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COMMITMENTS

12 Months Ended

Dec. 31, 2012

18. COMMITMENTS

Capital commitments

As of December 31, 2012, commitments outstanding for the purchase of property, plant and equipment approximated $20,497,143.

Lease commitments

The Group has operating lease commitments principally for its office in Shanghai. The lease expense was $32,136, $612,856 and $580,724 for the year ended December 31, 2010, 2011 and 2012, respectively.

Future minimum lease payments are as follows:


Year ending December 31
2013	$	161,742
2014		47,542

Total	$	209,284

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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