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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, plant and equipment

(6) Property, plant and equipment

 

As of December 31, 2023, and 2022, property, plant and equipment consisted of the following:

 

   December 31,   December 31, 
   2023   2022 
Property, Plant, and Equipment:        
Land use rights  $81,504,608   $57,686,220 
Building and improvements   67,939,059    68,300,987 
Machinery and equipment   158,629,858    158,498,316 
Vehicles   348,209    681,617 
Construction in progress   
-
    1,239,698 
Totals   308,421,734    286,406,838 
Less: accumulated depreciation and amortization   (144,447,712)   (134,836,940)
Property, Plant and Equipment, net  $163,974,022   $151,569,898 

 

As of December 31, 2023, land use rights represented twenty-three parcel of state-owned lands located in Xushui District and Wei County of Hebei Province in China, with lease terms of 50 years expiring from 2061 to 2068.

 

As of December 31, 2022, land use rights represented twenty-three 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, respectively.

 

As of December 31, 2023 and 2022, certain property, plant and equipment of Dongfang Paper with net values of $nil and $280,466, respectively, have been pledged pursuant to a long-term loan from credit union of Dongfang Paper. Land use right of Tengsheng Paper with net value of $4,910,034 and $5,111,014, respectively, as of December 31, 2023 and 2022 was pledged for a long-term loan from credit union of Baoding Shengde. In addition, land use right of Tengsheng Paper with net value of $3,781,366 and $3,948,953, respectively, as of December 31, 2023 and 2022 was pledged for another long-term loan from credit union of Baoding Shengde. Land use right of Dongfang Paper with net value of $5,135,132 as of December 31, 2023 was pledged for a long-term loan from credit union of Tengsheng Paper. See “Short-term bank loans” under Note (8), Loans Payable, for details of the transaction and asset collaterals.

 

Depreciation and amortization of property, plant and equipment was $14,225,990 and $14,788,036 for the years ended December 31, 2023, and 2022, respectively. Loss from disposal and impairment of property, plant and equipment of $1,500,298 and $nil were recorded for the years ended December 31, 2023, and 2022.