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 March 31, 2015 and December 31, 2014, the Company’s bank acceptance notes payables consisted of the following:

	March 31, 2015		December 31, 2014
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.		81,845		81,453
Bank of China, non-interest bearing, due on June 15, 2015, collateralized by 100% of restricted cash deposited.		81,845		81,453
Bank of China, non-interest bearing, due on June 29, 2015, collateralized by 100% of restricted cash deposited.		81,845		81,453
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on July 28, 2015, collateralized by 100% of restricted cash deposited.		163,691		-
Total	$	409,226	$	488,719