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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET

 

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

 

   December 31,
2022		  December 31,
2021
At cost:          
Mineral rights  $2,769,091   $3,025,017 
Buildings   31,503,908    34,906,137 
Plant and machinery   185,972,160    201,012,254 
Motor vehicles   125,293    139,563 
Furniture, fixtures and office equipment   2,281,251    2,494,400 
Construction in process   11,356,546    44,310,149 
Total   234,008,249    285,887,520 
Less: Accumulated depreciation and amortization   (84,091,483)   (123,229,974)
Impairment   —    —
Net book value  $149,916,766   $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 $14,713,101 and $17,911,910 as at December 31, 2022 and December 31, 2021, respectively.

 

During the year ended December 31, 2022, depreciation and amortization expense totaled $26,770,097 of which $14,507,140, $1,777,989 and $10,484,968 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue respectively.

 

During the year ended December 31, 2021, depreciation and amortization expense totaled $20,537,682 of which $8,318,487, $644,349 and $11,574,846 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue respectively.