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v3.23.3

Property, Plant and Equipment | 9 Months Ended
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Sep. 30, 2023
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, |
|  | 2023 |  |  | 2022 |
Permit of land use |  | $ | 392,305 |  |  | $ | 404,427 |
Building |  |  | 9,109,944 |  |  |  | 9,391,433 |
Plant, machinery and equipment |  |  | 26,936,505 |  |  |  | 27,780,585 |
Motor vehicle |  |  | 299,590 |  |  |  | 438,138 |
Office equipment |  |  | 383,482 |  |  |  | 308,847 |
Total |  |  | 37,121,826 |  |  |  | 38,323,430 |
Less: accumulated depreciation |  |  | (29,353,329 | ) |  |  | (28,350,365 | )
Property, plant and equipment, net |  | $ | 7,768,497 |  |  | $ | 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 $630,579 and $655,386 for the three months ended September 30, 2023 and 2022, respectively and $1,896,279 and $2,033,194 for the nine months ended September 30, 2023 and 2022, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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