v2.3.0.15

RESTRICTED CASH

9 Months Ended

Sep. 30, 2011

RESTRICTED CASH [Text Block]

NOTE 6: RESTRICTED CASH

		September 30, 2011			December 31, 2010
China Construction Bank		748,512			362,976
Jiangsu Bank		-			907,440
Restricted Cash	$	748,512		$	1,270,416

The terms of the long-term loan with China Construction Bank Shenzhen Branch entered in December 2008 and May 16, 2011 require the Company to make a deposit of $748,512 and $362,976 at September 30, 2011 and December 31, 2010, respectively, to Shenzhen General Chamber of Commerce (SGCC) to secure the loan until the term loan is fully repaid (see Note 5).

The Company was in the process of negotiating a new loan with Jiangsu Bank and agreed to make a deposit of RMB 6,000,000 (approximately $907,440) with Jiangsu Bank Shenzhen Branch at December 31, 2010. The Company did not reach to an agreement with Jiangsu Bank and the deposit was refunded to the Company in March 2011.

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- Definition

The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.

+ Details

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