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4. PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2018

Property, Plant and Equipment [Abstract]

4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consist of the following:

		September 30, 2018				December 31, 2017
At cost:
Mineral rights		$	4,475,677				4,711,822
Buildings			60,728,604				67,748,512
Plant and machinery			147,580,728				200,742,652
Motor vehicles			6,216				8,792
Furniture, fixtures and office equipment			3,281,560				4,150,588
Construction in process			1,306,671				183,036
Total			217,379,456				277,545,402
Less: Accumulated depreciation and amortization			(131,560,339	)			(163,597,407	)
Impairment			(18,951,023	)			(18,833,491	)
Net book value		$	66,868,094			$	95,114,504

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 $20,768,963 and $27,432,351 as at September 30, 2018 and December 31, 2017, respectively.

During the three-month period ended September 30, 2018, depreciation and amortization expense totaled $4,601,338, of which $4,353,824 and $247,514 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively. During the nine-month period ended September 30, 2018, depreciation and amortization expense totaled $13,974,456, of which $13,210,971 and $763,485 were recorded in direct labor and factory overheads incurred during plant shutdown and administrative expenses, respectively.

During the three-month period ended September 30, 2017, depreciation and amortization expense totaled $5,155,187, of which $3,356,534 and $1,798,653 were recorded as cost of net revenue and administrative expenses, respectively. During the nine-month period ended September 30, 2017, depreciation and amortization expense totaled $15,814,006, of which $13,430,768 and $2,383,238 were recorded as cost of net revenue and administrative expenses respectively.  

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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