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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment, net
7.Property, Plant and Equipment, net

 

Property, plant and equipment as of December 31, 2023 and June 30, 2024 consisted of the following:

 

   December 31,
2023		   June 30,
2024		 
Buildings  $45,843,428   $44,786,841 
Leasehold Improvements   7,214,436    7,847,981 
Machinery and equipment   83,625,645    83,829,952 
Office equipment   1,983,601    2,182,376 
Motor vehicles   727,452    788,369 
    139,394,562    139,435,519 
Impairment   (17,358,096)   (16,884,825)
Accumulated depreciation   (30,407,634)   (35,584,202)
Carrying amount  $91,628,832   $86,966,492 

 

During the three months ended June 30, 2023 and 2024, the Company incurred depreciation expense of $2,328,074 and $1,566,957, respectively.

 

During the six months ended June 30, 2023 and 2024, the Company incurred depreciation expense of $4,867,705 and $4,109,019, 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, 2023 and 2024.