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Restricted Cash, Notes Payable -Bank Acceptances
6 Months Ended
Jun. 30, 2012
Restricted Cash, Notes Payable -Bank Acceptances

4. RESTRICTED CASH, NOTES PAYABLE – BANK ACCEPTANCES

 

Restricted cash as of June 30, 2012 and December 31, 2011 was $994,087 and $317,415, respectively, held by the bank as collateral to issue bank acceptances. The Company endorses bank acceptances to Shenqiu as payment of its own obligations.  Most of the bank acceptances have maturities of less than six months.