Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, net

7. Property, Plant and Equipment, net

Property, plant and equipment as of December 31, 2023 and March 31, 2024 consisted of the following:

	December 31, 2023			March 31, 2024
Buildings	$	45,843,428		$	45,078,998
Leasehold Improvements		7,214,436			7,786,907
Machinery and equipment		83,625,645			83,981,275
Office equipment		1,983,601			2,188,154
Motor vehicles		727,452			779,210
		139,394,562			139,814,544
Impairment		(17,358,096	)		(17,036,759	)
Accumulated depreciation		(30,407,634	)		(33,816,508	)
Carrying amount	$	91,628,832		$	88,961,277

During the three months ended March 31, 2023 and 2024, the Company incurred depreciation expense of $2,539,631 and $2,542,062, respectively.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s property, plant and equipment. The impairment charge, if any, represented the excess of carrying amounts of the Company’s property, plant and equipment over the estimated discounted cash flows expected to be generated by the Company’s production facilities. The Company believes that there was no impairment during the three months ended March 31, 2023 and 2024.