Short-Term Bank Loans

6 Months Ended

Jun. 30, 2017

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 June 30, 2017 and December 31, 2016, short-term bank loans consisted of the following:

	June 30, 2017		December 31, 2016
Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 5, 2017 with annual interest rate of 10.56% and repaid on May 26, 2017	$	-	$	719,963
Loan from Bank of Communications, due on September 5, 2017 with annual interest rate of 5.62% at June 30, 2017 and December 31, 2016, secured by certain assets of the Company		737,355		719,963
Loan from Bank of China, due on December 6, 2017 with annual interest rate of 6.09% at June 30, 2017 and December 31, 2016, secured by certain assets of the Company		368,677		359,982
Loan from Bank of China, due on December 8, 2017 with annual interest rate of 6.09% at June 30, 2017 and December 31, 2016, secured by certain assets of the Company		368,677		359,981
Total short-term bank loans	$	1,474,709	$	2,159,889

Interest related to the short-term bank loans, which was $35,176 and $32,344 for the three months ended June 30, 2017 and 2016, and $74,866 and $64,954 for the six months ended June 30, 2017 and 2016, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive gain (loss).