Note 3 - Cash

6 Months Ended

Jun. 30, 2012

Note 3 - Cash:

Note 3 - Cash

Note 3 – Cash

		June 30, ­2012		December 31, 2011
Cash consist of the following:
Cash in hand	$	7,498	$	6,163
Cash in bank - Saving & Checking
China Construction Bank (Asia) (formerly known as Bank of America (Asia))		7,375,484		7,552,133
United Overseas Bank		1,992		5,915
Bank of China		146,339		55,034
Sun Hung Kei Financial		136		42
Bank of Shanghai		619,465		581,130
Industrial and Commercial Bank of China		3		4
Hui Shang Bank		0		3,536
Cash and cash equivalents	$	8,150,917	$	8,203,957

Cash balances are held principally at one financial institution and are not insured.  The Company believes it mitigates its risk by investing in or through major financial institutions.  Recoverability is dependent upon the performance of the institution.

Although the cash balances are not insured, however, starting in September 2006, cash balances (except accounts with overdraft facilities) are protected by the Deposit Protection Scheme which is maintaining by the Hong Kong Deposit Protection Board, an independent statutory body established under the Deposit Protection Scheme Ordinance (Cap. 581).

Under the scheme, compensation up to a limit of HK$100,000 (US$12,821) per depositor would be paid from the scheme to depositor if the bank with which the depositor holds his/her eligible deposits fails.  On October 14, 2008, the Hong Kong Government announced that they would use the Exchange Fund to guarantee the repayment of all customer deposits held in authorized institutions in Hong Kong, following the principles of the Deposit Protection Scheme.  This action began on October 14, 2008 and expired at the end of 2010.  Following the enactment of the Deposit Protection Scheme (Amendment) Ordinance 2010 in June 2010, the protection limit of the Deposit Protection Scheme is increased from HK$100,000 per depositor to HK$500,000 (approximately US$64,103) per depositor with effect from January 1, 2011.