Short-Term Bank Loans

3 Months Ended

Mar. 31, 2016

Short-Term Bank Loans [Abstract]

SHORT-TERM BANK LOANS

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 March 31, 2016 and December 31, 2015, short-term bank loans consisted of the following:

	March 31, 2016		December 31, 2015
Loan from Agricultural and Commercial Bank, due on June 16, 2016 with annual interest rate of 7.038% at March 31, 2016 and December 31, 2015, secured by certain assets of the Company	$	697,902	$	693,300
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 Jiangsu Huishan Mintai Village Town Bank, due on November 1, 2016 with annual interest rate of 10.56% at March 31, 2016, secured by certain assets of the Company		775,446		-
Loan from Bank of Communications, due on September 3, 2016 with annual interest rate of 5.62% at March 31, 2016 and December 31, 2015		775,446		770,333
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 December 26, 2016 with annual interest rate of 5.97% at March 31, 2016, secured by certain assets of the Company		775,446		-
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	$	3,024,240	$	3,081,332

For the three months ended March 31, 2016 and 2015, interest expense related to short-term bank loans amounted to $55,714 and $57,343, respectively, which were included in interest expense on the accompanying consolidated statements of operations and comprehensive (loss) income.