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

	December 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 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 and paid on January 9, 2016, collateralized by 100% of restricted cash deposited		308,133		-
Bank of China, non-interest bearing, due and paid on January 16, 2016, collateralized by 100% of restricted cash deposited		107,847		-
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on March 21, 2016, collateralized by 100% of restricted cash deposited		77,033		-
Bank of China, non-interest bearing, due and paid on March 23, 2016, collateralized by 100% of restricted cash deposited		77,033		-
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on June 29, 2016, collateralized by 100% of restricted cash deposited		77,034		-
Total	$	647,080	$	488,719