PLANTS AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

PLANTS AND EQUIPMENT, NET [Abstract]

PLANTS AND EQUIPMENT, NET

NOTE 7 –PLANTS AND EQUIPMENT, NET

Plants and equipment, net consisted of the following:

	December 31, 2021			December 31, 2020
At cost:
Machinery and equipment	$	2,068,056		$	1,972,035
Leasehold improvement		899,538			652,520
Office equipment		818,703			950,106
Motor vehicles		301,079			315,550
Total		4,087,376			3,890,211
Less: accumulated depreciation		(2,786,150	)		(2,851,020	)
Plants and equipment, net	$	1,301,226		$	1,039,191

Amortization of land use rights for the years ended December 31, 2020 and 2019 were $420,834 and $458,829, respectively. On November 9, 2020, the Company disposed its land use rights and buildings to a third party for total consideration of $34,326,979, with disposal gain of $7,005,446 recognized.

Depreciation expenses for the years ended December 31, 2021, 2020 and 2019 were $589,576, $1,350,922 and $1,544,900, respectively.

Impairment loss for the years ended December 31, 2021, 2020 and 2019 were $6,215, $58,760 and nil, respectively.