NOTE 8 – BANK ACCEPTANCE NOTES PAYABLE

Bank acceptance notes payable represent amounts due to banks which are collateralized. All bank acceptance notes payable are secured by the Company’s restricted cash which is on deposit with the lender. At December 31, 2014 and 2013, the Company’s bank acceptance notes payables consisted of the following:

	December 31, 2014		December 31, 2013
Bank of China, non-interest bearing, due and paid on January 4, 2014, collateralized by 100% of restricted cash deposited.	$	-	$	81,828

Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on February 23, 2014, collateralized by 100% of restricted cash deposited.		-		327,311

Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on April 15, 2014, collateralized by 100% of restricted cash deposited.		-		163,655

Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on January 11, 2015, collateralized by 100% of restricted cash deposited.		162,907		-

Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on February 28, 2015, collateralized by 100% of restricted cash deposited.		81,453		-

Bank of China, non-interest bearing, due on June 4, 2015, collateralized by 100% of restricted cash deposited.		81,453		-

Bank of China, non-interest bearing, due on June 15, 2015, collateralized by 100% of restricted cash deposited.		81,453		-

Bank of China, non-interest bearing, due on June 29, 2015, collateralized by 100% of restricted cash deposited.		81,453		-

Bank of China, non-interest bearing, due and paid on May 12, 2014, collateralized by 100% of restricted cash deposited.		-		81,828

Bank of Communications, non-interest bearing, due and paid on January 3, 2014, collateralized by 100% of restricted cash deposited.		-		32,731

Total	$	488,719	$	687,353