Short-Term Bank Loans

12 Months Ended

Dec. 31, 2017

Short-Term Bank Loans / Convertible Note Payable

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

	December 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% 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 4, 2018 with annual interest rate of 6.09%, secured by certain assets of the Company		384,172		359,982
Loan from Bank of China, due on December 6, 2018 with annual interest rate of 6.09%, secured by certain assets of the Company		384,172		359,981
Loan from Bank of Wuxi Nongshuang, due on April 25, 2018 with annual interest rate of 5.87%, secured by certain assets of the Company		691,510		-
Loan from Bank of Communication, due on September 25, 2018 with annual interest rate of 5.85%, secured by certain assets of the Company		614,675		-
Total short-term bank loans	$	2,074,529	$	2,159,889

Interest related to the short-term bank loans, which was $134,459 and $124,937 for the years ended December 31, 2017 and 2016, respectively, is included in interest expense on the accompanying consolidated statements of operations and comprehensive loss.