XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Property, Plant and Equipment
 9 Months Ended
Sep. 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:

 

   September 30,   December 31, 
   2021   2020 
Permit of land use  $434,310   $431,681 
Building   10,085,357    10,024,303 
Plant, machinery and equipment   29,607,584    29,018,708 
Motor vehicle   331,668    329,660 
Office equipment   273,616    259,175 
Total   40,732,535    40,063,527 
Less: accumulated depreciation   (26,992,091)   (24,499,327)
Property, plant and equipment, net  $13,740,444   $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 $966,956 and $664,400 for the three months ended September 30, 2021 and 2020, respectively and $2,348,606 and $1,951,986 for the nine months ended September 30, 2021 and 2020, respectively.