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FINANCE LEASE RIGHT-OF-USE ASSETS

3 Months Ended

Mar. 31, 2022

NOTE 5 – FINANCE LEASE RIGHT-OF-USE ASSETS

Property, plant and equipment under finance lease, net consist of the following:

	March 31, 2022			December 31, 2021
At cost:
Buildings Buildings	$	129,625		$	129,074
Plant and machinery Plant and Machinery		2,371,314			2,361,228
Total		2,500,939			2,490,302
Less: Accumulated depreciation and amortization		(2,316,784	)		(2,305,478	)
Net book value	$	184,155		$	184,824

The above buildings erected on parcels of land located in Shouguang, PRC, are collectively owned by local townships. The Company has not been able to obtain property ownership certificates over these buildings as the Company could not obtain land use rights certificates on the underlying parcels of land.

During the three-month period ended March 31, 2022, depreciation and amortization expense totaled $1,459, which was recorded in direct labor and factory overheads incurred during plant shutdown. During the three-month period ended March 31, 2021, depreciation and amortization expense totaled $1,428, which was recorded in direct labor and factory overheads incurred during plant shutdown.