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Property, Plant and Equipment
 12 Months Ended
Dec. 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:

 

   December 31,   December 31, 
   2023   2022 
Permit of land use  $397,684   $404,427 
Building   9,234,836    9,391,433 
Plant, machinery and equipment   27,170,123    27,780,585 
Motor vehicle   303,697    438,138 
Office equipment   388,740    308,847 
Total   37,495,080    38,323,430 
Less: accumulated depreciation   (30,394,655)   (28,350,365)
Property, plant and equipment, net  $7,100,425   $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 $2,529,858 and $2,663,975 for the years ended December 31, 2023 and 2022, respectively.