Commitments and Contingency

12 Months Ended

Dec. 31, 2011

NOTE 20 - COMMITMENTS AND CONTINGENCY

Operating lease commitments

As of December 31, 2011, the total future minimum lease payments under non-cancellable operating leases in respect of premises, which were based on the closing rate as of December 31, 2011, are as follows:

For the year ended
December 31,
	2012	$	305,057
	2013		305,057
	2014		305,057
	2015		305,057
	Thereafter		3,304,789
TOTAL		$	4,525,017

Incentive share and after-tax targets

As an additional payment under the Allied Moral Holdings Securities Exchange Agreement, the previous holders of common stock of Allied Moral Holdings would be issued, on an all or none basis, 309,525 shares of common stock each year over three years (up to an aggregate of 928,575 shares of common stock), if on a consolidated basis, the Company has after-tax profits in the following amounts for the indicated periods:

Years Ending December 31,	After-tax Profit in USD
2009		18,500,000
2010		26,200,000
2011		34,060,000

The after-tax profit goals were not achieved for the years ended December 31, 2011, 2010 and 2009. Therefore, no additional shares of common stock were issued pursuant to the Securities Exchange Agreement.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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+ Details

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