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Property, Plant and Equipment, Net
 12 Months Ended
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.