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EQUITY
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6 Months Ended |
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Jun. 30, 2011
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| EQUITY [Text Block] | NOTE 9: EQUITY Common Stock Subscription In December, 2010, the Company entered into common share subscription agreements with seven employees to raise $506,040 capital in exchange for 253,020 shares of common stock (at par value $0.001) . The Company received full payments by December 31, 2010. In January 2011, the Company and those employees entered into an agreement to cancel the subscription agreements entered in December 2010. The Company refunded subscription payment in full in January 2011. Preferred Stock On May 28, 2011, the Company entered into a Share Purchase Agreement with China Development Industrial bank (CDIB) to issue 5,000,000 shares of its preferred stock at $2.00 per share for a total cash consideration of $10,000,000. On June 20, 2011, the Company entered into a Share Purchase Agreement with ZTE Energy (Cayman) Co. Limited (ZTE) to issue 3,000,000 shares of its preferred stock at $2.00 per share for a total cash consideration of $6,000,000. As of June 30, 2011, total proceeds of $16,000,000 had been collected; the Company issued 5,000,000 shares of preferred stock to CDIB and is in the process of issuing preferred shares to ZTE as of the filing date. |