Quarterly report pursuant to Section 13 or 15(d)

LOAN PAYABLE

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LOAN PAYABLE
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
LOAN PAYABLE

NOTE 8 – LOAN PAYABLE

 

On April 19, 2017, the Company entered into a loan agreement, providing for the issuance of a loan in the principal amount of $2,100,000. The term of the loan is one year. The annual interest rate for the loan is 10%. The loan is guaranteed by the Company’s Chairman, Mr. Wenzhao Lu. At September 30, 2017, the outstanding principal balance of the loan and related accrued and unpaid interest for the loan was $2,100,000 and $94,932, respectively.