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Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following:

 

   June 30,   December 31, 
   2024   2023 
Permit of land use  $395,223   $397,684 
Building   9,177,692    9,234,836 
Plant, machinery and equipment   27,029,997    27,170,123 
Motor vehicle   301,818    303,697 
Office equipment   386,334    388,740 
Total   37,291,064    37,495,080 
Less: accumulated depreciation   (31,473,685)   (30,394,655)
Property, plant and equipment, net  $5,817,379   $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 $640,979 for the three months ended June 30, 2024 and 2023, respectively and $1,270,981 and $1,265,700 for the six months ended June 30, 2024, respectively.