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Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment, Net [Abstract] |
Property, plant and equipment, net | Note 8 – Property, plant and equipment, net Property, plant and equipment, net consist of the following:
|  | As of December 31, |  |  | As of December 31, |
|  | 2023 |  |  | 2022 |
Buildings |  | $ | 32,489,235 |  |  | $ | 33,224,223 |
Mechanical equipment |  |  | 17,523,970 |  |  |  | 17,468,972 |
Motor vehicles |  |  | 322,657 |  |  |  | 330,727 |
Office equipment |  |  | 7,302,990 |  |  |  | 7,343,494 |
Computer software |  |  | 684,153 |  |  |  | 675,644 |
Leasehold improvement |  |  | 2,339,528 |  |  |  | 1,518,282 |
Construction in progress |  |  | - |  |  |  | 785,434 |
Total |  |  | 60,662,533 |  |  |  | 61,346,776 |
Accumulated depreciation |  |  | (27,454,332 | ) |  |  | (24,797,498 | )
Provision for impairment |  |  | (57,140 | ) |  |  | - |
Property, plant and equipment, net |  | $ | 33,151,061 |  |  | $ | 36,549,278 |
Depreciation expenses for the years ended December 31, 2023, 2022 and 2021 amounted to US$3,038,131, US$1,822,942 and US$2,858,406, respectively. The Company recorded impairment charge on property, plant and equipment of US$57,117, nil, and US$3,109,922 for the years ended December 31, 2023, 2022 and 2021, respectively. The approximately US$3 million impairment charges recorded in the year ended December 31, 2021 was recorded against a certain building as the carrying amount of the assets were deemed not recoverable due to the assets’ economic obsolescence identified during the period. The impaired building was disposed of in the year ended December 31, 2022 in connection with the Company’s disposal of Wuhai Ebang. See Note 19.

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