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SHORT-TERM LOANS - Note 13
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
SHORT-TERM LOANS - Note 13

NOTE 13 — SHORT-TERM LOANS

Short-term loans are due to various financial institutions which are normally due within one year. As of June 30, 2011 and December 31, 2010, the Company's short term loans consisted of the following:

    June 30, 2011   December 31, 2010
        (Audited)
             
Bank of Communication Tianjin Branch ("BOCTB"), due from March 8, 2010 to January 7, 2011 with floating interest, guaranteed by TCBGCL - related party   $ -   $ 3,024,895
             
BOCTB, due from June 28, 2010 to June 27, 2011 with floating interest, guaranteed by TCBGCL - related party     -     3,024,895
             
BOCTB, due from June 10, 2010 to June 9, 2011 with floating interest, guaranteed by TCBGCL - related party     -     3,024,895
             
BOCTB, due from August 16, 2010 to August 17, 2011 with floating interest, guaranteed by TCBGCL - related party     1,144,802     1,119,211
             
BOCTB, due from November 3 to August 2, 2011 with benchmark interest rate plus 10%, guaranteed by TCBGCL - related party     4,641,089     4,537,342
             
BOCTB, due from December 8, 2010 to June 8, 2011, interest adjusted to the preferred interest rate as of the due date, guaranteed by Leimone (Tianjin) Industrial Co., Ltd. - related party     -     1,659,530
             
Northern International Trust & Investment Co., Ltd, due from October 13, 2010 to October 12, 2011 with interest at 8.400%, guaranteed by Small & Medium Enterprises Guarantee Center Co., Ltd.     1,856,436     1,814,937
             
China Bohai Bank, due from June 4, 2010 to June 3, 2011 with floating interest, Guaranteed by Tianjin Zhonghuan Electronic Communication Group.     -     3,024,895
             
BOCTB, due from January 7, 2011 to July 9, 2011 with benchmark interest rate plus 10%, guaranteed by TCBGCL - related party     3,094,059     -
             
BOCTB, due from June 20, 2011 to June 16, 2012 with floating interest, guaranteed by TCBGCL - related party     3,094,059     -
             
BOCTB, due from June 14, 2011 to June 13, 2012 with floating interest, guaranteed by TCBGCL - related party     3,032,178     -
             
BOCTB, due from December 27, 2010 to August 17, 2011, with benchmark interest rate plus 10%, guaranteed by TCBGCL - related party     2,011,139     -
             
Bank of China Tianjin branch, due from April 7, 2011 to October 7, 2011, interest adjusted to the preferred interest rate as of the due date, guaranteed by Leimone (Tianjin) Industrial Co., Ltd. - related party     622,829     -
             
Key Network Holdings Limited, due from May 31, 2010 to May 31, 2012 with interest at 6%.     715,036     715,064
             
Bank of Tianjin Laolian Branch, due from June 24, 2011 to June 22, 2012 with interest at 6.941%, guaranteed by Tianjin Zhonghuan Electronic Information Group Ltd.     1,964,728     -
             
Bank of Tianjin Laolian Branch, due from June 24, 2011 to June 22, 2012 with interest at 6.941%, guaranteed by Tianjin Zhonghuan Electronic Information Group Ltd.     618,812     -
             
Bank of Tianjin Laolian Branch, due from June 27, 2011 to June 22, 2012 with interest at 6.941%, guaranteed by Tianjin Zhonghuan Electronic Information Group Ltd.     154,703     -
             
Bank of Tianjin Laolian Branch, due from June 28, 2011 to June 22, 2012 with interest at 6.941%, guaranteed by Tianjin Zhonghuan Electronic Information Group Ltd.     355,817     -
             
Beijing Bank Zhongguancun Haidianyuan Sub-branch, due March 14, 2012 with interest at 6.67%, guaranteed by Leimone (Tianjin) Industrial Co., Ltd. - related party     232,054     -
             
Beijing Bank Zhongguancun Haidianyuan Sub-branch, due March 14, 2012 with interest at 6.67%, guaranteed by Leimone (Tianjin) Industrial Co., Ltd. - related party     309,406     -
             
Beijing Bank Zhongguancun Haidianyuan Sub-branch, due March 14, 2012 with interest at 6.67%, guaranteed by Leimone (Tianjn) Industrial Co., Ltd. - related party     525,990     -
             
Total short-term loans   $ 24,373,137   $ 21,945,664