Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

6. Property, Plant and Equipment, Net

The Company’s Property, Plant and Equipment are as follows:

	September 30, 2013		December 31, 2012
Property and buildings	$	34,484,721	$	33,531,803
Machinery, boiler and marine bunker equipment		22,250,927		10,217,678
Transportation vehicles		1,489,839		1,450,896
Office equipment		68,718		48,070
Leasehold improvement		54,579		66,922
Total		58,348,784		45,315,369
Less: Accumulated depreciation		(6,390,694)		(4,435,278)
Property, Plant and Equipment, net	$	51,958,090	$	40,880,091

Depreciation expense was $734,064 and $447,842 for the three months ended September 30, 2013 and 2012, respectively. Depreciation expense was $$1,813,675 and $1,343,388 for the nine months ended September 30, 2013 and 2012, respectively.

Property and equipment with a net book value $40,766,557 and $25,778,015 has been pledged as collateral for certain bank acceptance notes and bank loans at September 30, 2013 and December 31, 2012, respectively. See Note 12 and Note 14 below.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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