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Property, Plant and Equipment, net
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net

6. Property, Plant and Equipment, net

 

Property, plant and equipment as of December 31, 2021 and March 31, 2022 consisted of the following:

 

   December 31,
2021		   March 31,
2022		 
Buildings  $48,418,782   $48,566,742 
Leasehold Improvements   5,543,792    5,593,831 
Machinery and equipment   58,899,248    59,488,872 
Office equipment   1,200,758    1,229,557 
Motor vehicles   486,570    487,644 
　   114,549,150    115,366,646 
Impairment   (9,194,132)   (9,213,494)
Accumulated depreciation   (15,312,245)   (17,620,341)
Carrying amount  $90,042,773   $88,532,811 

 

During the three months ended March 31, 2021 and 2022, the Company incurred depreciation expense of $698,618 and $2,271,267, respectively.

 

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, 2021 and 2022.