Short-Term Bank Loans

3 Months Ended

Mar. 31, 2018

Short-Term Bank Loans / Convertible Note Payable [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, 2018 and December 31, 2017, short-term bank loans consisted of the following: 

	March 31, 2018		December 31, 2017
Loan from Bank of China, due on December 4, 2018 with annual interest rate of 6.09%, secured by certain assets of the Company	$	397,621	$	384,172
Loan from Bank of China, due on December 6, 2018 with annual interest rate of 6.09%, secured by certain assets of the Company		397,621		384,172
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 Wuxi Nongshuang, due on February 22, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company		715,716		-
Loan from Bank of Communication, due on September 25, 2018 with annual interest rate of 5.85%, secured by certain assets of the Company		636,193		614,675
Total short-term bank loans	$	2,147,151	$	2,074,529

Interest related to the short-term bank loans, which was $30,452 and $39,690 for the three months ended March 31, 2018 and 2017, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.