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XML - IDEA: XBRL DOCUMENT - Fushi Copperweld, Inc.R46.htm
EXCEL - IDEA: XBRL DOCUMENT - Fushi Copperweld, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Fushi Copperweld, Inc.v325512_10q.htm
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v2.4.0.6
Related Party Transactions
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

Note 13 - Related Party Transactions

 

In December 2011, Mr. Li Fu advanced $2,000,000 to Fushi to facilitate timely payment of certain expenses of Fushi. The advance is non-interest bearing and was due on demand. In January 2012, $1,800,000 was repaid to Mr. Fu by Fushi in cash. In March 2012, the remaining balance of $200,000 was repaid to Mr. Fu by Fushi International in RMB cash by using the prevailing foreign exchange rate of USD against RMB on the repayment date. The average balance of amount due to Mr. Lu was approximately $0.26 million for the 9-month period ended September 30, 2012. The imputed interest of the advance was insignificant.

 

For the nine-month periods ended September 30, 2012 and 2011, the Company rented an office of approximately 800 square meters in Beijing from Mr. Fu free of charge. The quarterly amount of rental fee based on quoted price for similar facilities was $ 68,273. The Company recognized an expense of $204,819 and a corresponding amount to additional paid in capital for the nine-month periods ended September 30, 2012 and 2011, respectively.