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FINANCE LEASE RIGHT-OF-USE ASSETS
 12 Months Ended
Dec. 31, 2023
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,
2023		  December 31,
2022
At cost:          
Buildings   $211,590   $118,154 
Plant and machinery    —    2,161,461 
Total   211,590    2,279,615 
Less: Accumulated depreciation and amortization   (128,475)   (2,115,747)
Net book value  $83,115   $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 year ended December 31, 2023, depreciation and amortization expense totaled $61,981, respectively, which was recorded in direct labor and factory overheads incurred during plant shutdown.

 

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.