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Loans From Third Parties (Tables)
9 Months Ended
Sep. 30, 2013
Loan From Third Parties [Abstract]  
Loan Payable
Loans from unrelated third parties consist of the following:
 
 
 
 
 
September 30,
 
December 31,
 
Loans from third-parties
 
 
 
2013
 
2012
 
Lishu Xinda Goods Trading Company
 
 
 
 
 
 
 
 
 
Bearing 6% interest, payable May 31, 2013
 
(a)
 
$
-
 
$
1,269,620
 
Dalian Jinhan Development Company
 
 
 
 
 
 
 
 
 
Bearing 6% interest, payable October 24, 2013
 
(b)
 
 
1,629,620
 
 
1,587,024
 
Dalian Jiahui Advertising Company
 
 
 
 
 
 
 
 
 
Bearing 6% interest, payable May 31, 2013
 
(c )
 
 
-
 
 
238,054
 
Xu Yaling, 6% interest, payable on April 30, 2013
 
(d )
 
 
-
 
 
2,221,834
 
Loan from other individuals
 
( e)
 
 
735,773
 
 
4,096,904
 
Total loans from third parties
 
 
 
$
2,365,393
 
$
9,413,436
 
 
‘(a ) A loan from Lishu Xinda Goods Trading Company as working capital was fully repaid upon maturity on May 31, 2013.
 
‘(b ) On October 14, 2012, the Company received short term loans of RMB 10 million ($1,629,620) from an unrelated third-party, Dalian Jinhan Development Company as working capital. The loan is unsecured, bears interest at a rate of 6% and is due on October 24, 2013. The loan was subsequently repaid in October 2013 upon maturity.
 
‘( c ) A loan from Dalian Jiahui Advertising Company was fully repaid upon maturity on May 31, 2013.
 
‘( d ) A loan from Xu Yaling was repaid in full upon maturity in first quarter of 2013.
 
‘( e ) Unsecured loans from several individuals (Mr. Zhuo Yanhou, Mr. Zhu Hongkun and Mr. Sun Pengjun), which bear interest at rates of 4% to 6% and mature within six to twelve months (from May 2012 to May 2013). The Company repaid most of these individual loans upon maturity. For the remaining balance of individual loans, the Company signed loan extension agreements to extend these loans for an additional six months. These loans were subsequently repaid in October 2013 upon maturity.