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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

20. SUBSEQUENT EVENTS

On March 3, 2015, the Company entered into a new loan agreement with Nanjing Bank Company Limited (Beijing Branch) in the amount of $2,434,500 (RMB15,000,000) with a floating interest rate which will be 7.811% in 2015. The loan is due on March 3, 2016. Pursuant to the terms of the agreement, the line of credit is secured by BTL’s building and guaranteed by an officer of the Company.

On January 28, 2015, the Company repaid the loan in the amount of $1,625,000 (RMB10,000,000) with Nanjing Bank Company Limited (Beijing Branch). On January 29, 2015, the Company repaid the loan in the amount of $812,500 (RMB5,000,000) with Nanjing Bank Company Limited (Beijing Branch).

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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

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