Annual report pursuant to Section 13 and 15(d)

Non-financial institution borrowings

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Non-financial institution borrowings
12 Months Ended
Dec. 31, 2016
Short-term loans [Abstract]  
Non-Financial Institution Borrowings [Text Block]
15.
Non-financial institution borrowings
 
In 2016, the Company obtained borrowings from a third party non-financial institution and an individual, which were used for working capital and capital expenditure purposes. The borrowings are personally guaranteed by the Company’s Chief Executive Officer, Mr. Dang Yu Pan. For the year ended December 31, 2016, the Company paid $601,133 back to the third party non-financial institution.
 
The interest rate for both borrowings is 5.66% per annum, and the borrowings would be repaid anytime no later than August 31, 2017. The interest expenses were $157,740 for the year ended December 31, 2016.