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Note 9. Short-term Loan
 12 Months Ended
Dec. 31, 2014
Notes  
Note 9. Short-term Loan

NOTE 9.  SHORT-TERM LOAN

 

   The short-term loans for 2014 and 2013 include the following:

 

 

 

Balance at December 31,

 

 

2014

2013

 

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

 

$

672,802

 

 

$

675,897

 

 

 

 

 

 

 

 

2) Loans payable to Industrial and Commercial Bank of China, Due on November 12, and 25, 2014, and December 12, 2014, with interest of 6.6% and 6% 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. The loan was paid in full in 2014.

 

 

- 

 

 

 

3,485,861 

 

 

 

 

 

 

 

 

 

 

 

3) Loan payable to Industrial and Commercial Bank of China.   The loan agreement has not been signed. The Company is still negotiating the terms with the bank. The tentative interest rate is 6.6% per annum.

 

 

 2,252,987 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

4) Loan payable to Bank of China, Xihanggang Branch, Chendu, due on September 26, 2014, collateralized by cash deposit of RMB 10,000 with a year term in Bank of China. The loan was paid during 2014.

 

 

-

 

 

 

1,473

 

 

 

 

 

 

 

 

 

 

5) Loan payable to an unrelated party, bearing no interest and due on February 7, 2015 The loan was paid in full in February, 2015

 

 

325,812

 

 

 

-

 

 

 

 

 

 

 

 

 

 

6) 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 lender verbally agreed to make the loan due on demand.

 

 

162,907

 

 

 

163,655

 

 

 

 

 

 

 

 

 

 

7) 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 paid in April, 2014.

 

 

-

 

 

 

4,909,662 

 

 

 

 

 

 

 

 

 

 

8) Loan payable to China CITIC Bank, due on April 8, 2015, with interest at 6.9% per annum, collateralized by land and buildings of Sichuan Apollo and guaranteed by Sichuan Apollo and Dr. Jingong Pan. The loan was extended to October 18, 2015 with the interest at 6.42% per annum

 

 

4,887,188

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total

 

$

8,301,696

 

 

$

9,236,548