Annual report pursuant to Section 13 and 15(d)

LOAN PAYABLE

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LOAN PAYABLE
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
LOAN PAYABLE

NOTE 12 – 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. The Company repaid principal of $600,000 in the fourth quarter of 2017.

 

At December 31, 2017, the outstanding principal balance of the loan and related accrued and unpaid interest for the loan was $1,500,000 and $138,110, respectively.