RESTRICTED CASH, NOTES PAYABLE - BANK ACCEPTANCES

9 Months Ended

Sep. 30, 2013

Restricted Cash Notes Payable Bank Acceptances [Abstract]

RESTRICTED CASH, NOTES PAYABLE -BANK ACCEPTANCES

4. RESTRICTED CASH, NOTES PAYABLE – BANK ACCEPTANCES

Restricted cash as of September 30, 2013 and December 31, 2012 was $3,334,418 and $2,725,002 (of which, $954,578 was deposited as a principal-guaranteed financial investment product with a term of six months at December 31, 2012), respectively, held by the bank as collateral to issue bank acceptances. The Company endorses bank acceptances to vendors as payment of its own obligations.  Most of the bank acceptances have maturities of less than six months.