Short-Term Bank Loans

9 Months Ended

Sep. 30, 2019

Debt Disclosure [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. As of September 30, 2019 and December 31, 2018, short-term bank loans consisted of the following: 

	September 30, 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	$	-	$	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		350,324		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		630,583		-
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 20, 2020  with annual interest rate of 3.915%, secured by certain assets of the Company		420,390		-
Current portion of loan from Zhongli International Finance Corporation, credit line of RMB 4,500,000 (approximately $630,583), with a security deposit of RMB 900,000 (approximately $126,117) which will be returned in 36 months, monthly installment of RMB 210,000 (approximately $29,427) in the 1st – 12th month; RMB 138,000 (approximately $19,338) in the 13th - 24th month; RMB 98,000 (approximately $13,733) in the 25th – 36th month; secured by certain assets of the Company *		152,950		220,123
Total short-term bank loans	$	1,554,247	$	2,182,960

* Long-term Loans represent amounts due to Zhongli International Finance Corporation that is due more than one year. Long-term loan amounts to $119,574 and $244,910 as of September 30, 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 September 30,	Amount
2020	$	232,055
2021		164,792
2022		-
Total minimum loan payments		396,847
Less: amount representing interest		(56,103	)
Less: security deposit due		(68,220	)
Present value of net minimum loan payment		272,524
Less: current portion		(152,950	)
Long-term portion	$	119,574

Interest related to the bank loans, which was $35,605 and $26,892 for the three months ended September 30, 2019 and 2018, and $116,597 and $88,372 for the nine months ended September 30, 2019 and 2018, respectively, is included in interest expense on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.