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Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 14 – SUBSEQUENT EVENTS

On July 1, 2011, the Company issued 2,500 shares of its common stock to a director pursuant to an amended director’s agreement. The shares are valued at the fair value on the grant date and the Company recorded stock-based compensation of $2,350.

On July 19, 2011, the Company issued 7,500 shares of its common stock to its chief financial officer pursuant to the employment agreement between the Company and the chief financial officer. The shares are valued at the fair value on the grant date and the Company recorded stock-based compensation of $7,200.

On July 19, 2011, the Company issued 1,250 shares of its common stock to an employee pursuant to the engagement agreement between the Company and the employee. The shares are valued at the fair value on the grant date and the Company recorded stock-based compensation of $1,200.

In July and August 2011, the Company issued 844,667 shares of common stock upon the conversion of series A preferred stock.

On July 7, 2011, the board of directors authorized the issuance of 8,760 shares of common stock to a director pursuant to an agreement with the director, which were issuable in two installments.  The Company issued 4,380 shares of common stock in August 2011 and the remaining 4,380 shares of common stock are issuable in January.  The 8,760 shares were valued at $12,000, being the fair market value of the shares on the date of the director’s election to the board.
 
On July 11, 2011, the Company renewed its loan agreement with Bank of Communication in the amount of $464,109. The loan is due on January 10, 2012 with interest at the annual rate of 7.32%, the rate being adjusted quarterly based on People’s Bank of China’s base rate times 120%.

On July 13, 2011, the Company renewed its loan agreement with Bank of Communication in the amount of $309,406. The loan is due on July 13, 2012 with interest at the annual of 7.32%, the rate being adjusted quarterly based on People’s Bank of China’s base rate times 120%.