PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2023

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:

	March 31, 2023			December 31, 2022
At cost:
Plant and building (1)	$	11,502,851		$	11,453,436
Machinery and equipment		3,248,410			2,413,087
Leasehold improvement		4,442,928			2,956,515
Office equipment		1,366,669			1,192,443
Motor vehicles		422,682			352,972
Total		20,983,540			18,368,453
Less: accumulated depreciation		(3,718,094	)		(3,405,862	)
Construction in progress		132,808			-
Property, plant and equipment, net	$	17,265,446		$	14,962,591

Depreciation expenses for the three months ended March 31, 2023 and 2022 were $305,262 and $137,104, respectively.

Impairment loss for the three months ended March 31, 2023 and 2022 were $24,369 and nil, respectively.