Related Party Transactions	6 Months Ended
Jun. 30, 2012
Related Party Transactions
Related Party Transactions	Note 13. Related Party Transactions During the six month period ended June 30, 2012, the Company paid/accrued $37,030 (June 30, 2011 - $nil) and issued 733,810 shares, par value $0.001 per share, valued at $43,751 (June 30, 2011 - $nil) to the Company’s Chief Executive Officer, (“CEO”) as payment of salary and bonus. Shares valued at $12,917 have been included in prepayments as at June 30, 2012 as advance payment of salary and bonus for the month of July 2012 (June 30, 2011 - $nil). During the six month period ended June 30, 2012, Daifu paid/accrued$135,747 to directors for salaries and wages. (June 30, 2011-$221,485 ). During the six month period ended June 30, 2012, the Company granted 1,000,000 common share purchase warrants to the Company’s CEO as part of his compensation package. The share purchase warrants entitle the officer to purchase up to 1,000,000 shares of the Company at a price of $0.25 per share up to January 20, 2017. The fair value of the share purchase warrants was determined to be $40,000 and recorded in the Company’s statement of income (Note 15). During the year ended December 31, 2011, daifu borrowed $410,000 from a related party for redemption of outstanding preferred shares of daifu (Note 12 and Note 15). A further $25,641 was borrowed during the six month period ended June 30, 2012 for use in operations. During the six month period ended June 30, 2012 a total of $14,718 in interest payable has been accrued on the liability. During the six month period ended June 30, 2012, $317,000 in cash was temporarily advanced from a related party to daifu for use in operations. This amount is unsecured, non-interest bearing and is repayable on request.

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details