PREPAYMENTS FOR RAW MATERIAL PURCHASES

3 Months Ended

Mar. 31, 2013

Prepayments For Raw Material Purchases [Abstract]

PREPAYMENTS FOR RAW MATERIAL PURCHASES

NOTE 5 PREPAYMENTS FOR RAW MATERIAL PURCHASES

Starting from the second quarter of 2011, the Company initiated purchases of scrap copper from overseas via third-party import-export companies. Pursuant to the terms of the Company’s purchase agreements with these third parties, the Company is required to make prepayments in advance of delivery of the purchased scrap copper to the Company’s production facilities. As of March 31, 2013, such prepayments were $14,255,297.