PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

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

	September 30, 2023		December 31, 2022
Buildings and plants	$	81,991	$	35,864
Manufacturing equipment	18,714		9,298
Office equipment	4,646		3,691
Transportation equipment	397		407
Leasehold improvement	7,684		7,173
Total cost	113,432		56,433
Less: Total accumulated depreciation and amortization	(15,123)		(10,047)
Construction in progress	92,573		36,489
Total property, plant and equipment, net	$	190,882	$	82,875

Depreciation and amortization expense for the three months ended September 30, 2023 and 2022 was $2,023 and $897 respectively, and $5,077 and $3,281 for the nine months ended September 30, 2023 and 2022, respectively. Buildings and plants represent Lingang housing property owned by ACM Shengwei at a value of RMB 263,979 ($34,790) as of September 30, 2023, and facilities for the new headquarters of ACM Shanghai ("Zhangjiang New Building") at a value of RMB 338,848 ($47,201) as of September 30, 2023. As of September 30, 2023, ACM Shanghai is in the process of obtaining property ownership certificate for Zhangjiang New Building. The Lingang housing property is pledged as security for loans from China Merchants Bank (Note 12).

Construction in progress primarily reflects costs incurred related to the construction of ACM Shanghai’s Lingang development and production center.