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RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES | 9 Months Ended
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Sep. 30, 2012
RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES [Abstract] |
RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES | 4. RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES Restricted cash as of September 30, 2012 and December 31, 2011 was $1,991,484 and $317,415, respectively, held by the bank as collateral to issue bank acceptances. Of the $1,991,484 restricted cash as of September 30, 2012, $946,223 was deposited as a principal-guaranteed financial investment product with a term of 6 months. 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.

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