Annual report pursuant to Section 13 and 15(d)

Notes payable

v3.7.0.1
Notes payable
12 Months Ended
Dec. 31, 2016
Notes payable [Abstract]  
Notes Payable Disclosure [Text Block]
13.
Notes payable
 
Notes payable are presented to certain suppliers as a payment against the outstanding trade payables.
 
Notes payable are mainly bank acceptable bills which are non-interest bearing and generally mature within six months. The outstanding bank acceptance bills are secured by restricted cash deposited in banks. Outstanding bank acceptance bills were $30,658,000 and $30,379,170 as of December 31, 2016 and 2015, respectively (See Note 16).
 
The outstanding trade acceptances to suppliers as of December 31, 2016 and 2015 were $nil and $110,996, respectively. These trade acceptances were non-interest bearing and mature within one year. No security deposit was needed.