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ASSETS ACQUISITIONS | 9 Months Ended
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Sep. 30, 2012
ASSETS ACQUISITIONS [Abstract] |
ASSETS ACQUISITIONS | NOTE 2 - ASSET ACQUISITIONS In the second quarter of 2012, the Company carried out the second phase enhancement projects to the Company's existing bromine extraction and crude salt production facilities. In particular, the Company incurred enhancement works in Factory No. 1 to 9 at costs of approximately $12,786,791 to the extraction wells and approximately $8,125,659 to the protective shells to transmission channels and ducts. The above enhancement projects have estimated useful lives of 5 to 8 years and are capitalized as buildings and plant and machinery. In the third quarter of 2012, the Company carried out two enhancement projects to its existing bromine and chemical products production facilities. In particular, the Company incurred enhancement work to the bromine production facilities in Factory No. 2 at a cost of approximately $1,256,506 and enhancement work to the chemical products production facilities at a cost of approximately $1,498,150. The above enhancement projects have estimated useful lives of 5 to 20 years and are capitalized as plant and machinery. On September 25, 2012, the Company purchased five stories of a commercial building in the PRC, through SYCI, from Shandong Shouguang Vegetable Seed Industry Group Co., Ltd. (the "Seller") at a cost of approximately $5.7 million in cash, of which Mr. Ming Yang, the Chairman of the Company, had a 99% equity interest in the Seller. The cost of the five stories of the commercial building was valued by an independent appraiser to its fair value and recorded as property, plant and equipment. The Company intends to use the property as the office new headquarters.

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