Long Term EXPANSION loans to 2014:
FOR NEW SEEN MULTIPLE SILOS I HAVE SHOWN & POSTED ABOUT WITH PHOTOS !!!!!!!!!
Security YSYB / Yanglin Soybean, Inc.
Form Type XML
File Date 2012-03-30
LONG-TERM BANK LOAN
12 Months Ended
Dec. 31, 2011
LONG-TERM BANK LOAN
13. LONG-TERM BANK LOAN
Long-term bank loans consist of the following at December 31:
2011 2010 Collateral
Loans from Agricultural Development Bank of China, interest rates at 5.76% per annum, due August 26, 2014 $ 4,246,284 $ 5,293,566 Building, machinery and equipment and land use rights
Current maturities of long-term debt (1,415,428 ) (1,209,958 )
Balance at the end of period $ 2,830,856 $ 4,083,608
These loans were obtained and used by Yanglin for upgrading its products and expanding storage facilities. Interest expense for the year ended December 31, 2011 and 2010 was $311,881 and $99,133, respectively.
The future principal payments under the bank loans are as follows:
For the twelve months ended December 31,
2012 $ 1,415,428
2013 1,415,428
2014 1,415,428
2015 0
Total 4,246,284
