Bank Acceptance Notes Payable

3 Months Ended

Mar. 31, 2017

Bank Acceptance Notes Payable [Abstract]

BANK ACCEPTANCE NOTES PAYABLE

NOTE 10 – 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 March 31, 2017 and December 31, 2016, the Company’s bank acceptance notes payables consisted of the following:

	March 31, 2017		December 31, 2016
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on January 29, 2017, collateralized by 100% of restricted cash deposited	$	-	$	71,996
Bank of Communication, non-interest bearing, due on September 24, 2017, collateralized by 100% of restricted cash deposited		43,525		-
Bank of Communication, non-interest bearing, due on August 15, 2017, collateralized by 100% of restricted cash deposited		87,050		-
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due and paid on May 9, 2017, collateralized by 100% of restricted cash deposited		435,249		431,978
Bank of China, non-interest bearing, due on September 14, 2017, collateralized by 100% of restricted cash deposited		72,542		-
Bank of China, non-interest bearing, due and paid on January 6, 2017, collateralized by 100% of restricted cash deposited		-		43,198
Total	$	638,366	$	547,172