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Note 13 - Commitment
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3 Months Ended | |||||
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Mar. 31, 2012
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| Commitments and Contingencies Disclosure [Text Block] |
Note
13 – Commitments
The
Company had construction in progress, which includes costs
for the construction of a new plant, office building and
power distribution station for Deer
Technology. Total estimated cost for this
project is $36.23 million. As of March 31, 2012,
construction in progress was $18.05 million. This phase of
construction is anticipated to be completed in September
2012.
Winder
has a registered capital of $57.2 million. At March 31,
2012, the Company has contributed $36.7 million to
Winder’s registered capital and is committed to
contribute an additional $20.5 million by April
2013.
On
September 1, 2010, the Company entered into a 2-year lease,
expiring August 30, 2012, for a show room in Panyu,
Guangdong Province with monthly rent, inclusive of property
management fees, of $5,500 (RMB 37,000). The Company has
the option to renew this lease upon expiration. At March
31, 2012, the Company’s future minimum rental
payments required under this operating lease for 2012 were
as follows:
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