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Property, Plant and Equipment, Net | 3 Months Ended
--- | ---
Mar. 31, 2024
Property, Plant and Equipment, Net [Abstract] |
Property, plant and equipment, net | (6) Property, plant and equipment, net As of March 31, 2024 and December 31, 2023, property, plant and equipment consisted of the following:
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Property, Plant, and Equipment: |  |  |  |  |  |
Land use rights |  | $ | 81,363,310 |  |  | $ | 81,504,608 |
Building and improvements |  |  | 67,821,279 |  |  |  | 67,939,059 |
Machinery and equipment |  |  | 158,354,855 |  |  |  | 158,629,858 |
Vehicles |  |  | 347,605 |  |  |  | 348,209 |
Totals |  |  | 307,887,049 |  |  |  | 308,421,734 |
Less: accumulated depreciation and amortization |  |  | (147,681,929 | ) |  |  | (144,447,712 | )
Property, Plant and Equipment, net |  | $ | 160,205,120 |  |  | $ | 163,974,022 |
As of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, certain property, plant and equipment of Dongfang Paper with net values of $nil, 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 $4,872,632 and $4,910,034, respectively, as of March 31, 2024 and December 31, 2023 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 $3,749,419 and $3,781,366, respectively, as of March 31, 2024 and December 31, 2023 was pledged for another long-term loan from credit union of Baoding Shengde. Land use right of Dongfang Paper with net value of $ 5,092,797 and $5,135,132, respectively, as of March 31, 2024 and December 31, 2023 was pledged for a long-term loan from credit union of Tengsheng Paper. Certain property, plant and equipment of Dongfang Paper with net values of $ 306,528 was pledged for a short-term loan from Bank of Cangzhou. 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 $3,481,788 and $3,686,243 for the three months ended March 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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