SHORT-TERM BANK LOANS

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

SHORT-TERM BANK LOANS

NOTE 8 – SHORT-TERM BANK LOANS

The Company’s bank loans as of June 30, 2013 and December 31, 2012 consisted of the following:

	Maturity		Annual			June 30,
Loans	date		interest rate			2013		December 31, 2012
						USD		USD
Short-term bank loan, unsecured		August 1, 2013		6.00	%		-		3,174,000
Short-term bank loan, unsecured		September 3, 2013		6.00	%		-		3,174,000
Short-term bank loan, unsecured		September 3, 2013		6.00	%		-		1,587,000
Short-term bank loan, unsecured		May 12, 2014		6.00	%		4,860,000		-
Total							4,860,000		7,935,000

Interest expense on short-term bank loans was $79,410 and $45,765  for the three months ended June 30, 2013 and 2012, respectively. Interest expense on short-term bank loans was $198,900 and $204,982  for the six months ended June 30, 2013 and 2012, respectively.

The Company did not have any revolving line of credit as of June 30, 2013.