Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	September 30,			December 31,
	2022			2021
Permit of land use	$	396,726		$	441,783
Building		9,212,594			10,258,885
Plant, machinery and equipment		27,264,495			30,122,235
Motor vehicle		435,485			337,375
Office equipment		302,966			278,892
Total		37,612,266			41,439,170
Less: accumulated depreciation		(27,178,761	)		(28,158,611	)
Property, plant and equipment, net	$	10,433,505		$	13,280,559

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. Depreciation expense was $655,386 and $966,956 for the three months ended September 30, 2022 and 2021, respectively and $2,033,194 and $2,348,606 for the nine months ended September 30, 2022 and 2021, respectively.