NOTE 4 - Fixed Assets

Property and equipment at December 31, 2011 and 2010 are summarized as follows (in thousands):


	2011			2010

Buildings and improvements		21,649			-
Machinery and equipment		39,566			106
Office furniture and equipment		415			260
Leasehold improvements		37			36
Vehicles		745			379

		62, 412			781
Less - accumulated depreciation
and amortization		(15,459	)		(608	)

	$	46,953		$	173

Four pieces of land were acquired from the acquisition of Jonway auto in 2011, all land in the People's Republic of China is government owned and cannot be sold to any individual or company. However, the government grants the user a "land use right" (the Right) to use the land. The Company has the right to use the land for 50 years and amortized the Right on a straight-line basis over the period of 50 years. As of December 31, 2011, intangible assets consist of the following:


	2011

Land use right	$	10,518
Software		92
		10,610
Less: accumulated amortization		(535	)
	$	10,075

As of December 31, 2011, estimated future amortization expense for intangibles assets, subject to amortization, is as follows (in thousands):


		Amortization
Year		Expense
2012	$	229
2013		229
2014		210
2015		210
2016		210
Thereafter		8,987
	$	10,075

Depreciation and amortization expense was approximately $4,233,000 and $100,000 for the years ended December 31, 2011 and 2010.