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Property, plant and equipment, net
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net

(6) Property, plant and equipment, net

 

As of March 31, 2022 and December 31, 2021, property, plant and equipment consisted of the following:

 

   March 31,   December 31, 
   2022   2021 
Property, Plant, and Equipment:        
Land use rights  $63,287,459   $12,790,062 
Building and improvements   74,932,903    74,609,698 
Machinery and equipment   171,073,452    170,149,367 
Vehicles   797,986    725,838 
Construction in progress   
-
    
-
 
Totals   310,091,800    258,274,965 
Less: accumulated depreciation and amortization   (136,013,884)   (131,687,537)
Property, Plant and Equipment, net  $174,077,916   $126,587,428 

 

As of March 31, 2022 and December 31, 2021, land use rights represented twenty three 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 2068, respectively.

 

As of March 31, 2022 and December 31, 2021, certain property, plant and equipment of Dongfang Paper with net values of $928,347 and $1,130,333, 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 $5,990,831 and $6,002,195, respectively, as of March 31, 2022 and December 31, 2021 was pledged for the bank loan from Industrial & Commercial Bank of China. Land use right of Hebei Tengsheng with net value of $5,704,148 and $5,690,261, respectively, as of March 31, 2022 and December 31, 2021 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 $4,417,524 and $4,407,889, respectively, as of March 31, 2022 and December 31, 2021 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 $3,773,236 and $4,089,067 for the three months ended March 31, 2022 and 2021, respectively.