Short-Term Bank Loans

12 Months Ended

Dec. 31, 2016

Short-Term Bank Loans [Abstract]

SHORT-TERM BANK LOANS

NOTE 9 – 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 December 31, 2016 and 2015, short-term bank loans consisted of the following:

	December 31,  2016		December 31, 2015
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 July 5, 2017 with annual interest rate of 10.56% at December 31, 2016, secured by certain assets of the Company		719,963		-
Loan from Bank of Communications, due on September 3, 2016 with annual interest rate of 5.62% at December 31, 2015, secured by certain assets of the Company and repaid on due date		-		770,333
Loan from Bank of Communications, due on September 5, 2017 with annual interest rate of 5.62% at December 31, 2016, secured by certain assets of the Company		719,963		-
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 6, 2017 with annual interest rate of 6.09% at December 31, 2016, secured by certain assets of the Company		359,982		-
Loan from Bank of China, due on December 8, 2017 with annual interest rate of 6.09% at December 31, 2016, secured by certain assets of the Company		359,981		-
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	$	2,159,889	$	2,388,032

Interest related to the short-term bank loans, which was $124,937 and $144,056 for the years ended December 31, 2016 and 2015, respectively, is included in interest expense on the accompanying consolidated statements of operations and comprehensive loss.