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PLANTS AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2021
PLANTS AND EQUIPMENT, NET [Abstract] |
PLANTS AND EQUIPMENT, NET | NOTE 7 –PLANTS AND EQUIPMENT, NET Plants and equipment, net consisted of the following:
|  | December 31, 2021 |  |  | December 31, 2020 |
At cost: |  |  |  |  |  |
Machinery and equipment |  | $ | 2,068,056 |  |  | $ | 1,972,035 |
Leasehold improvement |  |  | 899,538 |  |  |  | 652,520 |
Office equipment |  |  | 818,703 |  |  |  | 950,106 |
Motor vehicles |  |  | 301,079 |  |  |  | 315,550 |
Total |  |  | 4,087,376 |  |  |  | 3,890,211 |
Less: accumulated depreciation |  |  | (2,786,150 | ) |  |  | (2,851,020 | )
Plants and equipment, net |  | $ | 1,301,226 |  |  | $ | 1,039,191 |
Amortization of land use rights for the years ended December 31, 2020 and 2019 were $420,834 and $458,829, respectively. On November 9, 2020, the Company disposed its land use rights and buildings to a third party for total consideration of $34,326,979, with disposal gain of $7,005,446 recognized. Depreciation expenses for the years ended December 31, 2021, 2020 and 2019 were $589,576, $1,350,922 and $1,544,900, respectively. Impairment loss for the years ended December 31, 2021, 2020 and 2019 were $6,215, $58,760 and nil, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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