December 31,

2019

2018

Loan payable to Agricultural Bank of China, annual interest rate of 5.70% + HIBOR, due by August 25, 2019.

$

4,294,707

$

4,362,748

Loan payable to Rushan City Rural Credit Union, annual interest 8.3125%, due by July 25, 2019.

1,079,152

1,090,687

Long-term loans and interest payable to individuals and entities without interest

1,855,294

3,454,543

7,229,153

8,907,978

Less: Current portion of long-term loans payable

5,373,859

5,453,435

Total, net

$

1,855,294

$

3,454,543