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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS 

 

On March 1, 2016, the Company issued 160,000 shares of common stock pursuant to its amended 2010 long-term incentive plan, including 75,000 shares to its former chief financial officer. The shares were valued at $209,600, the fair market value on the grant date using the reported closing share price on the date of grant, and the Company reduced accrued liabilities of $54,000 and recorded prepaid expenses of $155,600 which will be amortized over the rest of corresponding service periods.

 

On March 1, 2016, the Company issued 300,000 shares of common stock to two companies which performed and will perform services relating to preparing and implementing a new business plan for the Company with the objective of improving the Company’s long-term growth. The shares were valued at fair market value using the reported closing share price on the dates of grant, and the Company recorded stock-based compensation of $393,000 in the first quarter of 2016.

 

In January 2016, the Company repaid short-term loan from Bank of China in the principal amount of $385,166, and borrowed the same amount from the same bank. The new loan bears interest rate at 5.972% per annum and is due on December 26, 2016.

 

In January 2016, the Company repaid short-term loan from Bank of China in the principal amount of $462,200, and borrowed $385,166 from the same bank. The new loan bears interest rate at 5.972% per annum and is due on December 26, 2016.

 

In February 2016, the Company repaid short-term loan from Jiangsu Huishan Mintai Village Town Bank in the principal amount of $770,333, and borrowed the same amount from the same bank. The new loan bears interest rate at 10.56% per annum and is due on November 1, 2016.