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Property, plant and equipment, net
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net

(6) Property, plant and equipment, net


As of March 31, 2021 and December 31, 2020, property, plant and equipment consisted of the following:


   March 31,   December 31, 
   2021   2020 
Property, Plant, and Equipment:          
Land use rights  $12,409,356   $12,497,601 
Building and improvements   80,659,574    81,233,162 
Machinery and equipment   162,639,111    163,787,807 
Vehicles   655,751    628,462 
Construction in progress   582,077    586,216 
Totals   256,945,869    258,733,248 
Less: accumulated depreciation and amortization   (116,836,042)   (113,590,606)
Property, Plant and Equipment, net  $140,109,827   $145,142,642 

As of March 31, 2021 and December 31, 2020, land use rights represented two parcels 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.


As of March 31, 2021 and December 31, 2020, certain property, plant and equipment of Dongfang Paper with net values of $1,882,319 and $2,349,796, 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 $5,931,823 and $6,010,359, respectively, as of March 31, 2021 and December 31, 2020 was pledged for the bank loan from Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,520,886 and $5,560,146, respectively, as of March 31, 2021 and December 31, 2020 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 $8,553,369 and $8,614,194, respectively, as of March 31, 2021 and December 31, 2020 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 $4,089,067 and $3,774,674 for the three months ended March 31, 2021 and 2020, respectively.