Prepayments and Other Current Assets

9 Months Ended

Sep. 30, 2013

Prepayments and Other Non-current Assets and Other Non-current Assets [Abstract]

6. PREPAYMENTS AND OTHER CURRENT ASSETS

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. There is no concern of the collectability of the loans based on our assessment of their financial condition, and they have been making the required interest payments. The interest payments for the first six months of 2013 were collected in August 2013. We are in the process of collecting the loan principals in the fourth quarter of 2013 and it is likely that new loans of reduced amounts for the customer will be issued for another 12 months.

	September 30,		December 31,
	2013		2012
	(Unaudited)

Prepayments to suppliers	$	6,472,651	$	9,029,524

Other current assets as of September 30, 2013 and December 31, 2012 consisted of the following:

	September 30,		December 31,
	2013		2012
	(Unaudited)

Deferred expenses	$	30,050	$	16,221
Other current assets		-		837
Offering costs, net		-		115,688
	$	30,050	$	132,746