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 are deposits with various lenders. At June 30, 2016 and December 31, 2015, the Company’s bank acceptance notes payables consisted of the following:

	June 30, 2016		December 31, 2015
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 and paid on June 29, 2016, collateralized by 100% of restricted cash deposited		-		77,034
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on August 29, 2016, collateralized by 100% of restricted cash deposited		75,263		-
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on September 25, 2016, collateralized by 100% of restricted cash deposited		30,105		-
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on October 13, 2016, collateralized by 100% of restricted cash deposited		30,105		-
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on December 28, 2016, collateralized by 100% of restricted cash deposited		45,158		-
Agricultural and Commercial Bank, non-interest bearing, due on September 10, 2016, collateralized by restricted cash deposited of $67,736		57,199		-
Total	$	237,830	$	647,080