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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS 

 

On January 7, 2015, the Company issued 80,000 shares of common stock pursuant to its 2010 long-term incentive plan, including 20,000 shares to the chief executive officer, 12,000 shares to the chief executive officer’s wife, who the Company employs in its sales department, 18,000 shares to the chief financial officer and 30,000 shares to other employees.  The shares were valued at the fair market value on the grant date, and the Company recorded stock-based compensation of $274,400 in 2015.

 

In January 2015, the Company repaid short-term loan from Bank of China in the principal amount of $488,719, and borrowed $407,266 from the same bank. The new loan bears interest rate at 7.2% per annum and is due on January 12, 2016.

 

In January 2015, the Company repaid short-term loan from Bank of China in the principal amount of $488,719, and borrowed the same amount from the same bank. The new loan bears interest rate at 7.2% per annum and is due on January 25, 2016.

 

In March 2015, the Company repaid short-term loan from Agricultural and Commercial Bank in the principal amount of $488,719, and borrowed the same amount from the same bank. The new loan bears interest rate at 6.72% per annum and is due on June 7, 2015.