Quarterly report pursuant to sections 13 or 15(d)

CASH

v2.4.0.8
CASH
9 Months Ended
Sep. 30, 2013
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents Disclosure [Text Block]
4.
CASH
 
PME
 
Cash is classified by geographical areas is set out as follows:
 
 
 
September 30, 2013
 
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Hong Kong
 
$
-
 
$
3,565,355
 
 
 
 
 
 
 
 
 
Maximum exposure to credit risk
 
$
-
 
$
3,565,355
 
 
Cash is denominated in the following currency:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
USD
 
$
-
 
$
3,565,355
 
 
Merchant Supreme
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Hong Kong
 
$
678
 
$
862
 
The PRC
 
 
10,831,322
 
 
6,859,923
 
 
 
$
10,832,000
 
$
6,860,785
 
 
 
 
 
 
 
 
 
Maximum exposure to credit risk
 
$
10,832,000
 
$
6,860,785
 
 
Cash is denominated in the following currencies: 
 
 
 
September 30, 2013
 
December 31, 2012
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
USD
 
$
150,057
 
$
150,001
 
RMB
 
 
10,681,265
 
 
6,709,922
 
HKD
 
 
678
 
 
862
 
 
 
$
10,832,000
 
$
6,860,785
 
 
In the PRC and Hong Kong, there are currently no rules or regulations mandating obligatory insurance of bank accounts. Management believes these financial institutions are of high credit quality.
 
Renminbi is not a freely convertible currency and the remittance of funds out of the PRC is subject to the exchange restrictions imposed by the PRC government.