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Note 13 - Commitments
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6 Months Ended | |||||
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Jun. 30, 2012
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| Commitments 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 $36.11 million. As of June 30, 2012,
construction in progress related to this project was $17.99
million and the Company was committed to pay an additional
$18.12 million to complete this project. This phase of
construction is anticipated to be completed in September
2012.
Winder
has registered capital of $57.2 million. At June 30, 2012,
the Company has contributed $38.5 million to Winder’s
registered capital and is committed to contribute an
additional $18.7 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 City,
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 June 30,
2012, the Company’s future minimum rental payments
required under this operating lease for 2012 were as
follows:
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