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5. PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2015
Property, Plant and Equipment [Abstract] |
5. PROPERTY, PLANT AND EQUIPMENT, NET | Property, plant and equipment, net consist of the following:
|  | As of December 31, |
|  | 2015 |  |  | 2014 |
At cost: |  |  |  |  |  |
Mineral rights |  | $ | 6,131,230 |  |  | $ | 6,506,668 |
Buildings |  |  | 68,510,164 |  |  |  | 53,231,127 |
Plant and machinery |  |  | 195,295,877 |  |  |  | 177,485,689 |
Motor vehicles |  |  | 8,847 |  |  |  | 9,389 |
Furniture, fixtures and office equipment |  |  | 4,864,619 |  |  |  | 4,884,991 |
Construction in progress |  |  | 57,596 |  |  |  | - |
Total |  |  | 274,868,333 |  |  |  | 242,117,864 |
Less: accumulated depreciation and amortization |  |  | (146,997,010 | ) |  |  | (117,767,083 | )
Net book value |  | $ | 127,871,323 |  |  | $ | 124,350,781 |
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 or the government. The Company has not been able to obtain property ownership certificates over these buildings and salt pans. The aggregate carrying values of these properties situated on parcels of the land are $42,526,151 and $37,219,221 as at December 31, 2015 and 2014, respectively. During the year ended December 31, 2014, depreciation and amortization expense totaled $27,287,976 of which $25,811,070 and $1,476,906 were recorded as cost of net revenue and administrative expenses, respectively. During the year ended December 31, 2015, depreciation and amortization expense totaled $28,746,069 of which $27,281,471 and $1,464,598 were recorded as cost of net revenue and administrative expenses, respectively. In the third quarter of 2015, the Company incurred enhancement works in Factories No. 10 and 11 at costs of approximately $10,396,597 to the protective shells to transmission channels and ducts. In the fourth quarter of 2015, the Company incurred enhancement projects to our existing bromine extraction in Factory No. 10 and 11 at costs of approximately $12,088,375. 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 2014, the Company incurred enhancement works in Factories No. 10 and 11 at costs of approximately $6,424,406 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. For the years ended December 31, 2015 and 2014, ordinary repair and maintenance expenses were $607,688 and $1,050,204, 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 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 Reference 2: 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=51717284&loc=d3e1361-107760 Reference 3: 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=51719941&loc=d3e2921-110230 Reference 4: 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 + Details
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