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WARRANTS (Tables)

12 Months Ended

Dec. 31, 2013

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

The fair value of the outstanding warrants at December 31, 2013 was calculated using the Black Scholes Model with the following assumptions:

Market price per share (USD/share)	3.88
Exercise price (USD/share)	$4.00, $9.60, $10.00
Risk free rate	0.78%, 0.13%, 0.13	%
Dividend yield	-
Expected term/Contractual life (years)	3.02, 1.30, 1.30
Expected volatility	203.20	%

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 December 31, 2013, 2012 and 2011.

	Carrying Value at		Fair Value Measurement at
	December 31,2013		December 31,2013
			Level 1		Level 2		Level 3
Warrants liability	$	720,857	$	-	$	720,857	$	-

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

	Carrying Value at		Fair Value Measurement at
	December 31,2011		December 31,2011
				Level 1		Level 2		Level 3
Warrants liability	$	96,469	$	-	$	96,469	$	-

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:

	December 31,
	2013	2012	2011
	US$	US$	US$
Beginning balance	374,166	96,469	318,109
Warrants issued		97,505	-
Fair value change of the issued warrants included in earnings	346,691	180,192	(221,640)
Ending balance	720,857	374,166	96,469

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

Following is a summary of the warrants activity:

		Weighted		Weighted Average
		Average		Remaining
	Number	Exercise Price		Contractual Life
Outstanding as of January 1, 2011	157,500	$
Granted	-
Forfeited	-
Exercised	-
Outstanding as of January 1, 2012	157,500	$	9.98	3.31
Granted	100,000
Forfeited	-
Exercised	-
Outstanding as of December 31, 2012	257,500	$	7.66	2.97
Granted	-
Forfeited	-
Exercised	-
Outstanding as of December 31, 2013	257,500	$	7.66	1.97

- 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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