DEPOSITS RELATED TO LAND USE RIGHTS

6 Months Ended

Jun. 30, 2015

DEPOSITS RELATED TO LAND USE RIGHTS [Abstract]

DEPOSITS RELATED TO LAND USE RIGHTS

NOTE 5 – DEPOSITS RELATED TO LAND USE RIGHTS

In 2012, Guizhou Taibang made a refundable payment of RMB83,400,000 (approximately $13,641,738) to the local government in connection with the public bidding for a land use right in Guizhou Province. Given the decrease of the land area to be provided by the local government, RMB23,000,000 (approximately $3,762,110) was refunded by the local government. The remaining deposits will be refunded within one year following the completion of the bidding process.