Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

In July 2015, the Company repaid short-term loan from Jiangsu Huishan Mintai Village Town Bank in the principal amount of $821,180, and borrowed the same amount from the same bank. The new loan bears interest rate at 10.56% per annum and is due on March 1, 2016.

On July 7, 2015, the Company issued 4,000 shares of common stock pursuant to its 2010 long-term incentive plan to a director. The shares were valued at the fair market value on the grant date, and the Company recorded stock-based compensation of $8,370 on the grant date and reduced accrued expense of $2,790.