Note 4 - Long-term Loans

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Long-term Debt [Text Block]

4. Long-term loans

On

January 21, 2019,

the Company obtained a loan with a principal amount of

$1,493

(

RMB10,000

) from a

third

party, which bears an annual interest rate of

15%

and is guaranteed by the Founder, Mr. Linqing Jia. The original maturity date of the loan was 

April 20, 2019,

which was extended to

October 20, 2020

pursuant to a supplementary agreement entered into on

April 21, 2019.

The loan was repaid on

August 15, 2019.

On

March 28, 2019,

the Company borrowed a

three

-year term loan with a principal amount of

$1,493

(

RMB10,000

) from China Construction Bank, which bears an annual interest rate of

120.0%

of the

three

-year loan interest rate quoted by the People’s Bank of China. The loan is guaranteed by the shareholder of the Company, Shenzhen Sangel Capital Management Limited Company (“Shenzhen Sangel”) and Mr. Mulong Liu, a shareholder of Shenzhen Sangel. The maturity date of the loan is

March 28, 2022.