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Note 5 - Notes Payable
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6 Months Ended |
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Jun. 30, 2012
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| Short-term Debt [Text Block] |
Note
5 – Notes Payable
Notes
payable at June 30, 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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