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PROPERTY, PLANT AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

 

   June 30,
2025		  December 31,
2024
At cost:          
Mineral rights  $2,694,068   $2,682,882 
Buildings   29,542,729    68,476,868 
Plant and machinery   144,439,139    143,839,420 
Furniture, fixtures and office equipment   1,441,073    1,435,090 
Motor vehicles   124,733    124,215 
Construction in process   47,554,695    10,155,642 
Total   225,796,437    226,714,117 
Less: Accumulated depreciation and amortization   (90,329,386)   (83,826,560)
 Impairment   (6,772,500)   (6,744,380)
Net book value  $128,694,551   $136,143,177 

 

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 $48,765,141 and $50,219,026 as at June 30, 2025 and December 31, 2024, respectively. 

 

During the three-month period ended June 30, 2025, depreciation and amortization expense totaled $3,989,399, of which $430,283, $197,636 and $3,361,480 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, 2025, depreciation and amortization expense totaled $7,988,425, of which $2,900,054, $981,108 and $4,107,263 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, 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.