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Prepaid Land Use Rights, net
 3 Months Ended
Dec. 31, 2014
Prepaid Land Use Rights, net [Text Block]
8.

Prepaid Land Use Rights, net

   
 

Prepaid land use rights as of September 30, 2014 and December 31, 2014 consisted of the followings:

      September 30,     December 31,  
      2014     2014  
  Prepaid land use rights $ 9,152,400   $ 9,051,389  
  Accumulated amortization   -     (67,885 )
        9,152,400     8,983,504  
  Less: Classified as current assets   (183,048 )   (180,122 )
      $ 8,969,352   $ 8,803,382  

 

Pursuant to a land use rights acquisition agreement dated August 10, 2014, the Company acquired the rights to use a piece of land with an area of 153,832 m 2 in Dalian Economic Zone for 50 years up to August 9, 2064, at a total consideration of $8,566,302 (RMB53.1 million). Other incidental costs incurred totaled $485,087 (RMB3.1 million).

   
 

Amortization expenses of the prepaid land use rights were $134,723 and $68,529 for the three months ended December 31, 2013 and 2014, respectively.