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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | NOTE 4 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following:
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Permit of land use |  | $ | 396,994 |  |  | $ | 397,684 |
Building |  |  | 9,218,827 |  |  |  | 9,234,836 |
Plant, machinery and equipment |  |  | 27,123,020 |  |  |  | 27,170,123 |
Motor vehicle |  |  | 303,171 |  |  |  | 303,697 |
Office equipment |  |  | 388,066 |  |  |  | 388,740 |
Total |  |  | 37,430,078 |  |  |  | 37,495,080 |
Less: accumulated depreciation |  |  | (30,979,386 | ) |  |  | (30,394,655 | )
Property, plant and equipment, net |  | $ | 6,450,692 |  |  | $ | 7,100,425 |
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 $636,721 and $624,721 for the three months ended March 31, 2024 and 2023, 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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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