Property and Equipment, Net

12 Months Ended

Dec. 31, 2013

Property and Equipment, Net [Abstract]

5. PROPERTY AND EQUIPMENT, NET

The following is a summary of property and equipment, net at December 31:

	2013			2012
Leasehold improvements	$	95,893		$	93,178
Office equipment		447,159			405,620
Motor vehicles		327,885			302,918
		870,937			801,716
Less: accumulated depreciation		(544,197	)		(447,296	)
	$	326,740		$	354,420

Depreciation expenses for the years ended December 31, 2013 and 2012 were $116,387 and $96,733 respectively. Net loss on disposal of property and equipment for the year ended December 31, 2013 was $146,415 and gain on disposal of property and equipment for the year ended December 31, 2012 was $1,151.

On December 31, 2013, Xinyu Xingbang and Xinyu Industry agreed upon the termination of the lease agreement of the showrooms. The leasehold improvement for the showrooms, which was completed during the fourth quarter of 2013, was wholly relinquished by Xinyu Xingbang in order to offset the amount due to Xinyu Industry arose from the rental of showrooms, resulting in a loss on disposal with $151,055 in 2013. (See Notes 7 and 14)

- 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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