XML 22 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following:

 

   December 31,   December 31, 
   2020   2019 
Permit of land use  $431,681   $403,755 
Building   10,024,303    9,375,817 
Plant, machinery and equipment   29,018,708    26,309,262 
Motor vehicle   329,660    308,334 
Office equipment   259,175    217,058 
Total   40,063,527    36,614,226 
Less: accumulated depreciation   (24,499,327)   (20,300,399)
Property, plant and equipment, net  $15,564,200   $16,313,827 

 

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:

 

Asset Life - years  
Permit of land use   40 - 70  
Building   20 - 49  
Plant, machinery and equipment   5 - 10  
Motor vehicle   5 - 10  
Office equipment   3 - 5  

 

Depreciation relating to office equipment was included in general and administrative expenses, while all other depreciation was included in cost of revenue. For the years ended December 31, 2020 and 2019, depreciation expense was $2,643,820 and $2,871,134, respectively.