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Property, Plant and Equipment, net
 6 Months Ended
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.