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PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET | 12 Months Ended
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Dec. 31, 2011
PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET | NOTE 6 – PROPERTY, PLANT AND EQUIPMENT UNDER CAPITAL LEASES, NET Property, plant and equipment under capital leases, net consist of the following:
|  | As of December 31, |
|  | 2011 |  |  | 2010 |
At cost: |  |  |  |  |  |  |  |
Buildings |  | $ | 130,605 |  |  | $ | - |
Plant and machinery |  |  | 2,476,460 |  |  |  | - |
Total |  |  | 2,607,065 |  |  |  | - |
Less: accumulated depreciation and amortization |  |  | (270,145 | ) |  |  | - |
Net book value |  | $ | 2,336,920 |  |  | $ | - |
The above buildings erected on parcels of land located in Shouguang, PRC, are collectively owned by local townships. The Company has not been able to obtain property ownership certificates over these buildings as the Company could not obtain land use rights certificates on the underlying parcels of land. During the year ended December 31, 2011, depreciation and amortization expense totaled $265,057, of which $172,103 and $92,954 were recorded as cost of sales and administrative expenses respectively. An impairment of $683,046 was made in the second quarter of 2011 for those idle assets without enhancements and adjustments been performed in early 2011, and included in write-off / impairment on property, plant and equipment.

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- Definition The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 + Details
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