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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
Property, plant and equipment | (6) Property, plant and equipment As of December 31, 2020, and 2019, property, plant and equipment consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Property, Plant, and Equipment: |  |  |  |  |  |
Land use rights |  | $ | 12,497,601 |  |  | $ | 11,689,114 |
Building and improvements |  |  | 81,233,162 |  |  |  | 70,811,803 |
Machinery and equipment |  |  | 163,787,807 |  |  |  | 152,954,020 |
Vehicles |  |  | 628,462 |  |  |  | 587,806 |
Construction in progress |  |  | 586,216 |  |  |  | 6,399,986 |
Totals |  |  | 258,733,248 |  |  |  | 242,442,729 |
Less: accumulated depreciation and amortization |  |  | (113,590,606 | ) |  |  | (90,825,877 | )
Property, Plant and Equipment, net |  | $ | 145,142,642 |  |  | $ | 151,616,852 |
As of December 31, 2020, and December 31, 2019, land use rights represented two parcel of state-owned lands located in Xushui District of Hebei Province in China, with lease terms of 50 years expiring from 2061 to 2066. 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 December 31, 2020, and 2019, certain property, plant and equipment of Dongfang Paper with net values of $2,349,796 and $3,935,270, respectively, have been pledged pursuant to a long-term loan from credit union of Dongfang Paper. Land use right of Dongfang Paper with net values of $6,010,359 and $5,757,546, respectively, as of December 31, 2020 and 2019 was pledged for the bank loan from Bank of Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,560,146 and $5,200,452, respectively, as of December 31, 2020 and 2019 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 $8,614,194 and $8,056,930, respectively, as of December 31, 2020 and 2019 was pledged for another long-term loan from credit union of Baoding Shengde. See ” Short-term bank loans ” under Note (7), Loans Payable, for details of the transaction and asset collaterals. Depreciation and amortization of property, plant and equipment was $15,793,854 and $15,304,039 for the years ended December 31, 2020, and 2019, respectively. No Impairment loss was recorded for the years ended December 31, 2020, and 2019.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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