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Related Party Transactions (Details) (USD $)
9 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Due from related parties $ 13,619,198 $ 20,528,155
Due to related parties 2,966,000 5,362,597
BeijingLeimone Shengtong Wireless
   
Due from related parties 35,852 91,571
Related Party Transaction, Description of Transaction

Beijing Leimone Shengtong Wireless Technology Co., Ltd. ("Beijing Leimone") was founded by Gu, the largest shareholder of the Company. Beijing Leimone borrows money from the Company. The borrowings bore no interest and had a maturity of 12 months. The balances are neither collateralized nor personally guaranteed by Gu. The balance is expected to be repaid in full by December 31, 2013.

 

 

 
Related Party Transaction, Rate 0.00%  
Leimone (Tianjin) Industrial
   
Due from related parties 4,212,356 11,034,982
Related Party Transaction, Description of Transaction

Leimone (Tianjin) Industrial Co., Ltd. ("Tianjin Leimone") was controlled by Gu, the largest shareholder of the Company. Tianjin Leimone sells raw materials to the Company. As of September 30, 2013 and December 31, 2012, the amounts due from Tianjin Leimone of $4,212,356 and $11,034,982 represented advances for purchases arising in the normal course of business for transactions prior to December 31, 2012. The difference in balances between September 30, 2013 and December 31, 2012, represents the repayment of related party advances. The outstanding balance is expected to begin to reduce materially when the Company has completed its sale of TCB Digital.

 

 
Shenzhen Leimone
   
Due from related parties 324,950 355,564
Related Party Transaction, Description of Transaction

Shenzhen Leimone Company, Ltd., formed by individuals including our Chairman, Mr. Gu, is set up with the intention of providing manufacturing services to our Company particularly for exports. $324,950 and $355,564 as of September 30, 2013 and December 31, 2012 was a loan to Shenzhen Leimone for setup costs. The balance is expected to be repaid in full by December 31, 2013.

 

 
Spreadzoom
   
Due from related parties 9,046,040 9,046,038
Related Party Transaction, Description of Transaction

The balance due from SpreadZoom represents an advance to SpreadZoom for it to purchase components to manufacture handsets in the normal course of business. The advance bears no interest, and is uncollateralized. The difference in balances between September 30, 2013 and December 31, 2012, represents the fluctuation of exchange rates between the functional and reporting currency. Such advances occurred during the early stages of the business. The SpreadZoom has not yet been fully capitalized. Upon completion of the sale of TCB Digital, the Company expects to be repaid these advances.

 

 

 

 

 
Gu
   
Due to related parties 2,863,500 2,901,283
Related Party Transaction, Description of Transaction

Mr. Gu provides funds to the Company with no interest and are due on demand. As of September 30, 2013 and December 31, 2012, the balances of funds provided by Gu was $2,863,500 and $2,901,283 respectively.

 

 
Anthony Chan
   
Due to related parties 475,603 358,814
Related Party Transaction, Description of Transaction

At December 31, 2012, the Company owed to Mr. Anthony Chan certain accrued compensation for services rendered in the amount of $358,814. As of September 30, 2013, the balance owed to Mr. Chan has been fully settled.

 

 
Beijing Leimone Shengtong Cultural
   
Due to related parties 102,500 102,500
Portables Unlimited
   
Due to related parties $ 0 $ 2,000,000
Related Party Transaction, Description of Transaction

At December 31, 2012, the Company owed to Portables Unlimited, Inc. a promissory note for $2,000,000. As of July 15, 2013, the Company was in default of this note. Refer to "Note 1 - Organization and Nature of Business Operations" for further details.

 
Related Party Transaction, Rate 12.00%