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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 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:

 

   December 31,
2023		  December 31,
2022
At cost:          
Mineral rights  $2,722,997   $2,769,091 
Buildings   29,863,200    31,503,908 
Plant and machinery   185,738,906    185,972,160 
Furniture, fixtures and office equipment   1,456,547    2,281,251 
Motor vehicles   126,072    125,293 
Construction in process   10,307,491    11,356,546 
Total   230,215,213    234,008,249 
Less: Accumulated depreciation and amortization   (108,027,190)   (84,091,483)
Impairment   —    — 
Net book value  $122,188,023   $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 $8,346,742 and $14,713,101 as at December 31, 2023 and December 31, 2022, respectively.

 

During the year ended December 31, 2023, depreciation and amortization expense totaled $27,064,404 of which $15,626,277, $4,113,962 and $7,324,165 were recorded in direct labor and factory overheads incurred cost of net revenue，during plant shutdown, and administrative expenses 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 cost of net revenue, administrative expenses and during plant shutdown respectively.