Short-Term Bank Loans

6 Months Ended

Jun. 30, 2016

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 maturities. At June 30, 2016 and December 31, 2015, short-term bank loans consisted of the following:

	June 30, 2016		December 31, 2015
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 and repaid in May 2016	$	-	$	693,300
Loan form Agricultural and Commercial Bank, due on May 26, 2017 with annual interest rate of 7.038% at June 30, 2016, secured by certain assets of the Company		677,364		-
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 June 30, 2016, secured by certain assets of the Company		752,627		-
Loan from Bank of Communications, due on September 3, 2016 with annual interest rate of 5.62% at June 30, 2016 and December 31, 2015		752,627		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 June 30, 2016, secured by certain assets of the Company		752,626		-
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	$	2,935,244	$	3,081,332

Interest related to the short-term bank loans, which was $55,462 and $56,628 for the three months ended June 30, 2016 and 2015, respectively, and $111,176 and $113,971 for the six months ended June 30, 2016 and 2015, respectively, is included in interest expense on the accompanying consolidated statements of operations and comprehensive (loss) income.