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PROPERTY, PLANT AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2022
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:

 

   March 31,
2022		  December 31,
2021
At cost:          
Mineral rights  $3,037,938   $3,025,017 
Buildings   35,055,241    34,906,137 
Plant and machinery   201,702,769    201,012,254 
Motor vehicles   140,159    139,563 
Furniture, fixtures and office equipment   2,505,055    2,494,400 
Construction in process   68,574,529    44,310,149 
Total   311,015,691    285,887,520 
Less: Accumulated depreciation and amortization   (128,599,846)   (123,229,974)
     Impairment   —    — 
Net book value  $182,415,845   $162,657,546 

 

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 $17,526,711 and $17,911,910 as at March 31, 2022 and December 31, 2021, respectively.

 

During the three-month period ended March 31, 2022, depreciation and amortization expense totaled $5,001,619, of which $1,761,068, $1,197,687 and $2,042,864 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue, respectively.

 

During the three-month period ended March 31, 2021, depreciation and amortization expense totaled $4,102,929, of which $1,816,782, $163,233 and $2,122,914 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue, respectively.