PREPAYMENTS FOR RAW MATERIAL PURCHASES

9 Months Ended

Sep. 30, 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 a third-party import-export company. Pursuant to the terms of the Company’s purchase agreements with that third-party, the Company was required to make prepayments in advance of delivery of the purchased scrap copper to the Company’s production facilities. As of September 30, 2013, and December 31, 2012, such prepayments were $20,146,389 and $19,569,239, respectively.