v2.4.0.6
Property and Equipment
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12 Months Ended |
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Property and Equipment [Abstract] |
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PROPERTY AND EQUIPMENT |
NOTE 4 - PROPERTY AND EQUIPMENT
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Useful Life
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Office equipment and furniture |
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5 Years
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$ |
222,853 |
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|
$ |
215,145 |
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5 – 10 |
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|
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Manufacturing equipment
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5 – 10 Years
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56,916,700 |
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57,347,726 |
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Vehicles
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5 Years
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|
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125,167 |
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|
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124,211 |
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Construction in progress
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- |
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28,785 |
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330,730 |
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Building and building improvements
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20 Years
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20,785,597 |
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20,623,919 |
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78,079,102 |
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|
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78,641,731 |
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Less: accumulated depreciation
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(18,643,002 |
) |
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(14,599,652 |
) |
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$ |
59,436,100 |
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$ |
64,042,079 |
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For the years ended December 31, 2012 and 2011, depreciation expense amounted to $6,519,394 and $5,351,359, respectively, of which $4,983,679 and $4,238,590, respectively, is included in cost of revenues and the remainder is included in operating expenses. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category.
In 2011, the Company entered into a non-cancelable capital lease agreement with expiration date of June 3, 2014. Accordingly, the asset related to the capital lease in the amount of $785,583 and $791,628, respectively, is included in the accompanying consolidated balance sheets in property and equipment as of December 31, 2012 and 2011. For the years ended December 31, 2012 and 2011, the depreciation expense related to the capital lease in the amount of $71,204 and $0, respectively, is included in cost of revenues. |
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- Definition
The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13-14)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230
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