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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net

(6) Property, plant and equipment, net


As of September 30, 2020 and December 31, 2019, property, plant and equipment consisted of the following:


   September 30,   December 31, 
   2020   2019 
Property, Plant, and Equipment:        
Land use rights  $11,974,214   $11,689,114 
Building and improvements   72,538,920    70,811,803 
Machinery and equipment   154,703,327    152,954,020 
Vehicles   602,143    587,806 
Construction in progress   7,412,287    6,399,986 
Totals   247,230,891    242,442,729 
Less: accumulated depreciation and amortization   (104,447,078)   (90,825,877)
Property, Plant and Equipment, net  $142,783,813   $151,616,852 

As of September 30, 2020 and December 31, 2019, land use rights represented two parcel of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring in 2061 and 2066, respectively.


Construction in progress mainly represents payments for paper machine of a new tissue paper production line PM10 and improvement of the office building and essentially all industrial-use buildings in the Headquarters Compound.


As of September 30, 2020 and December 31, 2019, certain property, plant and equipment of Dongfang Paper with net values of $2,690,540 and $3,935,270, respectively, have been pledged pursuant to a long-term loan from credit union for Dongfang Paper. Land use right of Dongfang Paper with net values of $5,793,482 and $5,757,546 as of September 30, 2020 and December 31, 2019, respectively, was pledged for the bank loan from Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,327,293 and $5,200,452 as of September 30, 2020 and December 31, 2019, respectively, was pledged for a long-term loan from credit union of Baoding Shengde. In addition, land use right of Hebei Tengsheng with net value of $8,253,440 and $8,056,930 as of September 30, 2020 and December 31, 2019, respectively, was pledged for another long-term loan from credit union of Baoding Shengde. See “Short-term bank loans” and “Long-term loans from credit union” under Note (7), Loans Payable, for details of the transaction and asset collaterals.


Depreciation and amortization of property, plant and equipment was $3,805,389 and $3,758,191 for the three months ended September 30, 2020 and 2019, respectively. Depreciation and amortization of property, plant and equipment was $11,301,703 and $11,547,650 for the nine months ended September 30, 2020 and 2019, respectively.