NOTES PAYABLE - Note 15

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

NOTES PAYABLE - Note 15

NOTE 15 — NOTES PAYABLE

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

	December 31, 2011		December 31, 2010
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 $942,700 of cash in bank; Repaid January 16, 2012		1,885,399	-
CECCC, honored by the BOCTB, from July 20, 2011 to January 20, 2012, secured by $1,414,049 of cash in bank, Repaid January 20, 2012		2,828,099	-
Shanghai Zhanqiao, honored by the BOCTB, from August 8, 2011 to February 8, 2012, secured by $1,571,166 of cash in bank; repaid February 8, 2012		1,571,166	-
CECCC, honored by the BOCTB, from September 20, 2011 to March 20, 2012, secured by $3,927,915 of cash in bank; repaid March 20, 2012		7,855,830	-
CECCC, honored by the BOCTB, from September 22, 2011 to March 22, 2012, secured by $3,220,890 of cash in bank; repaid March 22, 2012		6,441,780	-
CECCC, honored by the BOCTB, from September 27, 2011 to March 27, 2012, secured by $974,123 of cash in bank; repaid March 27, 2012		1,948,246	-
CECCC, honored by the BOCTB, from October 14, 2011 to April 14, 2012, secured by $785,583 of cash in bank		1,571,166	-
CECCC, honored by the BOCTB, from October 19, 2011 to April 19, 2012, secured by $2,670,982 of cash in bank		5,341,964	-
Total notes payable	$	29,443,650	$	25,318,370