|12 Months Ended|
Dec. 31, 2020
|Debt Disclosure [Abstract]|
NOTE 11 – BANK LOANS
Short-term bank loans
Short-term bank loans represent the amounts due to various banks that are due within one year. These loans can be renewed with the banks upon maturity. The Company is in compliance with all debt covenants. At December 31, 2020 and December 31, 2019, short-term bank loans consisted of the following:
Long-term bank loans
Long-term bank loans represent the amounts due to various banks lasting over one year. Usually, the long-term bank loans cannot be renewed with these banks upon maturity. The Company is in compliance with all long-term bank loan covenants. At December 31, 2020 and December 31, 2019, long-term bank loans consisted of the following:
The future maturities of long-term bank loans are as follows:
The weighted average interest rate for short-term bank loans was approximately 5.3%, 6.5% and 5.5% for the years ended December 31, 2020, 2019 and 2018, respectively.
The weighted average interest rate for long-term bank loans was approximately 4.4%, 5.4% and 5.2% for the years ended December 31, 2020, 2019 and 2018, respectively.
For the years ended December 31, 2020, 2019 and 2018, interest expense related to bank loans amounted to $14,909,159, $6,700,421 and $1,800,121, respectively, of which, $1,476,240, $334,851 and $589,147 was capitalized to construction-in-progress, respectively.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef