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20. SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2014
Subsequent Events [Abstract] |
20. SUBSEQUENT EVENTS | In order to increase the Company’s profit margins, produce more consistent and reliable earnings and lessen dependence on the economically sensitive bromine industry, on January 12, 2015, the Company entered into an Equity Interest Transfer Agreement (the “Agreement”) with Shouguang City Rongyuan Chemical Co, Ltd. (“SCRC”) and its shareholders, pursuant to which SCHC shall, upon closing, acquire SCRC and all rights, title and interest in and to all assets owned by SCRC, a leading manufacturer of materials for human and animal antibiotics in China and other parts of Asia. In consideration for SCRC, SCHC shall pay $66.2 million in cash and issue approximately 7.27 million shares of common stock at a price of $2.00 per share, which represents a 73% premium over the previous 10 day closing price. Total consideration for the purchase of SCRC is approximately $80.8 million. On February 4, 2015 the Company closed the transactions contemplated by the Agreement between the Company, SCHC and SCRC. On the Closing Date, the Company issued 7,268,011 shares of it’s common stock, par value $0.0005 per share (the “Shares”), at a price of $2.00 per Share, to the four former equity owners of SCRC. The issuance of the Shares was exempt from registration pursuant to Regulation S of the Securities Act of 1933, as amended. On the Closing Date, the Company entered into a lock-up agreement with the four former equity owners of SCRC. In accordance with the terms of the lock-up agreement, the shareholders have agreed not to sell or transfer the Shares for five years from the date the stock certificates evidencing the Shares are issued. As the initial accounting for the acquisition of SCRC is incomplete at the time the financial statements are issued, supplemental pro forma information as required by FASB ASC 805-10-50-2(h) is not available for disclosure. On January, 30, 2015, the Company announced that the company has found natural gas resources under its bromine well in Sichuan area. The company will hire a third party to conduct a survey of the geological structure and complexity analysis and the economics of the natural gas under this well. The Company is in the final stage of discussion with the expert company to finalize the service agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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