NOTE 15 – COMMITMENTS

Future payment commitments under the purchase agreement of “Kingold Jewelry Cultural Industry Park” amounted to RMB 480 million (approximately $79 million) are expected to be paid in January 2016 upon completion of the Jewelry Park construction. See Note 5 “Deposit on Land Use Right and Construction In Progress – JEWELRY PARK”.

On August 12, 2015, The Company signed a consulting agreement to engage Bespoke Independent Partners ("BIP"), a fully owned subsidiary of FPIA Partners LLC to operate as strategic advisors to Kingold in all matters relating to investor relations, capital markets and shareholder value creation strategy. The Company will pay an initial three month retainer fee of $12,000 as well as a due diligence fee of $15,000 upon execution of the contract. Thereafter, the Company shall pay BIP $4,000 per month, which fee shall be paid quarterly in advance. Pursuant to the agreement with BIP, an aggregate of 900,000 shares of warrants with exercise price ranges from $1.20 to $1.80 will be directly issued at no cost to BIP if certain stock performance targets are met within a three-year period.