Subsequent Events

3 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

In April 2014, the Company repaid short-term loan from Bank of Communications in the principal amount of $324,575, and borrowed the same amount from Bank of Communications. The new loan bears interest rate at 6.72% per annum and is due on October 21, 2014.

In April 2014, the Company repaid short-term loan from Bank of Communications in the principal amount of $486,863, and borrowed the same amount from Bank of Communications. The new loan bears interest rate at 6.72% per annum and is due on October 23, 2014.

In May 2014, the Company repaid short-term loan from Agricultural and Commercial Bank in the principal amount of $486,863, and borrowed the same amount from Agricultural and Commercial Bank. The new loan bears interest rate at 7.20% per annum and is due on March 20, 2015.

In May 2014, the Company issued 65,500 shares of common stock pursuant to its 2010 long-term incentive plan, including 20,000 shares to the chief executive officer, 15,000 to the chief financial officer and 3,500 to a newly-elected director.  The shares were valued at $5.35 per shares, or a total of $350,425.