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ALLOWANCES FOR DOUBTFUL RECEIVABLES
 12 Months Ended
Dec. 31, 2012
ALLOWANCES FOR DOUBTFUL RECEIVABLES [Abstract]  
ALLOWANCES FOR DOUBTFUL RECEIVABLES

4. ALLOWANCES FOR DOUBTFUL RECEIVABLES

Allowances for doubtful receivables are totally from allowances for accounts receivable. The Company made provision for doubtful receivables in the aggregate amount of $nil, $1,202,940 and $359,733 during the year ended December 31, 2010, 2011 and 2012, respectively.

Analysis of allowances for accounts receivable is as follows:

 

                         
     Year ended December 31,  
           2010            2011      2012  

Beginning of the year

    $ -         $ -         $ 1,202,940   

Allowances made during the year

      -           1,202,940         359,733   

Foreign exchange effect

      -           -           29,794   
    

 

 

     

 

 

     

 

 

  

Closing balance

    $ -         $ 1,202,940       $ 1,592,467