OTHER RECEIVABLES AND PREPAID EXPENSES - Note 6

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

OTHER RECEIVABLES AND PREPAID EXPENSES - Note 5

NOTE 6 - OTHER RECEIVABLES AND PREPAID EXPENSES

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

		December 31,		December 31,
		2013		2012
				(Restated)
Deposit	$	-	$	90,091
Others		614,403		4,307,962
Total other receivables and prepaid expenses	$	614,403	$	4,398,053

The balances of $614,403 and $4,307,962 as "Others" as of December 31, 2013 and 2012 were comprised of receivables 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. The Company has continued to collected outstanding balances from Profit Harvest subsequent to December 31, 2013; accordingly, the Company has determined the amounts are fully recoverable and no allowance has been provided.