COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES [Text Block]

10.	COMMITMENTS AND CONTINGENCIES
	a)	Purchase Commitments
		Commitments for the purchase of commercial properties and construction for building totaled $10,687,564 as of September 30, 2012.
	b)	Lease commitments
		As of September 30, 2012, future minimum rental payments under non-cancellable operating leases having initial or remaining lease terms of more than one year are as follows:

Year		Amount
2012	$	1,361,570
2013		2,048,621
2014		2,101,095
2015		1,847,089
2016		1,023,159
Thereafter		785,938
	$	9,167,472

c)	Contingencies
	The Group is a defendant in a lawsuit filed by a former lessor for alleged breach of contract. The suit asks for actual and punitive damages totaling approximately $1 million. The Group believes the suit is completely without merit and intends to vigorously defend its position. The Group is unable at this time to predict the outcome of this litigation or whether the Group will incur any liability associated with the litigation, or to estimate the effect such outcome would have on the financial condition, results of operations, or cash flows of the Group.
	The Group did not accrue for any contingencies as of September 30, 2012.