Other Current Assets

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Other Current Assets

5.  OTHER CURRENT ASSETS

Other current assets as of September 30, 2011 and December 31, 2010 consisted of the following.

	September 30,		December 31,
	2011		2010
Prepayment to suppliers	$	780,118	$	115,078
Deferred expenses		32,760		49,768
Offering costs, net		606,819		—
	$	1,419,697	$	164,846

In connection with the private placement, the Company incurred $1,624,002 of offering costs. These costs have been reflected as other current assets and are being amortized using the interest method over the expected life of the related convertible notes payable. Amortization of these costs is recorded as interest expense. As of September 30, 2011, the remaining book value of these offering costs amounted to $606,819.