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Property, Plant and Equipment
 9 Months Ended
Sep. 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:

 

   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 

 

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 $592,099 and $630,579 for the three months ended September 30, 2024 and 2023, respectively and $1,863,079 and $1,896,280 for the nine months ended September 30, 2024 and 2023, respectively.