NOTE 8. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER PAYABLES

Accounts payable, accrued expenses and other payables as of June 30, 2013 and December 31, 2012 were as follows:

	As of June 30, 2013		As of December 31, 2012
Accrued advertising operating rights	$	672,186	$	744,365
Accrued staff benefit and related fees		924,757		804,290
Accrued professional fees		116,197		102,186
Director's loan (Note 13)		130,868		143,918
Accrued interest expenses		202,672		101,790
Other accrued expenses		389,174		385,306
Short-term loans (1)		1,019,489		741,757
Receipts in advance		201,275		479,920
Other payables		15,615		15,200
Total	$	3,672,233	$	3,518,732

1) As of June 30, 2013 and December 31, 2012, the Company recorded an aggregated amount of $1,019,489 and $741,757 short-term loans, respectively. Those loans were borrowed from an unrelated individual. Those loans are unsecured, bear a monthly interest of 1.5% and shall be repayable in one month. However, according to the agreement, the Company shall have the option to shorten or extend the life of those short-term loans if the need arises and the Company has agreed with the lender to extend the short-term loans on due date. Up to the date of this annual report, those loans have not yet been repaid.

The interest expenses of the short-term loans for the three months ended June 30, 2013 and 2012 was $42,010 and $19,662 respectively, while for the six months ended June 30, 2013 and 2012 amounted to $76,086 and $22,846, respectively.