XML 16 R8.htm IDEA: XBRL DOCUMENT

LIABILITIES	6 Months Ended
Jun. 30, 2014
LIABILITIES [Text Block]	NOTE C – LIABILITIES As of June 30, 2014, the balance sheet included total liabilities of $7,070,276, which consisted of current liabilities of $5,464,321 and construction payable of $1,605,955. Included in the current liabilities was a short-term loan of $161,197 (equivalent to RMB 1.0million) from Mr. Fengguo Liu, an unrelated party. The short-term loan is due on January 15, 2015 with an interest rate at 2% per month. The short-term loan also include the loan due from ChangLe Rural cedit cooperatives, amounting to $1,289,574 (equivalent to RMB8.0 million); the term of this loan was from November 17 2013 to October 17 2014, with an interest rate at 12% per annum. Also included in the current liabilities was $2,352,405 of loans from related companies, including Xi’an Yanfeng Biotechnology Co., Ltd., Shaanxi Yanfeng Real Estate Co. Ltd and Shaanxi Chaoying Beauty & Cosmetics Group Co., Ltd. These entities were related to the Company through common ownership and principal officers. These loans are non-interest bearing and have no set repayment terms.

LIABILITIES

6 Months Ended

Jun. 30, 2014

NOTE C – LIABILITIES

As of June 30, 2014, the balance sheet included total liabilities of $7,070,276, which consisted of current liabilities of $5,464,321 and construction payable of $1,605,955. Included in the current liabilities was a short-term loan of $161,197 (equivalent to RMB 1.0million) from Mr. Fengguo Liu, an unrelated party. The short-term loan is due on January 15, 2015 with an interest rate at 2% per month. The short-term loan also include the loan due from ChangLe Rural cedit cooperatives, amounting to $1,289,574 (equivalent to RMB8.0 million); the term of this loan was from November 17 2013 to October 17 2014, with an interest rate at 12% per annum. Also included in the current liabilities was $2,352,405 of loans from related companies, including Xi’an Yanfeng Biotechnology Co., Ltd., Shaanxi Yanfeng Real Estate Co. Ltd and Shaanxi Chaoying Beauty & Cosmetics Group Co., Ltd. These entities were related to the Company through common ownership and principal officers. These loans are non-interest bearing and have no set repayment terms.