v2.4.0.8

SHORT-TERM LOANS (Tables) | 6 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
Schedule Of Short-Term Debt [Table Text Block] | Short-term loans consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Bank loan payable to Agriculture Development Bank of China, bearing |  |  |  |  |  |  |  |
interest at the prime rate based on six-month to one-year loan interest rate released by |  |  |  |  |  |  |  |
The People's Bank of China. |  |  |  |  |  |  |  |
The actual interest rates as of June 30, 2014 and December 31, 2013 were 6.00% and the past-due interest rate was 7.8%. |  |  |  |  |  |  |  |
The term of the loan started from August 14, 2012 with maturity |  |  |  |  |  |  |  |
date on August 13, 2013. The loan was obtained by Taizihu and |  |  |  |  |  |  |  |
pledged by its buildings and land use right. |  |  |  |  |  |  |  |
On July 31, 2013 the loan was repaid for $65,359 (or RMB400,000). |  |  |  |  |  |  |  |
As of June 30, 2014, the loan balance was $2,353,472 (or RMB14,600,000). |  |  |  |  |  |  |  |
As of the date of this filing, the Company has been in negotiation with the lender on renewal of the loan. The Company is not currently able to predict the probability of the success on the renewal and will repay the loan immediately if the loan cannot be renewed. |  | $ | 2,353,472 |  |  | $ | 2,411,748 |
Bank loan payable to Agriculture Development Bank of China, bearing |  |  |  |  |  |  |  |
interest at the prime rate, based on six-month to one-year loan interest rate released by |  |  |  |  |  |  |  |
The People's Bank of China. |  |  |  |  |  |  |  |
The actual interest rates as of June 30, 2014 and December 31, 2013 were 6.0% and the past-due interest rate was 7.8%. |  |  |  |  |  |  |  |
The term of the loan started from September 18, 2012 with maturity |  |  |  |  |  |  |  |
date on September 17, 2013. The loan was obtained by Taizihu and |  |  |  |  |  |  |  |
pledged by its buildings and land use right. |  |  |  |  |  |  |  |
As of the date of this filing, the Company has been in negotiation with the lender on renewal of the loan. The Company is not currently able to predict the probability of the success on the renewal and will repay the loan immediately if the loan cannot be renewed. |  |  | 1,450,771 |  |  |  | 1,486,694 |
Bank loan payable to Jinzhong City Yuci District Rural Credit Union Co., Ltd., |  |  |  |  |  |  |  |
bearing interest at a fixed rate of prime rate plus 130% of prime |  |  |  |  |  |  |  |
rate, of which prime rate was based on six-month to one-year loan |  |  |  |  |  |  |  |
interest rate released by The People's Bank of China. The |  |  |  |  |  |  |  |
actual interest rates as of June 30, 2014 were 15.084%. |  |  |  |  |  |  |  |
The term of the loan started from September 6, 2013 with maturity |  |  |  |  |  |  |  |
date on August 22, 2014. The loan was obtained by JinzhongYongcheng and |  |  |  |  |  |  |  |
guaranteed by YuciJinmao Food Processing Factory, a related party, |  |  |  |  |  |  |  |
for a period of two years starting from August 23, 2014. |  |  | 1,370,172 |  |  |  | 1,404,100 |
Bank loan payable to Jinzhong City Yuci District Rural Credit Union Co., Ltd., |  |  |  |  |  |  |  |
bearing interest at a fixed rate of prime rate plus 130% of prime |  |  |  |  |  |  |  |
rate, of which prime rate was based on six-month to one-year loan |  |  |  |  |  |  |  |
interest rate released by The People's Bank of China. The |  |  |  |  |  |  |  |
actual interest rates as of June 30, 2014 were 15.084%. |  |  |  |  |  |  |  |
The term of the loan started from September 6, 2013 with maturity |  |  |  |  |  |  |  |
date on August 22, 2014. The loan was obtained by JinzhongYuliang and |  |  |  |  |  |  |  |
guaranteed by YuciJinmao Food Processing Factory, a related party, |  |  |  |  |  |  |  |
for a period of two years starting from August 23, 2014. |  |  | 1,370,172 |  |  |  | 1,404,100 |
Bank loan payable to Agriculture Development Bank of China, bearing |  |  |  |  |  |  |  |
interest at the prime rate, based on six-month to one-year loan interest rate released by |  |  |  |  |  |  |  |
The People's Bank of China. |  |  |  |  |  |  |  |
The actual interest rate as of June 30, 2014 was 6.0% and the past-due interest rate was 7.8%. |  |  |  |  |  |  |  |
The term of the loan started from January 4, 2013 with maturity |  |  |  |  |  |  |  |
date on January 3, 2014. The loan was obtained by Taizihu and |  |  |  |  |  |  |  |
pledged by its buildings and land use right. |  |  | 725,385 |  |  |  | 743,347 |
As of the date of this filing, the Company has been in negotiation with the lender on renewal of the loan. The Company is not currently able to predict the probability of the success on the renewal and will repay the loan immediately if the loan cannot be renewed. |  |  |  |  |  |  |  |
Bank loan payable to Bank of Communications Gongzhufen subbranch, bearing |  |  |  |  |  |  |  |
interest at a fix rate of prime rate, of which prime rate was based on one-year loan |  |  |  |  |  |  |  |
interest rate released by The People's Bank of China. The |  |  |  |  |  |  |  |
actual interest rate as of June 30, 2014 was 6.0%. |  |  |  |  |  |  |  |
The term of the loan started from December 15, 2013 with maturity |  |  |  |  |  |  |  |
date on December 16, 2014. The loan was obtained by Detian Yu. |  |  | 14,508 |  |  |  | 14,867 |
Total |  | $ | 7,284,480 |  |  | $ | 7,464,856 |

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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