NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

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

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment

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 $49,444,325 and $50,219,026 as at March 31, 2025 and December 31, 2024, respectively. 

During the three-month period ended March 31, 2025, depreciation and amortization expense totaled $3,999,026, of which $2,469,771, $783,472 and $745,783 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue, respectively.

During the three-month period ended March 31, 2024, depreciation and amortization expense totaled $4,729,242, of which $3,106,788, $201,504 and $1,420,950 were recorded in direct labor and factory overheads incurred during plant shutdown, administrative expenses and cost of net revenue, respectively.