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PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2014
PROPERTY AND EQUIPMENT (Tables) |
Property and equipment consists | Property and equipment consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Permit of land use |  | $ | 458,853 |  |  | $ | 460,964 |
Building |  |  | 11,279,704 |  |  |  | 2,494,623 |
Plant, machinery and equipment |  |  | 28,358,694 |  |  |  | 6,671,620 |
Motor vehicle |  |  | 150,976 |  |  |  | 151,670 |
Office equipment |  |  | 268,521 |  |  |  | 229,210 |
Construction in progress |  |  | 5,848 |  |  |  | 25,497,600 |
Total |  |  | 40,522,596 |  |  |  | 35,505,687 |
Less: accumulated depreciation |  |  | (6,640,718 | ) |  |  | (5,264,350 | )
Property and Equipment, net |  | $ | 33,881,878 |  |  | $ | 30,241,337 |
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 Year |
|  | Ended December 31, |
|  | 2014 |  |  | 2013 |
Total interest cost incurred |  | $ | 1,244,346 |  |  | $ | 583,400 |
Interest cost capitalized |  |  | 458,542 |  |  |  | 234,704 |
Interest expense |  | $ | 785,804 |  |  | $ | 348,696 |
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 - 49
Plant, machinery and equipment |  | 5 - 10
Motor vehicle |  | 5 - 10
Office equipment |  | 3-5

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: 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 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 + Details
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