Bank Notes Payable

3 Months Ended

Mar. 31, 2013

Notes Payable [Abstract]

Bank Notes Payable

10. Bank Notes Payable

The components of the Company’s bank notes payable are as follows:

	March 31,		December 31,
	2013		2012
Notes payable:
Loans due to financial institutions	$	2,473,431	$	2,221,834

Bank notes payable represent bank notes paid to the Company’s vendors for purchase of inventory. At March 31, 2013, the Company had bank notes payable with three different banks with maturity dates of nine months. All are noninterest-bearing notes, but generally require fees of approximately 0.05%. The notes payable require cash to be held in reserve of 100% of the total outstanding notes payable balance. Cash held by the bank as collateral is included in restricted cash.