20-20-20 water soluble fertilizer. 20% N with about half of that being urea. 20% P2O5 phosphoric acid. 20% K2O potash. Same chemistry (elemental and compounds) as "normal" chemical fertilizer. No magic in the chemistry.
5 pounds per acre gives 1 pound of N, 1 pound of P2O5, and 1 pound of K2O. As far as the chemistry, that is the equivalent of applying 5.26 pounds of 19-19-19 regular fertilizer per acre. Water is just the carrier with no more value than a light dew.
I suspect this is intended to be used as a foliar feeding - low concentration applied to the leaves and absorbed. Issue with foliar feeding is that it needs to be done very often.
It does have some good trace elements in it. Product information says, "developed for peat-based cultures (pot plants, bedding plants and container nursery stock)". Made by Peters.