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PROPERTY, PLANT AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 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:

 

   June 30,
2022		  December 31,
2021
At cost:          
Mineral rights  $2,873,621   $3,025,017 
Buildings   33,333,765    34,906,137 
Plant and machinery   236,409,033    201,012,254 
Motor vehicles   132,578    139,563 
Furniture, fixtures and office equipment   2,369,561    2,494,400 
Construction in process   25,391,292    44,310,149 
Total   300,509,850    285,887,520 
Less: Accumulated depreciation and amortization   (126,947,258)   (123,229,974)
     Impairment   —    — 
Net book value  $173,562,592   $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 $16,193,695 and $17,911,910 as at June 30, 2022 and December 31, 2021, respectively.

 

During the three-month period ended June 30, 2022, depreciation and amortization expense totaled $5,271,395 of which $1,532,788, $170,708 and $3,567,899 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the six-month period ended June 30, 2022, depreciation and amortization expense totaled $10,273,014, of which $3,293,856, $1,368,395 and $5,610,763 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue.

 

During the three-month period ended June 30, 2021, depreciation and amortization expense totaled $4,119,073 of which $758,445, $163,868 and $3,196,760 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the six-month period ended June 30, 2021, depreciation and amortization expense totaled $8,222,022, of which $2,575,227, $327,101 and $5,319,694 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue.