Annual report pursuant to Section 13 and 15(d)

Long-term loans

v3.7.0.1
Long-term loans
12 Months Ended
Dec. 31, 2016
Long-term loans [Abstract]  
Long-term Debt [Text Block]
17.
Long-term loans
 
 
 
December 31,
 
 
 
2015
 
 
 
$
 
Long term loans from Bank of China
 
 
1,845,245
 
Less: current portion of long-term loans
 
 
1,845,245
 
Long-term loans, net of current portion
 
 
-
 
 
On January 13, 2012, the Company borrowed $8.0 million (RMB50 million) from Bank of China, which is guaranteed by the Company’s Chief Executive Officer, Mr. Dang Yu Pan. It is five-year long-term loan, with an annual interest rate of 5.23%, which was equal to 110% of the benchmark-lending rate of the People’s Bank of China (“PBOC”) as of December 31, 2015. Interest expenses are to be paid quarterly. It was repaid in full in 2016.
 
The interest expenses were $43,197 and $219,704 for the years ended December 31, 2016 and 2015, respectively.