SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2013

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 15 - SUBSEQUENT EVENTS

In October 2013 and November 2013, the company repaid $1.1 million in short-term loans to ICBC and $7.3 million to CITIC.

In November 2013, the company borrowed $0.8 million short-term loan from Taizhou Bank. The interest note is 8.89% and is due in May 2014. In October 2013, the company borrowed $1.1 million short-term loan from ICBC. The interest rate is 7.20% and is due in October 2014.

In October 2013 and November 2013, approximately $6.2 million of notes payable matured and approximately $4.1 million of new notes were issued. The new notes will be due in April 2014 and May 2014.