ADVANCES FROM INVESTORS OF NEW CLUBS

3 Months Ended

Mar. 31, 2015

Advances from Investors of new Clubs [Abstract]

Advances from Investors of new Clubs [Text Block]

12. ADVANCES FROM INVESTORS OF NEW CLUBS

Wuxi KJF entered into partnership co-investment agreements with 401 individual investors in order to establish new clubs and expand business, including Wuxi, Nanjing, Jintan, Nantong, Yixing, Changzhou, Jiangyin and Shanghai. As of March 31, 2015 and December 31, 2014, only Wuxi Club and Jintan Club had started operations and other clubs were still in start-up stage, advances from investors of new clubs amounted to $553,867 and $551,578, respectively.

There was no restriction on the use of cash received from investors for clubs.