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2. ASSETS ACQUISITIONS | 12 Months Ended
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Dec. 31, 2013
Notes to Financial Statements |
2. ASSETS ACQUISITIONS | On November 26, 2012, the Company acquired substantially all of the assets owned by Chengyong Zhao in Guantai Village located Shouguang City Yangkou Township area (the “Chengyong Zhao Property” or “Factory No. 11”). The Chengyong Zhao Property includes a 20-year land lease covering approximately 1,727 acres of real property, with the related production facility, wells, pipelines, other production equipment, and the buildings located on the property. The total purchase price for the acquired assets was RMB 62 million (approximately $9.80 million), consisting of RMB 31 million (approximately $4.93million) in cash and 3,806,728 shares of the Company’s Common Stock valued at approximately $4.87 million (fair value). The production line of Factory No. 11 was resumed in March 2013 after certain repair and adjustments. The bromine factories acquisitions described above was not in operation when the Company acquired the assets. Production at the assets acquired had previously been halted by the government since the owners of the bromine factories did not hold the proper license for the exploration and production of bromine. The Factories described above had not been in operation for more than six months at the time of the acquisitions. The Company recorded the above transactions as purchase of assets.

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