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Loans Payable (Tables) | 6 Months Ended
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Jun. 30, 2012
Short-term Bank Loans | Short-term bank loans
|  |  |  |  | June 30, 2012 |  |  | December 31, 2011 |
Industrial & Commercial Bank of China |  |  | (a) |  |  | $ | - |  |  | $ | 2,046,503 |
Industrial & Commercial Bank of China |  |  | (b) |  |  |  | 1,979,634 |  |  |  | - |
Industrial & Commercial Bank of China |  |  | (c) |  |  |  | 791,853 |  |  |  | 787,116 |
Total short-term bank loans |  |  |  |  |  | $ | 2,771,487 |  |  | $ | 2,833,619 |
(a) | On March 16, 2011, the Company obtained from the Industrial & Commercial Bank of China an accounts receivable factoring facility with a maximum credit limit of $2,046,503 as of December 31, 2011. Under the factoring agreement, the bank has recourse against the Company if the receivables, which remain in the Company’s books at all times, are not fully collected. The term of the factoring facility expired on February 27, 2012 and carried an interest rate of 6.4236% per annum, which is 106% of the prime rate for the loan set forth by the People’s Bank of China at the time of funding. The company paid off the balance of the factoring facility on February 24, 2012.
(b) | On March 13, 2012, the Company obtained from the Industrial & Commercial Bank of China another accounts receivable factoring facility with a maximum credit limit of $1,979,634 as of June 30, 2012. Under the factoring agreement, the bank has recourse against the Company if the receivables, which remain in the Company’s books at all times, are not fully collected. The term of the factoring facility expired on January 4, 2013 and carried an interest rate of 8.856% per annum as of June 30, 2012, or 3.5% plus the prime rate for the loan set forth by the People’s Bank of China at the time of funding.
(c) | On August 18, 2011, the Company obtained from the Industrial & Commercial Bank of China a new accounts receivable factoring facility with a maximum credit limit of $791,853 as of June 30, 2012. Under the factoring agreement, the bank has recourse against the Company if the receivables, which remain in the Company’s books at all times, are not fully collected. The term of the factoring facility expires on August 15, 2012 and carries an interest rate of 8.528% per annum.

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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