Tmk Hubei | 9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Tmk Hubei [Text Block] | NOTE 14: TMK HUBEI On July 14, 2011, TMK Shenzhen set up its wholly owned subsidiary, Hubei TMK Battery Co., Ltd. (“TMK Hubei”) in the City of Xiangyang, Province of Hubei, PRC with a registered and invested capital of RMB 10,000,000 (approximately $1,546,500). The Company plans to construct a production base in Xiangyang including manufacturing facility, a research and development center and distribution center. The Company made a deposit of RMB 19.9M (approximately $3,058,630) to Administrative Committee of Xiangyang High-Tech Development Zone as a deposit for purchase of land-use right used for production base. Construction in Process On July 15, 2011, TMK Hubei entered into a construction contract with Beilong Construction Group Co., Ltd. (“Beilong”) to start the ground infrastructure construction in the City of Xiangyang in preparation for the construction of TMK Hubei’s production base. The estimated cost of the ground infrastructure construction project per the agreement is RMB 16,666,750 (approximately $2,599,013) and TMK Hubei has made a payment of RMB 10,996,000 (approximately $1,700,531) in July 2011. |