Short-term loans

12 Months Ended

Dec. 31, 2018

Short-term Debt [Abstract]

Short-term Debt [Text Block]

17. Short-term loans

As of December 31, 2018, the bank borrowings were for working capital and capital expenditure purposes and were secured by personal guarantees executed by the Company’s Chief Executive Officer of the Company, Mr. Dang Yu Pan, the time deposit with a carrying amount of $1,733,757, the land use right with a net carrying amount of $2,445,751 and the buildings with a net carrying amount of $8,889,998, respectively.

The loans as of December 31, 2018 were primarily obtained from three banks with interest rates ranging from 5.2300% to 6.5253% per annum. The interest expenses were $877,961 and $909,878 for the years ended December 31, 2018 and 2017, respectively.

The weighted average interest rates of short-term loans outstanding were 5.98% and 4.34% per annum as of December 31, 2018 and 2017, respectively.