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PROPERTY, PLANT AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET

 

Property, plant and equipment, net consist of the following:

 

   September 30,
2021		  December 31,
2020
At cost:          
Mineral rights  $2,973,716   $2,955,780 
Buildings   34,075,173    64,024,667 
Plant and machinery   236,574,630    258,400,710 
Motor vehicles   137,196    6,553 
Furniture, fixtures and office equipment   2,452,098    3,318,564 
Construction in process   24,696,439    12,095,565 
Total   300,909,252    340,801,839 
Less: Accumulated depreciation and amortization   (150,495,205)   (173,212,554)
     Impairment   —      (18,641,596)
Net book value  $150,414,047   $148,947,689 

 

The Company has certain buildings and salt pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by local townships or the government authority. The Company has not been able to obtain property ownership certificates over these buildings and salt pans. The aggregate carrying values of these properties situated on parcels of the land are $18,061,432 and $19,302,600 as at September 30, 2021 and December 31, 2020, respectively.

 

During the three-month period ended September 30, 2021, depreciation and amortization expense totaled $4,090,343 of which $730,729, $167,761 and $3,191,853 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the same period in 2020, depreciation and amortization expense totaled $4,347,139 of which $1,025,344, $203,149 and $3,118,646 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue.

 

During the nine-month period ended September 30, 2021,depreciation and amortization expense totaled $12,312,345 of which $3,305,955, $494,862 and $8,511,528 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the same period of 2020,depreciation and amortization expense totaled $11,903,728 of which $4,771,228, $602,968 and $6,529,532 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue.