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PROPERTY, PLANT AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2024
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,
2024		  December 31,
2023
At cost:          
Mineral rights  $2,718,176   $2,722,997 
Buildings   29,810,323    29,863,200 
Plant and machinery   185,410,025    185,738,906 
Furniture, fixtures and office equipment   1,453,968    1,456,547 
Motor vehicles   125,849    126,072 
Construction in process   10,289,240    10,307,491 
Total   229,807,581    230,215,213 
Less: Accumulated depreciation and amortization   (112,570,191)   (108,027,190)
     Impairment   —    — 
Net book value  $117,237,390   $122,188,023 

 

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 $8,067,740 and $8,346,742 as at March 31, 2024 and December 31, 2023, respectively.

 

During the three-month period ended March 31, 2024, depreciation and amortization expense totaled $4,729,242, of which $3,106,788, $201,504 and $1,420,950 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, 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.