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PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT, NET | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET
|  | June 30, 2024 |  | December 31, 2023
At cost: |  |  |  |  |  |  |  |
Mineral rights |  | $ | 2,706,218 |  |  | $ | 2,722,997 |
Buildings |  |  | 69,072,490 |  |  |  | 29,863,200 |
Plant and machinery |  |  | 145,090,557 |  |  |  | 185,738,906 |
Furniture, fixtures and office equipment |  |  | 1,447,572 |  |  |  | 1,456,547 |
Motor vehicles |  |  | 125,295 |  |  |  | 126,072 |
Construction in process |  |  | 10,243,977 |  |  |  | 10,307,491 |
Total |  |  | 228,686,109 |  |  |  | 230,215,213 |
Less: Accumulated depreciation and amortization |  |  | (76,012,210 | ) |  |  | (108,027,190 | )
Impairment |  |  | — |  |  |  | — |
Net book value |  | $ | 152,673,899 |  |  | $ | 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 $7,943,149 and $8,346,742 as at June 30, 2024 and December 31, 2023, respectively. During the three-month period ended June 30, 2024, depreciation and amortization expense totaled $4,728,984 of which $1,283,308, $201,197 and $3,244,479 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, 2024, depreciation and amortization expense totaled $9,458,227, of which $4,390,097, $402,701 and $4,665,429 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, 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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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