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Property, Plant and Equipment, net
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net
7.Property, Plant and Equipment, net

Property,plant and equipment as of December 31, 2020 and March 31, 2021 consisted of the following:

   December 31,   March 31, 
   2020   2021 
Buildings  $28,150,137   $32,478,253 
Machinery and equipment   32,753,952    28,046,176 
Office equipment   258,458    313,975 
Motor vehicles   197,790    244,825 
　   61,360,337    61,083,229 
Impairment   (8,980,020)   (8,916,742)
Accumulated depreciation   (11,339,947)   (11,918,266)
Carrying amount  $41,040,370   $40,248,221 

During the three months ended March 31, 2020 and 2021, the Company incurred depreciation expense of $581,491 and $698,618, respectively.


The Company has not yet obtained the property ownership certificates of the buildings in its Dalian manufacturing facilities with a carrying amount of $24,611,468 and $24,324,253 as of December 31, 2020 and March 31, 2021, respectively. The Company built its facilities on the land for which it had already obtained the related land use right. The Company has submitted applications to the Chinese government for the ownership certificates on the completed buildings located on these lands. However, the application process takes longer than the Company expected and it has not obtained the certificates as of the date of this report. However, since the Company has obtained the land use right in relation to the land, the management believe the Company has legal title to the buildings thereon albeit the lack of ownership certificates.


During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment during the three months ended March 31, 2020 and 2021.