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Note 13 - Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 13. Subsequent Events


In the third quarter, Northern Altair entered into a loan agreement for $8.1 million with the Bank of Handan. On September 27, 2013 Northern Altair received $4.9 million with the final balance of $3.3 million deposited on October 15, 2013. The due date of the loan is August 27, 2014 and is secured by the Company’s Land Use Right with respect to industrial land in Wu’an, China.


In September 2013, the Company and Northern Altair entered into a series of agreements, wherein, Northern Altair set aside restricted cash of $2.8 million with the ICBC. In return, the ICBC loaned the Company $2.7 million which was received in October 2013. The interest rate on this loan is .0053% daily and the maturity date is September 27, 2014. A portion of the loan proceeds was used to pay off the $1.98 million loan with the Bank of China in October 2013 and released restricted cash of $2.06 million.


On October 31, 2013, Northern Altair received approximately $12.2 million of a $16.1 million loan from the Rural Credit Cooperative. The due date of the loan is October 31, 2014 and is secured by the Company’s Land Use Right with respect to industrial land in Wu’an, China.


In November 2013, the Company and Northern Altair entered into a series of agreements, wherein, Northern Altair set aside restricted cash of approximately $4.0 million with the Bank of China. In return, the Bank of China loaned the Company $3.8 million which was received in November 2013. The interest rate on this loan is .0053% daily and the maturity date is November 7, 2014. A portion of the loan proceeds was used to pay off the $3.7 million loan with the ICBC in November 2013 and released restricted cash of $3.9 million.