Short-Term Loan

6 Months Ended

Jun. 30, 2015

Short Term Loan/ Notes Payable [Abstract]

NOTE 13 - SHORT-TERM LOAN

Short-term loans of the Company consist of the following:

	June 30, 2015		December 31, 2014

Huishang Bank Bengbu Branch	$	806,452	$	805,854
Bank of Communications Bengbu Branch		806,452		805,854
The Xuehua branch of Bengbu Rural Commercial Bank		1,612,903		967,024
The Bengbu branch of Shanghai Pudong Bank		1,290,322		1,289,366
Total	$	4,516,129	$	3,868,098

In January 2015, the Company renewed the loan agreement with the Xuehua branch of Bengbu Rural Commercial Bank for a one-year loan due January 9, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 60% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with individuals (Na Wei, Bin Wei). The loan was guaranteed by these individuals.

In May 2015, the Company renewed the loan agreement with the Huishang Bank Bengbu Branch for a one-year loan due May 14, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 36.39% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with Bengbu High-tech SMEs Credit Guarantee Co. LTD. The loan was guaranteed by the guarantee company.

CHINA ENERGY TECHNOLOGY CORP., LTD. 10-Q