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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

 

Property, plant and equipment, net consist of the following:

 

   December 31,
2024		  December 31,
2023
At cost:          
Mineral rights  $2,682,882   $2,722,997 
Buildings   68,476,868    29,863,200 
Plant and machinery   143,839,420    185,738,906 
Furniture, fixtures and office equipment   1,435,090    1,456,547 
Motor vehicles   124,215    126,072 
Construction in process   10,155,642    10,307,491 
Total   226,714,117    230,215,213 
Less: Accumulated depreciation and amortization   (83,826,560)   (108,027,190)
Impairment   (6,744,380)   — 
Net book value  $136,143,177   $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 $50,219,026 and $8,346,742 as at December 31, 2024 and December 31, 2023, respectively.

 

During the year ended December 31, 2024, depreciation and amortization expense totaled $17,989,747 of which $10,864,807, $6,806,372 and $318,568 were recorded in direct labor and factory overheads incurred cost of net revenue, during plant shutdown, and administrative expenses respectively.

 

During the year ended December 31, 2023, depreciation and amortization expense totaled $27,064,404 of which $15,626,277, $4,113,962 and $7,324,165 were recorded in direct labor and factory overheads incurred cost of net revenue, during plant shutdown, and administrative expenses respectively.