Quarterly report pursuant to Section 13 or 15(d)

SHORT-TERM BORROWINGS FROM THIRD PARTIES (Tables)

v3.7.0.1
SHORT-TERM BORROWINGS FROM THIRD PARTIES (Tables)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block]
The following table sets forth a summary of the loan agreements in loan receivables balance:
 
 
 
 
 
 
 
 
 
 
 
December
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
 
31,
 
 
 
 
 
 
 
 
 
 
Original Amount
 
2017
 
2016
 
Annual
 
Repayment
Date
 
Borrower
 
Lender
 
(HKD)
 
(USD)
 
(USD)
 
Interest Rate
 
Due Date
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
7/15/2016
 
Hong Kong Takung
 
Merit Crown
Limited
 
 
11,700,000
 
$
1,498,943
 
$
1,509,015
 
 
8
%
12/31/2017
8/24/2016
 
Hong Kong Takung
 
Merit Crown
Limited
 
 
15,596,100
 
$
1,998,091
 
$
2,011,518
 
 
8
%
12/31/2017
11/18/2016
 
Hong Kong Takung
 
Merit Crown
Limited
 
 
11,479,102
 
$
1,470,643
 
$
1,480,525
 
 
8
%
10/31/2017
12/9/2016
 
Hong Kong Takung
 
Merit Crown
Limited
 
 
11,787,600
 
$
1,510,166
 
$
1,520,314
 
 
8
%
11/30/2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: Discount loan payable
 
 
 
 
 
 
$
233,032
 
$
212,859
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
6,244,811
 
$
6,308,513