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15. Assets Held for Sale
12 Months Ended
Dec. 31, 2012
Assets Held For Sale Disclosure [Text Block]

15. ASSETS HELD FOR SALE


On October 28, 2011, the Company entered into an asset purchase agreement with a PRC individual, Mao Haifeng, to sell all of the property, plant and equipment and the prepaid leases at Baiquan district with carrying values of $2.1 million and $154,000, respectively. The asset sale was not yet completed as of December 31, 2012 as certain conditions precedent to the sale were not met. The buyer has extended the right to terminate the asset purchase agreement with the Company if the precedent conditions are not met from May 31, 2012 to the end of July 2013. Management of the Company expects that the asset sale will be completed in July 2013. The assets underlying this agreement were recognized as assets held for sale. At December 31, 2012, assets held for sale was $2,408,770.