v2.4.0.8
PROPERTY, PLANT, AND EQUIPMENT
 6 Months Ended
Jun. 30, 2014
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
NOTE 8. PROPERTY, PLANT, AND EQUIPMENT
 
Property, plant, and equipment consisted of the following:
 
 
 
June 30,
 
December
31,
 
 
 
2014
 
2013
 
Automobiles
 
$
1,022,465
 
$
1,046,542
 
Buildings
 
 
17,073,876
 
 
17,480,188
 
Office equipment
 
 
987,553
 
 
1,012,007
 
Machinery and equipment
 
 
8,167,013
 
 
8,386,357
 
Furniture and fixtures
 
 
111,635
 
 
114,398
 
Total cost
 
 
27,362,542
 
 
28,039,492
 
Less: Accumulated depreciation
 
 
(9,562,231)
 
 
(8,788,441)
 
Property, plant, and equipment, net
 
$
17,800,311
 
$
19,251,051
 
 
The buildings owned by the Company located in Jinzhong and Quwo in Shanxi Province, China are used for production, warehousing and offices for our corn and grains business.
 
As of June 30, 2014, $5.7 million (RMB 35.2 million) of buildings, machinery and equipment owned by the Taizihu Group were pledged as collateral for short-term bank loans.
 
Depreciation expense for the six months ended June 30, 2014 and 2013 was $1,018,254 and $994,846, respectively.