v3.25.1
Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2025
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, 2024 and March 31, 2025 consisted of the following:

 

   December 31,
2024		   March 31,
2025		 
Buildings  $44,590,499   $44,850,015 
Leasehold improvements   8,058,360    8,234,169 
Machinery and equipment   84,267,956    82,521,157 
Office equipment   2,235,605    2,085,283 
Motor vehicles   803,560    755,565 
    139,955,980    138,446,189 
Impairment   (16,755,682)   (16,842,225)
Accumulated depreciation   (37,713,469)   (37,320,281)
Carrying amount  $85,486,829   $84,283,683 

During the three months ended March 31, 2024 and 2025, the Company incurred depreciation expense of $2,542,062 and $2,068,756, 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, 2024 and 2025.