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Note 5 - Notes Payable
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3 Months Ended |
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Mar. 31, 2012
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| Short-term Debt [Text Block] |
Note
5 – Notes Payable
Notes
payable at March 31, 2012 and December 31, 2011 was $0 and
$692,821, respectively, were for multiple bankers’
acceptances from the Bank of China. The terms of the notes
range from 3-6 months, bear no interest and pay the bank
0.05% of the note balance as an acceptance fee. The Company
deposits a certain percentage of the notes’ par value
with the Bank of China, refundable when the notes are
re-paid and accounted for as restricted cash in the
accompanied consolidated financial statements.
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