v2.4.0.6
Short-Term Bank Loans
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12 Months Ended |
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Short-Term Bank Loans [Abstract] |
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SHORT-TERM BANK LOANS |
NOTE 7 – SHORT-TERM BANK LOANS
Short-term bank loan represents an amount due to a bank that is due within one year. This loan can be renewed with the bank upon maturity. At December 31, 2012 and 2011, short-term bank loans consisted of the following:
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$ |
- |
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$ |
628,466 |
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- |
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471,350 |
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|
|
- |
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|
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471,350 |
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474,977 |
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- |
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Loan from Bank of Communications, due and repaid on May 14, 2012 with annual interest rate adjusted quarterly based on 120% of People’s Bank of China’s base rate.
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- |
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471,350 |
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Loan from Bank of Communications, due and repaid on May 23, 2012 with annual interest rate adjusted quarterly based on 120% of People’s Bank of China’s base rate.
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|
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- |
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314,233 |
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316,651 |
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- |
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474,977 |
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|
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- |
|
|
|
|
949,953 |
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|
|
- |
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|
|
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Total short-term bank loans
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$ |
2,216,558 |
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$ |
2,356,749 |
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X |
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
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