NOTE-5 TECHNICAL KNOW-HOW
In March 2009, the Company’s subsidiary, Dalian Xinyang High-Tech Development Co. Ltd (”DLXY”) entered into an agreement (the “Agreement”) with an independent third party, Mr. Wang Ka Gui to acquire the technology to develop a new product, lithium iron phosphate, which is used as anode material for the new generation of lithium ion batteries. Pursuant to the Agreement, Mr. Wang Ka Gui agreed not to re-sell or disclose to third party under the confidentiality covenant. The total purchase price of the technology was approximately $2,608,059 (equivalent to RMB17,800,000). The Company has determined that the technology has an estimated useful life of 15 years and is being amortized on a straight-line method over its useful life when its products are approved by the government agency. The approval was granted to the Company in late August 2009.
To make use of this technology, the Company has developed a production facility for the manufacturing purpose of lithium ion batteries under this technology and the development project is completed in September 2009 and will begin depreciating at the time when the assets are substantially complete and ready for their intended use. As of August 31, 2009, the Company has totally expended $2,560,385 on developing the plant and machinery for the application of the technology which was recorded under “Property, plant and equipment” in Note 6.
lithium iron phosphate
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=73118&tid=7595&mid=7615&tof=3&rt=2&frt=1&off=1
In March 2009, the Company’s subsidiary, Dalian Xinyang High-Tech Development Co. Ltd (”DLXY”) entered into an agreement (the “Agreement”) with an independent third party, Mr. Wang Ka Gui to acquire the technology to develop a new product, lithium iron phosphate, which is used as anode material for the new generation of lithium ion batteries. Pursuant to the Agreement, Mr. Wang Ka Gui agreed not to re-sell or disclose to third party under the confidentiality covenant. The total purchase price of the technology was approximately $2,608,059 (equivalent to RMB17,800,000). The Company has determined that the technology has an estimated useful life of 15 years and is being amortized on a straight-line method over its useful life when its products are approved by the government agency. The approval was granted to the Company in late August 2009.
To make use of this technology, the Company has developed a production facility for the manufacturing purpose of lithium ion batteries under this technology and the development project is completed in September 2009 and will begin depreciating at the time when the assets are substantially complete and ready for their intended use. As of August 31, 2009, the Company has totally expended $2,560,385 on developing the plant and machinery for the application of the technology which was recorded under “Property, plant and equipment” in Note 6.
lithium iron phosphate
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