Short-Term Bank Loans

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016, short-term bank loans consisted of the following:

	March 31,  2017		December 31, 2016
Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 5, 2017 with annual interest rate of 10.56% at March 31, 2017 and December 31, 2016, secured by certain assets of the Company	$	725,416	$	719,963
Loan from Bank of Communications, due on September 5, 2017 with annual interest rate of 5.62% at March 31, 2017 and December 31, 2016, secured by certain assets of the Company		725,415		719,963
Loan from Bank of China, due on December 6, 2017 with annual interest rate of 6.09% at March 31, 2017 and December 31, 2016, secured by certain assets of the Company		362,708		359,982
Loan from Bank of China, due on December 8, 2017 with annual interest rate of 6.09% at March 31, 2017 and December 31, 2016, secured by certain assets of the Company		362,708		359,981
Total short-term bank loans	$	2,176,247	$	2,159,889

Interest related to the short-term bank loans, which was $39,690 and $32,610 for the three months ended March 31, 2017 and 2016, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive gain (loss).