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PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2013
PROPERTY AND EQUIPMENT (Tables) |
Property and equipment consists | Property and equipment consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Permit of land use |  | $ | 460,964 |  |  | $ | 447,013 |
Building |  |  | 2,494,623 |  |  |  | 2,419,125 |
Plant, machinery and equipment |  |  | 6,671,620 |  |  |  | 6,381,209 |
Motor vehicle |  |  | 151,670 |  |  |  | 147,080 |
Office equipment |  |  | 229,210 |  |  |  | 222,273 |
Construction in progress |  |  | 25,497,600 |  |  |  | 3,688,567 |
Total |  |  | 35,505,687 |  |  |  | 13,305,267 |
Less: accumulated depreciation |  |  | (5,264,350 | ) |  |  | (4,273,373 | )
Property and Equipment, net |  | $ | 30,241,337 |  |  | $ | 9,031,894 |
A reconciliation of total interest cost incurred to interest expense | A reconciliation of total interest cost incurred to interest expense as recognized in the consolidated statement of operations is as follows:
|  | For the Years |
|  | Ended December 31, |
|  | 2013 |  |  | 2012 |
Total interest cost incurred |  | $ | 583,400 |  |  | $ | 308,375 |
Interest cost capitalized |  |  | 234,704 |  |  |  | - |
Interest expense |  | $ | 348,696 |  |  | $ | 308,375 |
Useful lives of the assets | Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
Asset |  | Life - years
Permit of land use |  | 40 - 70
Building |  | 20 - 35
Plant, machinery and equipment |  | 10
Motor vehicle |  | 5 - 10
Office equipment |  | 3-5

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- Definition Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 + Details
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