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FINANCE LEASE RIGHT-OF-USE ASSETS
 12 Months Ended
Dec. 31, 2022
Finance Lease Right-of-use Assets  
FINANCE LEASE RIGHT-OF-USE ASSETS

NOTE 6 – FINANCE LEASE RIGHT-OF-USE ASSETS

 

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

 

   December 31,
2022		  December 31,
2021
At cost:          
Buildings   $118,154   $129,074 
Plant and machinery    2,161,461    2,361,228 
Total   2,279,615    2,490,302 
Less: Accumulated depreciation and amortization   (2,115,747)   (2,305,478)
Net book value  $163,868   $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 year ended December 31, 2022, depreciation and amortization expense totaled $5,523, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.

 

During the year ended December 31, 2021, depreciation and amortization expense totaled $5,743, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.