SHORT-TERM LOANS |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | NOTE 8- SHORT-TERM LOANS Short-term loans consist of the following:
The loans outstanding were guaranteed by the following properties, entities or individuals: a. Not collateralized or guaranteed. b. Collateralized by the building owned by Xiaoyan Chen and Jing Chen, who are both the related parties of the company. Xiaoyan Chen is one of the shareholders of Ankang Longevity Pharmaceutical (Group) Co., Ltd. Jing Chen is the sister of the Xiaoyan Chen but not a shareholder of Ankang Longevity Group. c. Guaranteed by commercial credit guaranty companies unrelated to the Company. d. Guaranteed by a commercial credit guaranty company, unrelated to the Company and also by Jiping Chen, a shareholder of the Company.
The Company recorded interest expense of $39,303 and $38,898 for the three months ended September 30, 2016 and 2015, respectively. The annual weighted average interest rates are 5.48% and 6.71% for the three months ended September 30, 2016 and 2015, respectively. |