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v3.22.2.2

Property, Plant and Equipment, net | 6 Months Ended
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Jun. 30, 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 June 30, 2022 consisted of the following:
|  | December 31, 2021 |  |  | June 30, 2022 |
Buildings |  | $ | 48,418,782 |  |  | $ | 45,962,927 |
Leasehold Improvements |  |  | 5,543,792 |  |  |  | 5,319,455 |
Machinery and equipment |  |  | 58,899,248 |  |  |  | 59,241,653 |
Office equipment |  |  | 1,200,758 |  |  |  | 1,114,720 |
Motor vehicles |  |  | 486,570 |  |  |  | 461,564 |
|  |  | 114,549,150 |  |  |  | 112,100,319 |
Impairment |  |  | (9,194,132 | ) |  |  | (8,718,827 | )
Accumulated depreciation |  |  | (15,312,245 | ) |  |  | (18,676,439 | )
Carrying amount |  | $ | 90,042,773 |  |  | $ | 84,705,053 |
During the three months ended June 30, 2021 and 2022, the Company incurred depreciation expense of $691,110 and $2,049,467, respectively. During the six months ended June 30, 2021 and 2022, the Company incurred depreciation expense of $1,389,728 and $4,320,734, 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 and six months ended June 30, 2021 and 2022.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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