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LONG TERM BANK LOANS
 12 Months Ended
Dec. 31, 2019
LONG TERM BANK LOANS  
LONG TERM BANK LOANS

lNOTE 14 – LONG TERM BANK LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

 

 

Rate

 

December 31, 

 

    

Bank Name

    

per Annum

    

$

2019

    

$

2018

Due on August 28, 2022,  

 

Anhui Commercial Bank ("ACB") Hui Tong Branch

 

8.80

% 

$

6,097,453

 

$

 —

Due on August 30, 2019, collateral by the Company's LUR,subsequently repaid on due date

 

ACB Hui Tong ranch

 

8.00

%  

 

 

 

 

7,269,027

Less: current portion

 

 

 

 

 

 

 —

 

 

7,269,027

Long term bank loans, net

 

 

 

 

 

$

6,097,453

 

$

 —

 

All long-term bank loans are obtained from local banks in China and are repayable over one year. All long-term bank loans are secured by a portion of our property, plant and equipment and land use rights, or guaranteed by related parties. None of our long-term bank loans have financial covenants. However, each loan contains a covenant restricting our use of funds to purchases raw materials or for working capital purposes.

Interest expense, included in the financial expenses in the statement of operations, was $580,497,  $612,622 and $600,663 for the years ended December 31, 2019, 2018 and 2017, respectively.