PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

At June 30, 2023 and December 31, 2022, property, plant and equipment consisted of the following:


	June 30, 2023		December 31, 2022
Buildings and plants	$	81,462	$	35,864
Manufacturing equipment	13,892		9,298
Office equipment	4,231		3,691
Transportation equipment	396		407
Leasehold improvement	7,361		7,173
Total cost	107,342		56,433
Less: Total accumulated depreciation and amortization	(13,100)		(10,047)
Construction in progress	64,771		36,489
Total property, plant and equipment, net	$	159,013	$	82,875

Depreciation and amortization expense for the three months ended June 30, 2023 and 2022 was $2,241 and $1,342 respectively, and $3,955 and 2,555 for the six months ended June 30, 2023 and 2022, respectively. Buildings and plants represent Lingang housing property that was transferred to ACM Lingang in January 2022 at a value of $41,497, which includes the purchase price and accumulated interest, and with estimated useful lives of 30-years (Note 8) and which are pledged as security for loans from China Merchants Bank (Note 12), and facilities for the new headquarters of ACM Shanghai that were transferred to ACM Lingang at a fair value of $49,453 in February 2023 (Note 8).

Construction in progress primarily reflects costs incurred related to the construction of ACM Shanghai's Lingang facilities.