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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
19. SUBSEQUENT EVENTS

 

On February 4, 2013, the Company repaid the loan in the amount of $802,400 (RMB5,000,000) with Nanjing Bank Company Limited (Beijing Branch).

 

On March 5, 2013, the Company entered into a new loan agreement with Nanjing Bank Company Limited (Beijing Branch) in the amount of $802,400 (RMB5,000,000) with a floating interest rate which will be approximately 7.5% in 2013. The loan is due on March 4, 2014. Pursuant to the terms of the agreement, the line of credit is guaranteed by an officer of the Company.

 

On March 14, 2013, the Company repaid the credit line in the amount of $481,440 (RMB3,000,000) with a commercial bank in China as documented in Note 8.