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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2013
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
NOTE 14 - COMMITMENTS AND CONTINGENCIES
 
Guarantees
 
Jonway Auto guaranteed certain financial obligations of outside third parties including suppliers to support our business and economic growth. Guarantees will terminate on payment and/or cancellation of the obligation once it is repaid. A payment by us would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee.  Maximum potential payments under guarantees total $6.8 million at September 30, 2013. The guarantee expires at variance dates from November 2013 to June 2014. Our performance risk under these guarantees is reviewed regularly, and has resulted in no changes to our initial valuations.