Prepayments and other current assets

12 Months Ended

Dec. 31, 2014

Prepayments and other current assets [Text Block]

Note 4 – Prepayments and other current assets

Prepayments and other current assets consisted of the following:

		December 31,		December 31,
		2014		2013
Prepaid advertising fees (i)	$	1,498,902	$	40,902
Prepaid television airtime (ii)		5,044,883		-
Prepaid server hosting and broadband fees (iii)		259,079		-
Deposit on intended acquisition of land use right (iv)		-		1,636,072
Other receivable-short term lending (v)		325,415		-
Prepaid rent		322,079		-
Others		220,960		223,502
	$	7,671,318	$	1,900,476

(i)	Prepaid advertising fees represent prepayments to third parties for advertising services, mainly through internet and outdoor media. The advertising expenses are expensed when the services are received.
(ii)	Prepaid television airtime represents prepayments to the China Central Television “”CCTV”) for airtime to be aired on February 18, 2015 during the Chinese Spring Festival New Year’s Eve Concert. The Company expensed the prepaid television airtime upon communicating its advertisement on February 18, 2015.
(iii)	Prepaid server hosting and broadband fees represent prepayments to third parties for server hosting and broadband services. These prepayments are expensed when the services are received.
(iv)	On September 2, 2014, the entire balance was returned to the Company.
(v)	On January 9, 2015, the entire balance was returned to the Company.