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RELATED PARTY TRANSACTIONS	9 Months Ended
Sep. 30, 2014
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 7 – RELATED PARTY TRANSACTIONS Total advances owing to a board member were $1,354,567 as of September 30, 2014 and December 31, 2013 and are recorded as “other payables – related parties” on the accompanying condensed consolidated balance sheets. The advances bear interest at a rate of 1.0% per year. Total interest expense of $10,159 and $10,159 was recognized for the nine months ended September 30, 2014 and 2013, respectively.

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2014

NOTE 7 – RELATED PARTY TRANSACTIONS

Total advances owing to a board member were $1,354,567 as of September 30, 2014 and December 31, 2013 and are recorded as “other payables – related parties” on the accompanying condensed consolidated balance sheets. The advances bear interest at a rate of 1.0% per year. Total interest expense of $10,159 and $10,159 was recognized for the nine months ended September 30, 2014 and 2013, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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