XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following:

 

   March 31,   December 31, 
   2022   2021 
Permit of land use  $443,697   $441,783 
Building   10,303,326    10,258,885 
Plant, machinery and equipment   30,249,997    30,122,235 
Motor vehicle   338,836    337,375 
Office equipment   280,893    278,892 
Total   41,616,749    41,439,170 
Less: accumulated depreciation   (28,984,711)   (28,158,611)
Property, plant and equipment, net  $12,632,038   $13,280,559 

 

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 $703,877 and $690,707 for the three months ended March 31, 2022 and 2021, respectively.