PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT, NET

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

	December 31, 2021			December 31, 2020
At cost:
Mineral rights	$	3,025,017		$	2,955,780
Buildings		34,906,137			64,024,667
Plant and machinery		201,012,254			258,400,710
Motor vehicles		139,563			6,553
Furniture, fixtures and office equipment		2,494,400			3,318,564
Construction in process		44,310,149			12,095,565
Total		285,887,520			340,801,839
Less: Accumulated depreciation and amortization		(123,229,974	)		(173,212,554	)
Impairment		—			(18,641,596	)
Net book value	$	162,657,546		$	148,947,689

The Company has certain buildings and salt pans erected on parcels of land located in Shouguang, PRC, and such parcels of land are collectively owned by local townships or the government authority. The Company has not been able to obtain property ownership certificates over these buildings and salt pans. The aggregate carrying values of these properties situated on parcels of the land are $17,911,910 and $19,302,600 as at December 31, 2021 and December 31, 2020, respectively.

During the year ended December 31, 2021, there were total $57,388,456 write off on the company plan and machinery, which mainly include the write off of the machinery, wells and aqueducts.

During the year ended December 31, 2021, depreciation and amortization expense totaled $20,537,682 of which $8,318,487, $644,349 and $11,574,846 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue respectively.

During the year ended December 31, 2020, depreciation and amortization expense totaled $15,982,485 of which $5,512,920, $815,605 and $9,653,960 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue respectively.