Long Term Loans

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Long Term Loans

11.  LONG-TERM LOANS

The details of the Company’s long-term borrowings are as follows:

	September 30,			December 31,
	2011			2010
Bank loan bearing interest at 5.4% per annum,
maturing on May 21, 2012. The loan is
uncollateralized other than restricted cash
deposited at the bank	$	1,652,607		$	1,358,962
Less: Current portion		(708,260	)		(905,975	)
	$	944,347		$	452,987

The bank loans consist of $708,260 (RMB4,500,000) and $944,347 (RMB6,000,000), bearing interest at 5.4% and 5.85% per annum, maturing on May 21, 2012 and January 30, 2013, respectively.