LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2015

LONG-TERM LIABILITIES [Abstract]

LONG-TERM LIABILITIES

15. LONG-TERM LIABILITIES

In connection with the acquisition of the intangible assets relating to a game license obtained in 2012, the Company was required to make certain cash payments by installment. The total cash installment payments amounted to $55,000,000 with a present value of $53,460,269 on the acquisition date. Based on the expected payment date, the Company has recorded the non-current portion of the payment liabilities of $9,860,000 under long-term liabilities as of December 31, 2014 which was included in game license fees payable under accounts payable as of December 31, 2015.