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

 

   June 30,
2023		  December 31,
2022
At cost:          
Mineral rights  $2,668,996   $2,769,091 
Buildings   30,365,133    31,503,908 
Plant and machinery   179,249,807    185,972,160 
Motor vehicles   120,764    125,293 
Furniture, fixtures and office equipment   2,198,791    2,281,251 
Construction in process   10,103,079    11,356,546 
Total   224,706,570    234,008,249 
Less: Accumulated depreciation and amortization   (91,207,441)   (84,091,483)
     Impairment   —    — 
Net book value  $133,499,129   $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 $13,769,401 and $14,713,101 as at June 30, 2023 and December 31, 2022, respectively.

 

During the three-month period ended June 30, 2023, depreciation and amortization expense totaled $5,235,219 of which $791,952, $169,924 and $4,273,343 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, 2023, depreciation and amortization expense totaled $10,594,090, of which $2,741,788, $599,879 and $7,252,423 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, 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.