XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following:

 

   June 30,   December 31, 
   2021   2020 
Permit of land use  $436,011   $431,681 
Building   10,124,855    10,024,303 
Plant, machinery and equipment   29,306,831    29,018,708 
Motor vehicle   332,967    329,660 
Office equipment   274,687    259,175 
Total   40,475,351    40,063,527 
Less: accumulated depreciation   (26,129,229)   (24,499,327)
Property, plant and equipment, net  $14,346,122   $15,564,200 

 

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. Depreciation expense was $690,943 and $640,473 for the three months ended June 30, 2021 and 2020, respectively and $1,381,650 and $1,287,586 for the six months ended June 30, 2021 and 2020, respectively.