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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2025
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, 2024 and June 30, 2025 consisted of the following:

 

   December 31,
2024		   June 30,
2025		 
Buildings  $44,590,499   $45,456,046 
Leasehold improvements   8,058,360    8,345,433 
Machinery and equipment   84,267,956    84,123,164 
Office equipment   2,235,605    2,139,686 
Motor vehicles   803,560    851,948 
    139,955,980    140,916,277 
Impairment   (16,755,682)   (17,050,583)
Accumulated depreciation   (37,713,469)   (39,974,472)
Carrying amount  $85,486,829   $83,891,222 

 

During the three months ended June 30, 2024 and 2025, the Company incurred depreciation expense of $1,556,957 and $2,038,422, respectively.

 

During the six months ended June 30, 2024 and 2025, the Company incurred depreciation expense of $4,109,019 and $4,107,178, 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, 2024 and 2025.