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PROPERTY, PLANT AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 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:

 

   September 30,
2024		  December 31,
2023
At cost:          
Mineral rights  $2,752,312   $2,722,997 
Buildings   70,248,967    29,863,200 
Plant and machinery   147,561,812    185,738,906 
Furniture, fixtures and office equipment   1,472,228    1,456,547 
Motor vehicles   127,430    126,072 
Construction in process   10,418,458    10,307,491 
Total   232,581,207    230,215,213 
Less: Accumulated depreciation and amortization   (81,900,223)   (108,027,190)
     Impairment   —    — 
Net book value  $150,680,984   $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 $7,870,846 and $8,346,742 as at September 30, 2024 and December 31, 2023, respectively.

 

During the three-month period ended September 30, 2024, depreciation and amortization expense totaled $4,522,525 ,of which $1,211,694, $203,244 and $3,107,587 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the nine-month period ended September 30, 2024,depreciation and amortization expense totaled $13,980,751 of which $5,601,791, $605,945 and $7,773,015 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 September 30, 2023, depreciation and amortization expense totaled $4,787,568 .of which $760,400, $166,042 and $3,861,126 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue. During the nine-month period ended September 30, 2023,depreciation and amortization expense totaled $15,381,658, of which $3,502,188, $765,921 and $11,113,549 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue.