NOTE 8. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER PAYABLES

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

	As of September 30, 2013		As of December 31, 2012
Accrued advertising operating rights	$	756,252	$	744,365
Accrued staff benefit and related fees		985,034		804,290
Accrued professional fees		113,299		102,186
Director's loan (Note 13)		103,125		143,918
Accrued interest expenses		267,379		101,790
Other accrued expenses		384,465		385,306
Short-term loans (1)		1,357,951		741,757
Receipts in advance		41,547		479,920
Other payables		15,650		15,200
Total	$	4,024,702	$	3,518,732

1) As of September 30, 2013 and December 31, 2012, the Company recorded an aggregated amount of $1,357,951 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 report, those loans have not yet been repaid.

The interest expenses of the short-term loans for the three months ended September 30, 2013 and 2012 was $52,106 and $21,346 respectively, while for the nine months ended September 30, 2013 and 2012 amounted to $128,192 and $44,192, respectively.