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PAYABLE TO CAESAR CAPITAL MANAGEMENT LTD.
12 Months Ended
Dec. 31, 2012
Loans Payable [Abstract]  
Loans Payable to Unrelated Party [Text Block]

 

NOTE 13 — PAYABLE TO CAESAR CAPITAL MANAGEMENT LTD.

 

Caesar Capital Management Ltd. a 6.2% shareholder of the Company, advanced $121,536 and $853,675 to the Company as of December 31, 2012 and 2011, respectively. The payable to Caesar Capital Management Ltd. includes loan payables of $76,857 and money collected for its business transactions on the Company’s website of $43,085. The loan payables are borrowed by the Company for operating purposes, without collateral, and are due between July 2013 to November 2013, and with an annual interest rates of 6%. Interest expenses of $1,594 and $0 have been accrued for the years ended December 31, 2012 and 2011, respectively. As of December 31, 2011, payable to Caesar Captial Management Ltd. also includes an escrow deposit of $827,000 and other payable of $26,675. The deposit is interest free and was returned per the instruction of the unrelated party in January 2012.