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Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2023
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, 
   2023   2022 
Permit of land use  $409,895   $404,427 
Building   9,518,398    9,391,433 
Plant, machinery and equipment   28,138,831    27,780,585 
Motor vehicle   405,617    438,138 
Office equipment   313,023    308,847 
Total   38,785,764    38,323,430 
Less: accumulated depreciation   (29,356,174)   (28,350,365)
Property, plant and equipment, net  $9,429,590   $9,973,065 

 

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 $624,721 and $703,877 for the three months ended March 31, 2023 and 2022, respectively.