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Prepaid Land Use Rights, net
 3 Months Ended
Mar. 31, 2017
Prepaid Land Use Rights, net [Text Block]
9.

Prepaid Land Use Rights, net

   
 

Prepaid land use rights as of December 31, 2016 and March 31, 2017 consisted of the followings:

 

 

   December 31,     March 31,  
 

 

   2016     2017  
 

Prepaid land use rights

 $ 8,089,516   $ 8,155,279  
 

Accumulated amortization

   (390,993 )   (434,948 )
 

   

 $ 7,698,523   $ 7,720,331  
 

Less: Classified as current assets

   (161,790 )   (163,106 )
 

 

 $ 7,536,733   $ 7,557,225  

 

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 $7,703,921 (RMB53.1 million). Other incidental costs incurred totaled $451,358 (RMB3.1 million).

   
 

Amortization expenses of the prepaid land use rights were $42,936 and $40,778 for the three months ended March 31, 2016 and 2017, respectively.