12. DUE TO RELATED PARTIES

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

12. DUE TO RELATED PARTIES

12. DUE TO RELATED PARTIES

As of December 31, 2013 and December 31, 2012, the Company had loan payable to related party of $1,074,031 and $562,431, respectively. These loans bear no interest and are due within one year. 

		12/31/2013		12/31/2012
Due to shareholders	$	435,774	$	305,333
Loan from related party		638,257		—
Related parties:
Turner International Investment Management (Beijing) Co., Ltd.		—		103,157
1)      Turner International Fruit Chain Management (Beijing) Co., Ltd.		—		153,941
2)      Total	$	1,074,031	$	562,431

The shareholder paid all necessary overseas consulting and advising fees, lawyer fees, and accounting fees from period to period out of his own personal bank accounts in the United States due to the strict laws and regulations imposed by the Chinese government on out-going foreign currency wire transfers. The amount outstanding as of December 31, 2013 and December 31, 2012 was $435,774 and $305,333 respectively. The balance due to stockholders was not evidenced by a promissory note, but rather is an oral agreement between the shareholder and the Company.

During October and November 2013, four related parties issued four promissory notes to the Company amounting to $638,257 (RMB 3,900,000) with a term of one year with an interest rate of 6% per annum. Interest expense accrued for the four promissory notes for the year ended December 31, 2013 was $6,285.