9. ASSETS HELD FOR SALE

3 Months Ended

Mar. 31, 2013

Assets Held-For-Sale, Current [Abstract]

ASSETS HELD FOR SALE

9.  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 July 31, 2013. Management of the Company expects that the asset sale will be completed in July 2013. As a result, the assets underlying this agreement were still recognized as assets held for sale as of March 31, 2013.