v2.4.0.6
8. PROPERTY, PLANT AND EQUIPMENT
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12 Months Ended |
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Property, Plant and Equipment [Abstract] |
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PROPERTY, PLANT AND EQUIPMENT |
Property,
plant and equipment at December 31, 2012 and 2011 is comprised of the following:
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December
31, 2012 |
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|
|
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December
31, 2011 |
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Accumulated |
|
|
Net
book |
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|
|
Accumulated |
|
|
Net
book |
|
|
|
Cost |
|
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Depreciation |
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|
Value |
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|
Cost |
|
|
Depreciation |
|
|
Value |
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|
|
|
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|
|
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Building |
|
$ |
3,783,611 |
|
|
$ |
(340,062 |
) |
|
$ |
3,443,549 |
|
|
$ |
3,745,873 |
|
|
$ |
(145,042 |
) |
|
$ |
3,600,831 |
|
Furniture
and equipment |
|
|
9,831 |
|
|
|
(2,831 |
) |
|
|
7,000 |
|
|
|
9,733 |
|
|
|
(773 |
) |
|
|
8,960 |
|
Machinery
and equipment |
|
|
3,914,440 |
|
|
|
(733,413 |
) |
|
|
3,181,027 |
|
|
|
3,875,396 |
|
|
|
(318,543 |
) |
|
|
3,556,853 |
|
Automotive
equipment |
|
|
324,883 |
|
|
|
(99,292 |
) |
|
|
225,591 |
|
|
|
172,375 |
|
|
|
(33,685 |
) |
|
|
138,690 |
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Office
equipment |
|
|
12,445 |
|
|
|
(3,921 |
) |
|
|
8,524 |
|
|
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11,558 |
|
|
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(1,287 |
) |
|
|
10,271 |
|
Construction
in Progress |
|
|
681,437 |
|
|
|
— |
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|
|
681,437 |
|
|
|
574,527 |
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|
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— |
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574,527 |
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|
|
|
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Total |
|
$ |
8,726,647 |
|
|
$ |
(1,179,519 |
) |
|
$ |
7,547,128 |
|
|
$ |
8,389,462 |
|
|
$ |
(499,330 |
) |
|
$ |
7,890,132 |
|
Depreciation
expense for the years ended December 31, 2012 and 2011 totaled $666,743 and $488,611, respectively. The Company did own hold any
property, plant or equipment prior to its March 18, 2011 acquisition of its Wendeng segment.
Differences
may arise in the amount of depreciation expense reported in the Company's operating results as compared to the corresponding change
in accumulated depreciation due to foreign currency translation. These translation adjustments are reflected in accumulated other
comprehensive income, a separate component of the Company's stockholders' equity. |
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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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