Property, plant and equipment as of September 30 and December 31, 2015 consisted of the following:

		September 30,			December 31,
		2015			2015
Buildings	$	18,440,000		$	18,045,944
Machinery and equipment		4,020,238			3,945,547
Office equipment		37,050			39,749
Motor vehicles		147,197			144,052
		22,644,485			22,175,292
Accumulated depreciation		(369,665	)		(643,510	)
Carrying amount	$	22,274,820		$	21,531,782

Depreciation expense for the three months ended December 31, 2014 and 2015 is included in the condensed consolidated statements of operations as follows:

		Three months ended December 31,
		2014		2015
Cost of revenues	$	-	$	268,925
Research and development expenses		-		448
General and administrative expenses		6,509		16,983
	$	6,509	$	286,356

The Company has not yet obtained the property ownership of the buildings in its Dalian manufacture facilities with a carrying amount of $18,318,313 and $17,804,599 as of September 30 and December 31, 2015, respectively. The management expects that they will obtain the property ownership rights by March 2016.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment of its property, plant and equipment for the quarters ended December 31, 2014 and 2015.