v2.4.1.9

LOSS ON IMPAIRMENT OF ASSET VALUATION

12 Months Ended

Dec. 31, 2014

Asset Impairment Charges [Abstract]

Asset Impairment Charges [Text Block]

NOTE 12. LOSS ON IMPAIRMENT OF ASSET VALUATION

Loss on impairment of asset valuation was $7,346,776 for the year ended December 31, 2013, which represents $5,832,800 impairment loss of the land use rights of farmland located in Jinzhong, Shanxi Province, $773,874 loss resulted from the termination of the construction of an uncompleted building in the subsidiary Huichun, and $740,102 loss resulted from the idle ERP system for retail sales in the Grain Division.

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- Definition

The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.

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