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WARRANTS (Tables)

6 Months Ended

Jun. 30, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The fair value of the outstanding warrants at June 30, 2013 was calculated using the Black Scholes Model with the following assumptions:

Market price per share (USD/share)		2.10
Exercise price (USD/share)		$4.00, $9.60, $10.00
Risk free rate		0.66%, 0.36%, 0.36%
Dividend yield		-
Expected term/Contractual life (years)		3.53, 1.81, 1.81
Expected volatility		189.0%

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2013 and December 31, 2012.

	Carrying Value at June 30, 2013		Fair Value Measurement at June 30, 2013
			Level 1		Level 2		Level 3
Warrants liability	$	378,579	$	-	$	378,579	$	-

	Carrying Value at December 31, 2012		Fair Value Measurement at December 31, 2012
			Level 1		Level 2		Level 3
Warrants liability	$	374,166	$	-	$	374,166	$	-

Schedule of Warrant Activity [Table Text Block]

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs:

	June 30, 2013		December 31, 2012
	US$		US$
Beginning balance		374,166		96,469
Warrants issued				97,505
Fair value change of the issued warrants included in earnings		4,413		180,192
Ending balance		378,579		374,166

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Following is a summary of the warrants activity:

	Number		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of January 1, 2012		157,500	$
Granted		100,000
Forfeited		-
Exercised		-
Outstanding as of December 31, 2012		257,500	$	7.66		2.97
Granted		-
Forfeited		-
Exercised		-
Outstanding as of June 30, 2013		257,500	$	7.66		2.48

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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