Other Receivables and Loans to Customer and Supplier

3 Months Ended

Mar. 31, 2013

Accounts Receivable and Other Receivables and Loans To Customer and Supplier [Abstract]

OTHER RECEIVABLES AND LOANS TO CUSTOMER AND SUPPLIER

5. OTHER RECEIVABLES AND LOANS TO CUSTOMER AND SUPPLIER

Other receivables consisted of the following:

	March 31,		December 31,
	2013		2012
	(Unaudited)
Deposit and others	$	50,836	$	30,401
Business advance to staff		256,132		166,451
Business advance to directors		445,747		287,032
	$	752,715	$	438,884

Advance to staff and directors represented advance payments made to directors for business development activities and to staff for business travel purposes.  These outstanding amounts are expected to be repaid within a year.

	March 31,		December 31,
	2013		2012
	(Unaudited)
Loans to customer and supplier	$	2,900,898	$	2,892,868
	$	2,900,898	$	2,892,868

Loans to customer and supplier represent 8% interest bearing notes to one of the Company’s customers and one supplier, both of which were issued in December 2011. Additional amounts were advanced in first quarter of 2012 based on the same terms.  The amounts are expected to be repaid within a year of December 31, 2012.  The customer is a longtime customer of ours in the aquaculture business, and has been our business partner in other projects.  The supplier is in the packaging business and their business is growing rapidly that we have considered acquiring them.  There is no concern of the collectability of the loans based on our assessment of their financial condition, and both companies have been making the required interest payments.