DEPOSIT FOR ACQUISITION OF A SUBSIDIARY

12 Months Ended

Sep. 30, 2011

Deposit For Acquisition Of A Subsidiary [Abstract]

Deposit For Acquisition Of A Subsidiary [Text Block]

Note 13 – DEPOSIT FOR ACQUISITION OF A SUBSIDIARY

On September 26, 2011, the Company’s wholly owned subsidiary Shenzhen Digital Image Technology Co., Ltd. (“SZ DIT”) entered into a letter of Intent for Share Purchase (the “Acquisition agreement”) with Li Dongxiang and Zeng Xianguang (together, the “Sellers”) with respect to the shares of Guangzhou Fanyutuo 3D Technology Co., Ltd. (“Guangzhou”) which is a recently formed start-up company involved in three dimensional technology. Pursuant to the terms of the Acquisition Agreement, the Sellers agreed to sell all of the capital stock of Guangzhou to SZ DIT in exchange for $937,236 (CNY6,000,000).

The purchase price was placed in escrow and will be released at closing upon the transfer of shares is approved by the relevant PRC government authority.

On September 28, 2011, SZ DIT paid the full purchase price of $937,236 (CNY6,000,000) and such amount is included in deposit in the consolidated balance sheet since the share transfer procedures are not yet completed as at September 30, 2011.

The acquisition in essence is to secure the long term employment of the two shareholders and three staff of the investee Company to work for SZDIT so that all business that has been secured and will be obtained through the two shareholders and three staff  will be taken over by SZDIT.