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 September 30, 2015 and December 31, 2014, the Company’s bank acceptance notes payables consisted of the following:

	September 30, 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 and paid on June 4, 2015, collateralized by 100% of restricted cash deposited		-		81,453

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

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

Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on January 9, 2016, collateralized by 100% of restricted cash deposited		314,773		-

Bank of China, non-interest bearing, due on January 16, 2016, collateralized by 100% of restricted cash deposited		110,170		-

Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on March 21, 2016, collateralized by 100% of restricted cash deposited		78,693		-

Bank of China, non-interest bearing, due on March 23, 2016, collateralized by 100% of restricted cash deposited		78,693		-
Total	$	582,329	$	488,719