Loan Extension Confirmation Letter between China Pharma Holdings, Inc. and Heung Mei Tsui (December 31, 2020)
This agreement confirms that China Pharma Holdings, Inc. and Ms. Heung Mei Tsui have agreed to extend the repayment date for loans totaling $1,480,054 in principal and $1,354,567 in interest. The new repayment deadline is December 31, 2021, by which time the company must repay the full amount. The extension was agreed upon because the company did not have sufficient funds in its overseas account to repay the loans by the original due date.
Exhibit 10.10
Loans Extension Confirmation Letter
Reference is made to the loans from Ms. Heung Mei Tsui to China Pharma Holdings, Inc. (the “Company”), the principal and accumulated interest totaled USD1,480,054 and USD1,354,567 respectively as of December 31, 2020 and 2019. Due to the fact the Company temporarily did not have enough balance in its oversea account to repay the loans, both Ms. Tsui and the Company agreed to extend the loans to December 31, 2021, by which date the Company shall repay the principal and accumulated interest.
| Lender: | /s/ Heung Mei Tsui |
| Borrower: | China Pharma Holdings, Inc. |
| By: | /s/ Zhilin Li, President & CEO |
| Date: | December 31, 2020 |
