Short-Term Bank Loans

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

SHORT-TERM BANK LOANS

NOTE 8 – 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. As of March 31, 2019 and December 31, 2018, short-term bank loans consisted of the following: 

	March 31, 2019		December 31, 2018
Loan from Bank of China, due on November 20, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company’s CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company’s CEO	$	372,512	$	363,488
Loan from Bank of China, due on November 25, 2019 with annual interest rate of 4.60%, secured by certain assets of the Company and guaranteed by the Company’s CEO, Jianhua Wu, and Wuxi Angyida Machinery Co., Ltd, a company whose corporate representative is a brother of the Company’s CEO		372,512		363,488
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		-		654,279
Loan from Bank of Wuxi Nongshuang, due on November 6, 2019 with annual interest rate of 5.87%, secured by certain assets of the Company		670,520		-
Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company		-		581,582
Loan from Bank of Communication, due on September 25, 2019 with annual interest rate of 4.35%, secured by certain assets of the Company		447,014		-
Current portion of loan from Zhongli International Finance Corporation, credit line of RMB4,500,000 (approximately $670,521), with a security deposit of RMB900,000 (approximately $134,104) which will be returned in 36 months, monthly installment of RMB210,000 (approximately $31,291) in the 1st – 12th month; RMB138,000 (approximately $20,563) in the 13th - 24th month; RMB98,000 (approximately $14,602) in the 25th – 36th month; secured by certain assets of the Company *		204,428		220,123
Total short-term bank loans	$	2,066,986	$	2,182,960

* Long-term loans represent amounts due to Zhongli International Finance Corporation that are due more than one year. Long-term loan amounts to $210,983 and $244,910 as of March 31, 2019 and December 31, 2018, respectively.

Minimum 36-month installments for the loan from Zhongli International Finance Corporation under the loan agreement are as follows:

12-month periods ending March 31,	Amount
2020	$	311,122
2021		210,991
2022		87,615
Total minimum loan payments		609,728
Less: amount representing interest		(90,412	)
Less: security deposit due		(103,905	)
Present value of net minimum loan payment		415,411
Less: current portion		(204,428	)
Long-term portion	$	210,983

Interest related to the bank loans, which was $41,998 and $30,452 for the three months ended March 31, 2019 and 2018, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.