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PROPERTY, PLANT AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2023
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:

 

   March 31,
2023		  December 31,
2022
At cost:          
Mineral rights  $2,806,506   $2,769,091 
Buildings   31,929,577    31,503,908 
Plant and machinery   188,484,948    185,972,160 
Motor vehicles   126,986    125,293 
Furniture, fixtures and office equipment   2,312,075    2,281,251 
Construction in process   10,623,600    11,356,546 
Total   236,283,692    234,008,249 
Less: Accumulated depreciation and amortization   (90,567,121)   (84,091,483)
     Impairment   —    — 
Net book value  $145,716,571   $149,916,766 

 

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 $14,535,866 and $14,713,101 as at March 31, 2023 and December 31, 2022, respectively.

 

During the three-month period ended March 31, 2023, depreciation and amortization expense totaled $5,358,871, of which $1,949,836, $429,955 and $2,979,080 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, 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.