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Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment, Net [Abstract]  
Property, plant and equipment, net

(6) Property, plant and equipment, net

 

As of June 30, 2025 and December 31, 2024, property, plant and equipment consisted of the following:

 

   June 30,   December 31, 
   2025   2024 
         
Land use rights  $80,640,445   $80,306,144 
Building and improvements   66,857,957    66,580,793 
Machinery and equipment   156,829,508    156,179,361 
Vehicles   366,111    343,088 
Construction in progress   
-
    
-
 
Totals   304,694,021    303,409,386 
Less: accumulated depreciation and amortization   (164,258,575)   (156,497,503)
Property, Plant and Equipment, net  $140,435,446   $146,911,883 

 

As of June 30, 2025 and December 31, 2024, land use rights represented twenty four 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 June 30, 2025 and December 31, 2024, 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 $2,650,742 and $3,407,848, respectively, as of June 30, 2025 and December 31, 2024, have been pledged pursuant two short-term loans from credit union of Baoding Shengde. Certain property, plant and equipment of Dongfang Paper with net values of $159,991 was pledged for a short-term loan from Bank of Cangzhou. Certain property, plant and equipment of Dongfang Paper with net values of $265,019 was pledged for another 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 $3,543,184 and $3,381,095 for the three months ended June 30, 2025 and 2024, respectively. Depreciation and amortization of property, plant and equipment was $7,090,582 and $6,862,883 for the six months ended June 30, 2025 and 2024, respectively.