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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 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 September 30, 2025 consisted of the following:

 

   December 31,
2024		   September 30,
2025		 
Buildings  $44,590,499   $45,748,897 
Leasehold improvements   8,058,360    9,482,889 
Machinery and equipment   84,267,956    87,521,716 
Office equipment   2,235,605    2,304,630 
Motor vehicles   803,560    835,397 
    139,955,980    145,893,529 
Impairment   (16,755,682)   (17,142,885)
Accumulated depreciation   (37,713,469)   (45,911,814)
Carrying amount  $85,486,829   $82,838,830 

 

During the three months ended September 30, 2024 and 2025, the Company incurred depreciation expense of $1,813,000 and $2,196,195, respectively.

 

During the nine months ended September 30, 2024 and 2025, the Company incurred depreciation expense of $5,922,019 and $6,303,373, 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, 2024 and 2025.