December 31,
2014

December 31,
2013

Loan from Agricultural and Commercial Bank, due on May 9, 2014 with annual interest rate of 7.20% at December 31, 2013, secured by certain assets of the Company and repaid on due date.

$

-

$

490,966

Loan from Agricultural and Commercial Bank, due on March 20, 2015 with annual interest rate of 7.20% at December 31, 2014, secured by certain assets of the Company and repaid in March 2015 (see note 16).

488,719

-

Loan from Bank of China, due on March 1, 2014 with annual interest rate of 6.27% at December 31, 2013, secured by certain assets of the Company and repaid on due date.

-

490,966

Loan from Bank of China, due on March 4, 2014 with annual interest rate of 6.27% at December 31, 2013, secured by certain assets of the Company and repaid on due date.

-

490,966

Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 15, 2014 with annual interest rate of 9.30% at December 31, 2013, secured by certain assets of the Company and repaid on due date.

-

818,277

Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 1, 2015 with annual interest rate of 9.36% at December 31, 2014, secured by certain assets of the Company.

814,531

-

Loan from Bank of Communications, due on April 21, 2014 with annual interest rate of 6.72% at December 31, 2013 and repaid on due date.

-

327,312

Loan from Bank of Communications, due on April 23, 2014 with annual interest rate of 6.72% at December 31, 2013 and repaid on due date.

-

490,966

Loan from Bank of Communications, due on April 16, 2015 with annual interest rate of 6.72% at December 31, 2014.

325,812

-

Loan from Bank of Communications, due on April 23, 2015 with annual interest rate of 6.72% at December 31, 2014.

488,719

-

Loan from Bank of China, due on February 16, 2015 with annual interest rate of 6.27% at December 31, 2014, secured by certain assets of the Company and repaid in January 2015 (see note 16).

488,719

-

Loan from Bank of China, due on February 18, 2015 with annual interest rate of 6.27% at December 31, 2014, secured by certain assets of the Company and repaid in January 2015 (see note 16).

488,719

-

Total short-term bank loans

$

3,095,219

$

3,109,453