Summary of Oral Loan Transactions Between the Company and Mr. Wang
The Company and Mr. Wang engaged in two oral loan transactions between 2009 and 2010, with Mr. Wang borrowing a total of $2,273,690 and repaying most of it over time. The loans were interest-free and repayable on demand. As of November 1, 2012, Mr. Wang has fully repaid all outstanding amounts. Both parties have agreed to discontinue such loan arrangements in the future.
Exhibit 10.4
The Company has entered into two oral loan transactions with Mr. Wang. In 2009, the Company loaned him $1,837,975. He repaid $1,089,209 of that amount in 2009. In 2010, the Company loaned Mr. Wang $435,715, and he repaid $1,341,470 to the Company. The current outstanding amount owed by Mr. Wang to the Company is $156,989.
As of November 1, 2012, the loans, which bore no interest and were due upon demand, have been fully repaid.
The Company and Mr. Wang have agreed to discontinue this practice.
