Property, Plant And Equipment

3 Months Ended

Mar. 31, 2012

Property, Plant And Equipment [Abstract]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at March 31, 2012 and December 31, 2011 are summarized as follows (in thousands):


		March 31, 2012			December 31, 2011

Buildings and improvements	$	21,572		$	21,649
Machinery and equipment		39,918			39,566

Office furniture and equipment		433			415
Leasehold improvements		37			37
Vehicles		814			745
		62, 774			62, 412
Less - accumulated depreciation
and amortization		(16,431	)		(15,459	)

	$	46,343		$	46,953

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 March 31, 2012 and December 31, 2011, intangible assets consist of the following:


		March 31, 2012			December 31, 2012

Land use right	$	10,478		$	10,518
Software		97			92
		10,575			10,610
Less: accumulated amortization		(660	)		(535	)
	$	9,915		$	10,075

Depreciation and amortization expense was $1,135 and $632 for the three months ended March 31, 2012 and 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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