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NOTES PAYABLE - Note 14
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
NOTES PAYABLE - Note 14

NOTE 14 — NOTES PAYABLE

These notes are payable in three to six months and bear no interest. The balance of notes payable as of September 30, 2011 and December 31, 2010 consisted of the following (all were bankers' acceptances):

    September 30,
2011		   December 31,
2010
        (Audited)
             
CECCC, honored by the BOCTB, from July 12, 2010 to January 12, 2011, secured by $907,468 of cash in bank   $ -   $ 1,814,937
           
CECCC, honored by the BOCTB, from July 14, 2010 to January 14, 2011, secured by $1,361,203 of cash in bank     -   2,722,405
           
CECCC, honored by the BOCTB, from September 14, 2010 to March14, 2011, secured by $1,512,447 of cash in bank.     -   3,024,895
           
CECCC, honored by the BOCTB, from September 16, 2010 to March 16, 2011, secured by $2,268,671 of cash in bank.     -   4,537,342
           
CECCC, honored by the BOCTB, from September 17, 2010 to March 17, 2011, secured by $1,615,294 of cash in bank.     -   3,230,588
           
CECCC, honored by the BOCTB, from September 19, 2010 to March 19, 2011, secured by $2,422,941 of cash in bank.     -   4,845,882
           
CECCC, honored by the BOCTB, from October 9, 2010 to April 9, 2011, secured by $1,814,937 of cash in bank.     -   3,629,874
           
Tianjin Tong Guang Group Electronics Science & Technology Co., Ltd., honored by the China Bohai Bank, from December 10, 2010 to June 10, 2011, secured by $1,512,447 of cash in bank.     -   1,512,447
           
CECCC, honored by the BOCTB, from July 14, 2011 to January 14, 2012, secured by $937,236 of cash in bank     1,874,473   -
           
CECCC, honored by the BOCTB, from July 20, 2011 to January 20, 2012, secured by $1,405,855 of cash in bank     2,811,709   -
           
Shanghai Zhanqiao, honored by the BOCTB, from August 8, 2011 to February 8, 2012, secured by $1,562,061 of cash in bank     1,562,061   -
           
CECCC, honored by the BOCTB, from September 20, 2011 to March 20, 2012, secured by $3,905,152 of cash in bank.     7,810,303   -
           
CECCC, honored by the BOCTB, from September 22, 2011 to March 22, 2012, secured by $3,202,224 of cash in bank.     6,404,449   -
           
CECCC, honored by the BOCTB, from September 27, 2011 to March 27, 2012, secured by $968,478 of cash in bank.     1,936,955   -
           
CECCC, honored by the BOCTB, from April 13, 2011 to October 13, 2011, secured by $749,789 of cash in bank     1,499,578   -
           
CECCC, honored by the BOCTB, from April 18, 2011 to October 18, 2011, secured by $1,124,684of cash in bank     2,249,368   -
           
Total notes payable   $ 26,148,896   $ 25,318,370
               

 

The Company is contingently liable for a total of RMB 62.7 million, or approximately US$9.8 million, for notes received from customers that are either discounted or endorsed but not matured as of September 30, 2011.