OTHER RECEIVABLES AND PREPAID EXPENSES - Note 7

3 Months Ended

Mar. 31, 2013

Notes to Financial Statements

OTHER RECEIVABLES AND PREPAID EXPENSES - Note 7

NOTE 7 - OTHER RECEIVABLES & PREPAID EXPENSES

As of March 31, 2013 and December 31, 2012, the Company's other receivables and prepaid expenses consisted of the following:

	March 31,		December 31,
	2013		2012
	(Unaudited)
Deposit	$	93,353	$	90,091
Advance to employees		522		-
Prepaid expenses		188,840		116,381
Others		3,950,081		4,307,962
Total other receivables and prepaid expenses	$	4,232,796	$	4,514,434

The balances of $3,950,081 and $4,307,962 labeled as "Others" as of March 31, 2013 and December 31, 2012 were primarily comprised of receivables of $3,949,693 and $4,297,253 owed to the Company by Profit Harves that arose in the normal course of business where the Company paid for expenses and professional fees on behalf of Profit Harvest. Profit Harvest was previously a subsidiary of the Company. In 2012, it was sold to Beijing Zhumu Culture Communication Company, Ltd. These amounts are expected to be recovered by the Company.