10. NOTES PAYABLE - CURRENT PORTION

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

10. NOTES PAYABLE – CURRENT PORTION

10. NOTE PAYABLE - CURRENT PORTION 

As of December 31, 2013 and December 31, 2012, the Company had short-term loan of $2,479,379 and $1,587,024, respectively, from various local banks. The detailed terms were set forth as follows:  

		12/31/2013		12/31/2012
Bank of China, 6.5% annual interest, due on November 17, 2013	$	—	$	1,587,024
Bank of China, 7.0% annual interest, due on July 20, 2014		981,932		—
Bank of China, 7.0% annual interest, due on December 20, 2014		981,932		—
Local Government, zero interest, due on no later than November 30, 2013		515,515		—
	$	2,479,379	$	1,587,024

The subsidiary of the Company, Jiangxi Taina Nanfeng Orange Co., Ltd. has borrowed two loans with the total amount of $1,963,865 (RMB 12,000,000) from Bank of China with a 7.8% annual interest rate and due date on June 2, 2014 and December 2, 2014 respectively. And as written in agreement, the lender, Bank of China, requires the borrower, Jiangxi Taina Nanfeng Orange Co., Ltd to secure this loan with collaterals of its land and real estates located in Nanfeng. 

Jiangxi Taina Nanfeng Orange Co., Ltd. has also borrowed loans from local government with the following provisions:

	12/31/2013		12/31/2012
Local Government, zero interest, due on no later than November 30, 2012		73,645		71,417
Local Government, zero interest, due on no later than November 30, 2013		73,645		71,416
Local Government, zero interest, due on no later than November 30, 2012		184,112		178,540
Local Government, zero interest, due on no later than November 30, 2013		184,112		178,540
		515,515		499,913

All balances were supposed to be paid by or before November 30, 2013. However, Jiangxi Taina is applying for extension of the repayment date and no repayment were made by December 31, 2013.