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Note 11 - Notes Payable

3 Months Ended

Nov. 30, 2012

NOTE 11 – NOTES PAYABLE

	November 30, 2012		May 31, 2012
Notes payable to Huaxian Bank	$	1,590,027	$	1,578,407
Total notes payable	$	1,590,027	$	1,578,407

All notes payable were due within one year and bear 6% annual interest rate on the maturity date.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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