PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6. PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
	(Unaudited)
Leasehold improvements	$	9,500	$	10,228
Furniture and office equipment		53,597		53,414
Computer and electronic equipment		30,278		29,860
Motor vehicle		75,299		74,988
		168,674		168,490
Less: Accumulated depreciation and amortization		(75,796		(68,010
Total	$	92,878	$	100,480

Depreciation and amortization expenses for the three months ended March 31, 2015 and 2014 were $8,296 and $101,875, respectively.

We performed our long-lived assets impairment test as of December 31, 2014. As the carrying value of Wuxi Club and Jintan Club are higher than the undiscounted cash flows, impairment loss should be recognized. An impairment loss is recognized for the difference between the carrying amount of the asset and its fair value. We determined that the implied fair value of long-lived assets of Wuxi Club and Jintan Club were nil. Therefore, a long-lived impairment loss of$1,074,821 was recognized for the year ended December 31, 2014.