XML 17 R55.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 9. Short-term Loan: Short-term Loans Consist of The Following Loans Collateralized by Assets of The Company (Tables)
12 Months Ended
Dec. 31, 2013
Tables/Schedules  
Short-term Loans Consist of The Following Loans Collateralized by Assets of The Company:

 

Balance at December 31,

 

 

2013

2012

 

1) Loan payable to Chengdu Xihang Gang Construction & Investment Co., Ltd. due on demand, without interest, collateralized by certain plant equipment of Sichuan Apollo.

 

$

675,897

 

$

655,441

 

 

 

 

 

 

 

 

2) Loan payable to Bank of China, Xihanggang Branch, Chengdu due on August 22, 2013, with interest at 8.4% per annum, collateralized  by the Buildings of Sichuan Apollo. The loan was paid in full in March 2013.

 

 

- 

 

 

 

730,031 

 

 

 

 

 

 

 

 

3) Loan payable to Bank of China, Xihanggang Branch, Chengdu due on September 17, 2013, with interest at 8.4% per annum, collateralized by the buildings of Sichuan Apollo. The loan was paid in full in March 2013.

 

 

- 

 

 

 

698,290 

 

 

4) Loans payable to Industrial and Commercial Bank of China, Due on November 12, and 25, 2014, and December 12, 2014, with interest of 6.00 per annum, respectively, collateralized by cash deposits of RMB 7 million ($1.13 million) with a year term in Industrial and Commercial Bank of China and Sichuan Apollo’s land and buildings.

 

 

3,485,861 

 

 

 

- 

 

 

5) Loans payable to Industrial and Commercial Bank of China, due on   November 19, 2013 and December 3, 2013, with interest of 6.6% per annum, respectively, collateralized by the land of Sichuan Apollo and its 100% ownership of Xinlong. The loan was paid in full in the fourth quarter of 2013.

 

-

 

 

 

3,015,347

 

6) Loan payable to Bank of China, Xihanggang Branch, Chendu, due on September 20, 2013, collateralized by cash deposit of RMB 10,000 with a year term in Bank of China.

1,473

-

7) Loan payable to Bank of China, Xihanggang Branch, Chengdu, due on September 20, 2013 and September 26, 2014.  The loan was paid in full in September 2013.

 

-

 

 

793

 

8)Loan payable to an unrelated party, with interest of 10% per annum, collateralized by 1,000,000 shares of common stock, and due on March 30, 2014. The loan is in default.  The Company is negotiating with the lender to extend the due date.

163,655

-

9) Loan payable to an unrelated party, non-interest-bearing and due on March 24, 2013.  The loan was paid in full in May 2013.

 

-

 

1,428,323

  

10) Loan payable to China CITIC Bank, due on April 18 and 22, 2014, with interest at 7.5% per annum, collateralized by land and buildings of Sichuan Apollo. The loan was extended on April 18, 2014, and the extended due date is April 17, 2015.

4,909,662

11) Loan payable to Wuhan Economic Development Group through Industrial and Commercial Bank of China, Huangpu Branch, Wuhan due on March 31, 2013,with interest at 7.5% per annum, collateralized by Sichuan Xinlong's 100% ownership in Shimian.  The loan was paid in full in May 2013.

 

-

 

1,269,620

Total

 

$

9,236,548

 

 

$

7,797,845