Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	December 31, 2023		December 31, 2022
	US$		US$
Buildings		9,334,723		7,343,492
Machinery and equipment		2,171,273		2,732,336
Motor vehicles		671,618		678,112
Electronic equipment		234,997		238,856
Office equipment		42,175		43,413
Inspection equipment		101,995		104,993
Construction in progress		134,578		1,394,146
Total		12,691,359		12,535,348
Less: accumulated depreciation		3,860,391		3,777,301
Property and equipment, net		8,830,968		8,758,047

Depreciation expense was $408,233, $541,265 and $595,522 for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023 and 2022, the Company pledged buildings to secure bank borrowings to the Company as disclosed in Note 9.