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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment, net
8.Property, Plant and Equipment, net

 

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

 

   December 31,
2023		   December 31,
2024		 
Buildings  $45,843,428   $44,590,499 
Leasehold improvements   7,214,436    8,058,360 
Machinery and equipment   83,625,645    84,267,956 
Office equipment   1,983,601    2,235,605 
Motor vehicles   727,452    803,560 
    139,394,562    139,955,980 
Impairment   (17,358,096)   (16,755,682)
Accumulated depreciation   (30,407,634)   (37,713,469)
Carrying amount  $91,628,832   $85,486,829 

During the years ended December 31, 2023 and 2024, the Company incurred depreciation expense of $10,422,306 and $7,757,226, respectively.

 

During the course of the Company’s strategic review of its operations in the years ended December 31, 2023 and 2024, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately $7,070,236 and $475,220, respectively. The impairment charge represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated fair value of the Company’s production facilities in Hitrans primarily for the production of materials used in manufacturing of lithium batteries due to underperformance of Hitrans reporting unit. No impairment charge was recorded on the Company’s production facilities in Dalian, Nanjing and Shangqiu in the years ended December 31, 2023 and 2024.