INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2015

Income from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes was allocated between the U.S. and foreign components for the three and nine months ended September 30, 2015 and 2014:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014

United States	$	(194,487)	$	(864,242)	$	(985,192)	$	(3,172,630)
Foreign		12,108,862		7,895,779		21,610,455		56,690,297
		11,914,375		7,031,537		20,625,263		53,517,667

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liability as of September 30, 2015 and December 31, 2014 consist of the following:

	As of
	September 30,		December 31,
	2015		2014
Deferred tax assets:
Deferred tax assets from net operating loss carry-forwards for parent company	$	5,067,000	$	4,732,000
Valuation allowance		(5,067,000)		(4,732,000)
Deferred tax assets	$	-	$	-

Deferred tax liability:
Deferred tax liability from capitalized interest on the Jewelry Park project	$	1,307,187	$	-
Deferred tax liability-long term	$	1,307,187	$	-