XML 22 R12.htm IDEA: XBRL DOCUMENT

FINANCE LEASE RIGHT-OF-USE ASSETS

6 Months Ended

Jun. 30, 2023

NOTE 6 – FINANCE LEASE RIGHT-OF-USE ASSETS

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

	June 30, 2023			December 31, 2022
At cost:
Buildings Buildings	$	113,881		$	118,154
Plant and machinery Plant and Machinery		2,083,330			2,161,461
Total		2,197,211			2,279,615
Less: Accumulated depreciation and amortization		(2,041,832	)		(2,115,747	)
Net book value	$	155,379		$	163,868

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 three and six months period ended June 30, 2023, depreciation and amortization expense totaled $1,322 and $2,675, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.

During the three and six months period ended June 30, 2022, depreciation and amortization expense totaled $1,401 and $2,860, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.