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Compared to approximately $13.9 million web cash offered from financing activities in 2017, the lower in net money offered from financing activities in 2018 was primarily attributable to much less proceeds from financial institution loans and financial institution notes. As of December 31, 2019, $1,363,826 of them had been repaid in full upon maturity. The terms of those loans are three to 12 months with the rates of interest ranged from 5.00% to five.22% each year. Net cash used in financing actions was approximately $2.8 million in 2018, including $0.8 million web repayment of bank loans, $1.4 million internet compensation of financial institution notes and $1.6 million internet proceeds from other loans. Net cash utilized in financing activities was roughly $1.4 million in 2019, including $0.7 million internet proceeds from bank loans, $1.1 million net compensation of bank notes and $1.1 million net reimbursement of different loan During the year ended December 31, 2019, Taizhou Fuling entered into a sequence of short-term loan agreements with ICBC for lawyer türkiye a total amount of $4,521,116.

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The percentage of hours expended on the principal accountants’ engagement to audit our consolidated financial statements for 2019 that have been attributed to work carried out by individuals apart from Friedman LLP’s full-time permanent staff was lower than 50%. The Company’s board of directors has additionally determined that Mr. Hong He qualifies as an “audit committee financial immigration Lawyer Istanbul expert” in accordance with applicable Nasdaq Capital Market standards. He and the other members of the Audit Committee are all “independent” in accordance with the applicable Nasdaq Capital Market requirement

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