v3.26.1
Property, Plant and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment, net
6. Property, Plant and Equipment, net

 

Property, plant and equipment as of December 31, 2025 and March 31, 2026 consisted of the following:

 

   December 31,
2025		   March 31,
2026		 
Buildings  $89,341,079   $90,526,337 
Leasehold improvements   8,790,749    10,092,972 
Machinery and equipment   144,739,898    155,981,969 
Office equipment   2,529,257    2,643,593 
Motor vehicles   868,261    892,295 
    246,269,244    260,137,166 
Impairment   (17,375,954)   (17,218,817)
Accumulated depreciation   (49,834,489)   (54,697,005)
Carrying amount  $179,058,801   $188,221,344 

 

During the three months ended March 31, 2025 and 2026, the Company incurred depreciation expense of $2,068,756 and $3,480,831 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, 2025 and 2026.