Related Party Transactions

3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

12. Related Party Transactions

At March 31, 2013 and December 31, 2012, the Company had loans payable to the chairman (Fuchao Li), and a minority shareholder (Yinling Fan) of the Company. The Company and these parties have not signed notes, there are no specific due dates, and no interest is paid on the loans. Money is transferred between these parties and the Company mainly for cash flow purposes. The amounts loaned and borrowed are short-term in nature and the balances at both year-ends are considered at the fair market value of the amounts owed. The following amounts were payable to the owners as of March 31, 2013 and December 31, 2012:

	March 31,		December 31,
	2013		2012
Fuchao Li	$	-	$	214,150
Yinling Fan		194,683		193,617
	$	194,683	$	407,767

During the three months ended March 31, 2013, the Company repaid $214,150 to Fuchao Li. There was no other activity in these payables during the three months ended March 31, 2013.