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Property, Plant and Equipment
 12 Months Ended
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.