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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 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 September 30, 2024 consisted of the following:

 

   December 31,
2023		   September 30,
2024		 
Buildings  $45,843,428   $46,377,779 
Leasehold Improvements   7,214,436    8,198,517 
Machinery and equipment   83,625,645    87,744,432 
Office equipment   1,983,601    2,402,892 
Motor vehicles   727,452    831,884 
    139,394,562    145,555,504 
Impairment   (17,358,096)   (17,405,879)
Accumulated depreciation   (30,407,634)   (38,784,168)
Carrying amount  $91,628,832   $89,365,457 

 

During the three months ended September 30, 2023 and 2024, the Company incurred depreciation expense of $1,872,455 and $1,813,000, respectively.

 

During the nine months ended September 30, 2023 and 2024, the Company incurred depreciation expense of $6,740,160 and $5,922,019, 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 nine months ended September 30, 2023 and 2024.