Long term investment

12 Months Ended

Dec. 31, 2013

Schedule Of Investments [Abstract]

Long term investment

Note 7 – Long term investment

	2013	2012
Equity method investment – Anteya Technology Corp
Carrying value of investment at the beginning	$425,345	$799,131
Interest in Anteya’s net income	(173,570)	(41,398)
Impairment for the year	-	(378,173)
Exchange difference	(27,785)	45,785
Carrying value at the end	223,990	425,345
Equity method investment – Fin-Core Corporation
Carrying value of investment at the beginning	-	196,087
Interest in Fin-Core’s net loss	-	-
Impairment for the year	-	(204,563)
Exchange difference	-	8,476
Carrying value at the end	-	-
Cost-method investments – Phocos AG
At cost	53,681	142,038
Impairment for the year	-	(88,357)
Disposed during the year	(53,681)	-
Carrying value at the end	-	53,681
	$223,990	$479,026

Anteya Technology Corp (Anteya) is a private company incorporated in Taiwan.  The equity interest held by the Company is 20%. 

Fin-Core Corporation (FCC) is a private company incorporated in Taiwan.  The number of shares of Fin-Core held by the Company is 57,143 shares, 5.19% at December 31, 2013 and December 31, 2012.  The Company recorded the investment in Fin-Core Corporation at cost, less accumulated impairments.

Phocos AG is a private company incorporated in Germany. On May 27, 2013, the Company sold all of its shares to third party. The total proceeds were EURO84,000 or USD105,840. The sale of the investment resulted in a USD52,159 gain.

The unaudited financial information of Anteya Technology Corp. for the year ended December 31, 2013 and 2012 (in US dollars) are as follows:

Balance sheet	2013	2012
Current assets	$3,655,318	$4,634,083
Non-current assets	799,974	730,201
Total assets	4,455,292	5,364,284
Current liabilities	2,891,306	2,475,513
Non-current liabilities	358,049	762,048
Stockholders’ equity	1,205,937	2,126,723
Total stockholders’ equity and liabilities	$4,455,292	$5,364,284

Statement of operation	2013	2012
Net sale	$2,916,794	$4,820,371
Cost of goods sold	(2,519,478)	(3,795,011)
Gross profit	397,316	1,025,360
Operating and non-operating expenses	(1,203,821)	(1,225,526)
Net profit (loss)	$(806,505)	$(200,166)