Short-Term Bank Loans

9 Months Ended

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

	September 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% and repaid on September 5, 2017		-		719,963
Loan from Bank of China, due on December 6, 2017 with annual interest rate of 6.09% at September 30, 2017 and December 31, 2016, secured by certain assets of the Company		375,827		359,982
Loan from Bank of China, due on December 8, 2017 with annual interest rate of 6.09% at September 30, 2017 and December 31, 2016, secured by certain assets of the Company		375,827		359,981
Loan from Bank of Wuxi Nongshuang, due on April 25, 2018 with annual interest rate of 5.87% at September 30, 2017, secured by certain assets of the Company		676,488		-
Loan from Bank of Communication, due on September 25, 2018 with annual interest rate of 5.85% at September 30, 2017, secured by certain assets of the Company		601,323		-
Total short-term bank loans	$	2,029,465	$	2,159,889

Interest related to the short-term bank loans, which was $33,125 and $31,676 for the three months ended September 30, 2017 and 2016, and $107,991 and $96,630 for the nine months ended September 30, 2017 and 2016, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive gain (loss).