OTHER RECEIVABLES AND PREPAID EXPENSES - Note 7

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements

OTHER RECEIVABLES AND PREPAID EXPENSES - Note 7

NOTE 7 - OTHER RECEIVABLES AND PREPAID EXPENSES

As of June 30, 2013 and December 31, 2012, the Company's other receivables and prepaid expenses consisted of the following:

		June 30,		December 31,
		2013		2012
		(Unaudited)
Deposit	$	93,694	$	90,091
Advance to employees		8,164		-
Prepaid expenses		192,253		116,381
Others		3,334,612		4,307,962
Total other receivables and prepaid expenses	$	3,628,723	$	4,514,434

The balances of $3,334,612 and $4,307,962 labeled as "Others" as of June 30, 2013 and December 31, 2012 were primarily comprised of receivables of $3,334,612 and $4,297,253 owed to the Company by Profit Harvest 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.