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Prepaid Land Use Rights, net

6 Months Ended

Mar. 31, 2016

Prepaid Land Use Rights, net [Text Block]

9.	Prepaid Land Use Rights, net

	Prepaid land use rights as of September 30, 2015 and March 31, 2016 consisted of the followings:

		September 30,			March 31,
		2015			2016
Prepaid land use rights	$	8,838,220		$	8,717,127
Accumulated amortization		(206,225	)		(290,571	)
	$	8,631,995		$	8,426,556
Less: Classified as current assets		(176,764	)		(174,343	)
	$	8,455,231		$	8,252,213

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 $8,234,000 (RMB53.1 million). Other incidental costs incurred totaled $482,000 (RMB3.1 million).

Amortization expenses of prepaid land use rights were $44,875 and $42,936 for the three months ended March 31, 2015 and 2016 and $113,404 and $86,891 for the six months ended March 31, 2015 and 2016, respectively.