Property, Plant and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	June 30,			December 31,
	2020			2019
Permit of land use	$	397,864		$	403,755
Building		9,239,010			9,375,817
Plant, machinery and equipment		26,757,799			26,309,262
Motor vehicle		303,835			308,334
Office equipment		216,264			217,058
Total		36,914,772			36,614,226
Less: accumulated depreciation		(21,283,119	)		(20,300,399	)
Property, Plant and Equipment, net	$	15,631,653		$	16,313,827

Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:

Asset	Life - years
Permit of land use	40 - 70
Building	20 - 49
Plant, machinery and equipment	5 - 10
Motor vehicle	5 - 10
Office equipment	3-5

Depreciation relating to office equipment was included in general and administrative expenses, while all other depreciation was included in cost of revenue. For the three months ended June 30, 2020 and 2019, depreciation expense was $640,473 and $762,475, respectively and $1,287,586 and $1,535,336 for the six months ended June 30, 2020 and 2019, respectively.