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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2022
Property, plant and equipment, net [Abstract]  
Property, plant and equipment, net

(6) Property, plant and equipment, net

 

As of September 30, 2022 and December 31, 2021, property, plant and equipment consisted of the following:

 

   September 30,
   December 31,
 
   2022   2021 
Property, Plant, and Equipment:        
Land use rights  $56,587,713   $12,790,062 
Building and improvements   64,597,187    74,609,698 
Machinery and equipment   155,366,410    170,149,367 
Vehicles   713,510    725,838 
Construction in progress   973,922    
-
 
Totals   278,238,742    258,274,965 
Less: accumulated depreciation and amortization   (128,703,499)   (131,687,537)
Property, Plant and Equipment, net  $149,535,243   $126,587,428 

 

As of September 30, 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 September 30, 2022 and December 31, 2021, certain property, plant and equipment of Dongfang Paper with net values of $460,107 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 $5,289,810 and $6,002,195, respectively, as of September 30, 2022 and December 31, 2021 was pledged for the bank loan from Industrial & Commercial Bank of China (“ICBC”). Land use right of Hebei Tengsheng with net value of $5,042,556 and $5,690,261, respectively, as of September 30, 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 $3,899,128 and $4,407,889, respectively, as of September 30, 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 $3,609,985 and $3,500,145 for the three months ended September 30, 2022 and 2021, respectively. Depreciation and amortization of property, plant and equipment was $11,168,328 and $11,659,670 for the nine months ended September 30, 2022 and 2021, respectively.