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COMMITMENTS

12 Months Ended

Dec. 31, 2013

17. COMMITMENTS

Capital commitments

As of December 31, 2013, commitments outstanding for the purchase of property, plant and equipment approximated $36.7 million, which will be due subsequent to receipt of the purchases.

Lease commitments

The Group has operating lease commitments principally for its office in Shanghai. The lease expense was $612,856, $580,724 and $164,811 for the year ended December 31, 2011, 2012 and 2013, respectively.

Future minimum lease payments are as follows:

Year ending December 31	USD
2014	$	1,121,476
2015		1,073,299
2016		1,073,299

Total	$	3,268,074

- 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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