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LONG TERM BANK LOANS
 12 Months Ended
Dec. 31, 2020
LONG TERM BANK LOANS  
LONG TERM BANK LOANS

NOTE 14 – LONG TERM BANK LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

 

 

Rate

 

December 31, 

 

    

Bank Name

    

per Annum

    

$

2020

    

$

2019

Due on August 28, 2022,  

 

Anhui Commercial Bank ("ACB") Hui Tong Branch

 

9.60

% 

$

6,460,734

 

$

6,097,453

Long term bank loans, net

 

 

 

 

 

$

6,460,734

 

$

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 $606,369,  $580,497 and $612,622 for the years ended December 31, 2020, 2019 and 2018, respectively.