Short-Term Bank Loans

12 Months Ended

Dec. 31, 2015

NOTE 7 – SHORT-TERM BANK LOANS

Short-term bank loans represent amounts due to various banks that are due within one year. These loans can be renewed with these banks upon maturity. At December 31, 2015 and 2014, short-term bank loans consisted of the following:

	December 31, 2015		December 31, 2014
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	$	-	$	488,719
Loan from Agricultural and Commercial Bank, due on June 16, 2016 with annual interest rate of 7.038% at December 31, 2015, secured by certain assets of the Company		693,300		-
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 and repaid on due date		-		814,531
Loan from Jiangsu Huishan Mintai Village Town Bank, due on March 1, 2016 with annual interest rate of 10.56% at December 31, 2015, secured by certain assets of the Company and repaid in February 2016		770,333		-
Loan from Bank of Communications, due on April 16, 2015 with annual interest rate of 6.72% at December 31, 2014 and repaid in March 2015		-		325,812
Loan from Bank of Communications, due on September 3, 2016 with annual interest rate of 5.62% at December 31, 2015		770,333		-
Loan from Bank of Communications, due on April 23, 2015 with annual interest rate of 6.72% at December 31, 2014 and repaid in March 2015		-		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.		-		488,719
Loan from Bank of China, due on January 12, 2016 with annual interest rate of 7.20% at December 31, 2015, secured by certain assets of the Company and repaid in January 2016		385,166		-
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		-		488,719
Loan from Bank of China, due on January 25, 2016 with annual interest rate of 7.20% at December 31, 2015, secured by certain assets of the Company and repaid in January 2016		462,200		-
Total short-term bank loans	$	3,081,332	$	3,095,219

For the years ended December 31, 2015 and 2014, interest expense related to short-term bank loans amounted to $235,366 and $238,226, respectively, which were included in interest expense on the accompanying consolidated statements of operations and comprehensive (loss) income.