:

	As of December 31,
	2016		2015
Payable to financial institutions in the PRC:

Demand bank notes:
Equivalent to RMB12,000,000, due 30 March 2016, which is collateralized by its restricted cash and guaranteed by its vendor and bears the handling fee equal to 0.05% of its face value	$	-	$	1,848,800

Equivalent to RMB100,000, due 24 January 2016, which is collateralized by its restricted cash and guaranteed by its vendor and bears the handling fee equal to 0.05% of its face value		-		15,407

Equivalent to RMB200,000, due 24 January 2016, which is collateralized by its restricted cash and guaranteed by its vendor and bears the handling fee equal to 0.05% of its face value		-		30,813

Short-term borrowings:s
Equivalent to RMB28,000,000 with interest rate at 1.2 times of the Bank of China Benchmark Lending Rate, monthly payable, due March 19, 2016, which is guaranteed by its vendor		-		4,313,864

Equivalent to RMB12,000,000 with interest rate at 1.2 times of the Bank of China Benchmark Lending Rate, monthly payable, due March 19, 2016, which is guaranteed by its vendor		-		1,848,799

Equivalent to RMB40,000,000 with interest rate at 1.28 times of the Bank of China Benchmark Lending Rate, monthly payable, due March 20, 2017, which is guaranteed by its vendor		5,760,618		-
Total short-term bank borrowings	$	5,760,618	$	8,057,683