LAND USE RIGHT, NET

3 Months Ended

Mar. 31, 2021

NOTE 7 – LAND USE RIGHT, NET

A summary of land use right is as follows:

	March 31, 2021			December 31, 2020
Land use right purchase amount	$	9,674		$	9,744
Less: Accumulated amortization		(145	)		(98	)
Land use right, net	$	9,529		$	9,646

In 2020 ACM Shanghai, through its wholly owned subsidiary ACM Shengwei, entered into an agreement for a 50-year land use right in the Lingang region of Shanghai. In July 2020 ACM Shengwei began a multi-year construction project for a new 1,000,000 square foot development and production center that will incorporate new manufacturing systems and automation technologies, and will provide floor space to support significantly increase production capacity and related research and development activities.

The amortization for the three months ended March 31, 2020 was $49.

The annual amortization of land use right for each of the five succeeding years is as follows:

Year ending December 31,
2021	$	196
2022		196
2023		196
2024		196
2025		196