Annual report pursuant to Section 13 and 15(d)

Short-term loans

v3.7.0.1
Short-term loans
12 Months Ended
Dec. 31, 2016
Short-term loans [Abstract]  
Short-term Debt [Text Block]
14.
Short-term loans
 
As of December 31, 2016, the bank borrowings were for working capital and capital expenditure purposes and were secured by personal guarantees executed by certain directors of the Company, the time deposits with a carrying amount of $151,083, the land use right with a carrying amount of $3,622,435, the building with a carrying amount of $11,854,452, respectively (See Note 16).
 
The loans as of December 31, 2016 were primarily obtained from four banks with interest rates ranging from 4.35% to 5.87% per annum. The interest expenses were $925,115 and $739,662 for the years ended December 31, 2016 and 2015, respectively.
 
The weighted average interest rate of short-term loans outstanding was 5.18% and 5.51% per annum as of December 31, 2016 and 2015, respectively.