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v3.24.3

Property, Plant and Equipment (Tables) | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Permit of land use |  | $ | 401,957 |  |  | $ | 397,684 |
Building |  |  | 9,334,072 |  |  |  | 9,234,836 |
Plant, machinery and equipment |  |  | 27,493,828 |  |  |  | 27,170,123 |
Motor vehicle |  |  | 293,725 |  |  |  | 303,697 |
Office equipment |  |  | 393,553 |  |  |  | 388,740 |
Total |  |  | 37,917,135 |  |  |  | 37,495,080 |
Less: accumulated depreciation |  |  | (32,611,426 | ) |  |  | (30,394,655 | )
Property, plant and equipment, net |  | $ | 5,305,709 |  |  | $ | 7,100,425 |
Schedule of Estimated Useful Lives of the Assets | 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

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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