Related Parties Transactions

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Related Parties Transactions

NOTE 9—RELATED PARTY TRANSACTIONS

At March 31, 2012, David Chen-Te Yen (Chairman, director and shareholder of the Company) has an outstanding receivable of $33,906 from the Company which was advanced to commence the Taiwan operations.

For the three months ended, Yuan-Hao Chang (shareholder and consultant to the Company) has an outstanding payable of $9,735 to the Company, and Parashar Patel (shareholder and CEO of the Company) advanced $1,922 to the Company as working capital.

The above related parties’ amounts are due upon demand and non-interest bearing.

In July 2010, Mr. David Chen-Te Yen (Chairman, director, and shareholder of the Company) loaned the Company $300,000 in demand notes bearing interest at 8%. This demand note was repaid on December 3, 2010. The related accrued interest of $8,482 remains unpaid at March 31, 2012.

In July 2010, Mr. Yuan-Ho Chang (shareholder and consultant to the Company) loaned the Company $200,000 in demand notes bearing interest at 8%. This demand note was repaid on November 1, 2011. Interest expenses incurred on the notes were $7,241 and $3,945 for the three months ended March 31, 2012 and 2011, respectively. The related accrued interest of $27,317 was repaid in March 2012.