OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

3 Months Ended

Mar. 31, 2013

Other Receivables Deposits and Prepayments [Abstract]

OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

NOTE 6 OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

Other receivables, deposits and prepayments consisted of the following:

	March 31,		December 31,
	2013		2012
Other receivables	$	80,776	$	118,031
Utility deposits		79,759		79,548
Prepaid research and development costs		32,767		200,376
Prepaid insurance		-		162,000
Less: Allowance for valuation and doubtful debts		-		-
	$	193,302	$	559,955

In 2011, the Company signed various research and development contracts with Shanghai Electric Cable Research Institute. The service periods of the contracts vary from approximately 1.5 years to 3 years, with installment payment terms. Prepaid research and development costs as of March 31, 2013 and December 31, 2012 represent aggregate installment payments made upon execution of the contracts, net of amortization in 2013 and 2012, pursuant to the terms of these contracts.