XML 21 R29.htm IDEA: XBRL DOCUMENT v3.19.3
Short-Term Bank Loans (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of short-term bank loans
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.
Schedule of minimum installments under loan agreement
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