Non-financial institution borrowings

12 Months Ended

Dec. 31, 2018

Non-Financial Institution Borrowings [Text Block]

18.

Non-financial institution borrowings

As of December 31, 2018, the Company had a borrowing from an individual in amount of $8,761,426, which was used for working capital and capital expenditure purposes. The interest rate for the borrowing is 5.66% per annum. The borrowing is personally guaranteed by the Company's Chief Executive Officer, Mr. Dang Yu Pan. For the year ended December 31, 2018, the Company paid back $1,507,068 to the third party non-financial institution.

In 2017, the Company obtained borrowings from a third party non-financial institution in amount of $1,483,812 and an individual in an amount of $8,902,869, which were used for working capital and capital expenditure purposes. The interest rates for the borrowings were 5.655% and 5.66% per annum, respectively. The borrowings are personally guaranteed by the Company's Chief Executive Officer, Mr. Dang Yu Pan. For the year ended December 31, 2017, the Company paid back $2,374,099 to the third party non-financial institution and $1,483,811 to the individual, respectively.

The interest expenses of the above borrowings were $547,317 and $622,694 for the years ended December 31, 2018 and 2017, respectively.