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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, plant and equipment

(6) Property, plant and equipment

 

As of December 31, 2024, and 2023, property, plant and equipment consisted of the following:

 

   December 31,   December 31, 
   2024   2023 
         
Land use rights  $80,306,144   $81,504,608 
Building and improvements   66,580,793    67,939,059 
Machinery and equipment   156,179,361    158,629,858 
Vehicles   343,088    348,209 
Construction in progress   
-
    
-
 
Totals   303,409,386    308,421,734 
Less: accumulated depreciation and amortization   (156,497,503)   (144,447,712)
Property, Plant and Equipment, net  $146,911,883   $163,974,022 

 

 

 

As of December 31, 2024 and 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 December 31, 2024 and 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. Certain property, plant and equipment of Baoding Shengde with net value of $3,407,848 have been pledged pursuant two short-term loans from credit union of Baoding Shengde. 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 $14,221,082 and $14,225,990 for the years ended December 31, 2024, and 2023, respectively. Loss from disposal and impairment of property, plant and equipment of $102,490 and $1,500,298 were recorded for the years ended December 31, 2024, and 2023.