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5. PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended
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Jun. 30, 2013
Property, Plant and Equipment [Abstract] |
5. PROPERTY, PLANT AND EQUIPMENT, NET | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consist of the following:
|  | June 30, 2013 |  |  | December 31, 2012 |
At cost: |  |  |  |  |  |
Mineral rights |  | $ | 6,443,763 |  |  | $ | 6,334,277 |
Buildings |  |  | 51,785,222 |  |  |  | 50,905,337 |
Plant and machinery |  |  | 168,992,691 |  |  |  | 166,121,329 |
Motor vehicles |  |  | 9,298 |  |  |  | 9,140 |
Furniture, fixtures and office equipment |  |  | 4,859,614 |  |  |  | 4,777,044 |
Total |  |  | 232,090,588 |  |  |  | 228,147,127 |
Less: Accumulated depreciation and amortization |  |  | (76,972,730 | ) |  |  | (62,204,585 | )
Net book value |  | $ | 155,117,858 |  |  | $ | 165,942,542 |
The Company has certain buildings and salt pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by local townships. The Company has not been able to obtain property ownership certificates over these buildings and salt pans as the Company could not obtain land use rights certificates on the underlying parcels of land. The aggregate carrying values of these properties situated on parcels of the land are $39,179,525 and $39,563,438 as at June 30, 2013 and December 31, 2012, respectively. During the three-month period ended June 30, 2013, depreciation and amortization expense totaled $6,812,181, of which $6,504,164 and $308,017 were recorded as cost of net revenue and administrative expenses, respectively. During the three-month period ended June 30, 2012, depreciation and amortization expense totaled $5,521,178, of which $5,403,370 and $117,808 were recorded as cost of net revenue and administrative expenses, respectively. During the six-month period ended June 30, 2013, depreciation and amortization expense totaled $13,554,571, of which $12,758,306 and $796,264 were recorded as cost of sales and administrative expenses respectively. During the six-month period ended June 30, 2012, depreciation and amortization expense totaled $11,118,099, of which $10,645,703 and $472,396 were recorded as cost of sales and administrative expenses respectively.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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