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GOVERNMENT GRANTS
6 Months Ended
Jun. 30, 2014
GOVERNMENT GRANTS [Text Block]

Note 5 - GOVERNMENT GRANTS

Receipts of government grants to encourage research and development activities which are non-refundable are credited to deferred income upon receipt. The Company recognizes government grants income when the government completes inspection on the regulated use of the grants by issuing the certificate. There was no government grants income recognized for the six months ended June 30, 2014 or 2013. As of June 30, 2014, government grants of $119,776 were recorded as deferred income.