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PROPERTY, PLANT AND EQUIPMENT, NET
 6 Months Ended
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.