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Notes Payable
 9 Months Ended
Sep. 30, 2013
Notes payable [Abstract]  
Notes payable

(11) Notes payable

 

As of December 31, 2012, the Company had six bank acceptance notes from Bank of Hebei to one of its major suppliers for a total amount of $3,170,276. An amount of approximately $1,585,138 was under the Company’s banking facility obtained from Bank of Hebei on September 13, 2012 as mention in Note (9), while the remaining portion, an amount of approximately $1,585,138, was secured with a restricted bank deposit as mention in Note (3) above. The bank acceptance notes bear interest rate at nil% per annum and 5% of notes amount as handling charge. They became due and were payable on various dates starting from March 24 through June 18 during the year of 2013. As of September 30, 2013, all bank acceptance notes have been paid off.