Note 4. Property, Machinery and Mining Assets, Net

12 Months Ended

Dec. 31, 2014

Notes

Note 4. Property, Machinery and Mining Assets, Net

NOTE 4.  PROPERTY, MACHINERY AND MINING ASSETS, NET

A summary of property and equipment and the estimated lives used in the computation of depreciation and amortization is as follows:

		As of
	Estimated lives (years)	December 31, 2014		December 31, 2013
Buildings	40	$	11,882,652	$	13,850,342
Right to use land	50		1,843,785		1,852,264
Machinery and equipment	10		3,904,526		4,054,047
Office equipment	5		386,631		387,360
Vehicle	5-10		417,768		419,689
Mining	5-40		596,162		598,903
Construction in progress			631,574		766,051
			19,663,098		21,928,656
Less: Accumulated depreciation			(6,275,867)		(5,610,611)
Total		$	13,387,231	$	16,318,045

Depreciation and amortization expenses for the years ended December 31, 2014 and 2013 were $690,411 and $876,150 respectively.

During the year ended December 31, 2014, the Company recorded $2,441,724 impairment loss on buildings and machinery and equipment.  No impairment was recorded for the year ended December 31, 2013.