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21. SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
21. SUBSEQUENT EVENTS | On January 30, 2015 the Company announced that it had found natural gas resources under its bromine well in Sichuan. The Company subsequently hired a third party (a subsidiary of Sinopec) to conduct a survey of this well and confirmed the economics of the natural gas under this well. Based on the assessment report, the Company estimated that this well should produce annual revenue of $4.7 million and annual net income $2.3 million per year. The Company intend to apply for permission to begin trial production, which is expected to commence in the third quarter of 2015. As of March 31, 2015, the Company has spent approximately $7.85 million and will spend another $2 million on this well before production commences. After the trial production is completed, the Company intends to apply for permission to drill approximately 10 more wells. Before this permission is granted, the government will consider the trial production results as well as the capabilities and financial strength of the Company. As the Company is the first company to find natural gas in this small county area, it believes it has a strong advantage in obtaining this permission. The cost of future wells is expected to be lower than the cost of the initial well. On April 8, 2015, the Company granted to 20 management staff options to purchase 575,000 shares of the Company’s common stock at an exercise price of $1.428 per share and the options vested immediately. The options have a four-year expiration term with expected tenor of 2 years and no dividend yield.

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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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