PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 9 –PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

	December 31, 2022			December 31, 2021
At cost:
Plant and building (1)	$	11,453,436		$	-
Machinery and equipment		2,413,087			2,068,056
Leasehold improvement		2,956,515			899,538
Office equipment		1,192,443			818,703
Motor vehicles		352,972			301,079
Total		18,368,453			4,087,376
Less: accumulated depreciation		(3,405,862	)		(2,786,150	)
Property, plant and equipment, net	$	14,962,591		$	1,301,226

(1) On April 4, 2022, the Company entered an agreement with Zhejiang HPWINNER Scientific Company Limited to acquire its factory, with an area of 44,451.54 square meters and the total consideration of RMB78,968,319 (approximately $11,453,436).

Depreciation expenses for the years ended December 31, 2022 and 2021 were $907,739 and $589,576, respectively.

Impairment loss for the years ended December 31, 2022 and 2021 were $550,402 and $6,215, respectively.