PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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

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

		December 31, 2024 (Restated)				December 31, 2023 (Restated)
At cost:
Mineral rights		$	2,682,882			$	2,722,997
Leasehold Improvements			3,507,367				3,563,053
Plant and machinery			143,839,420				185,738,906
Furniture, fixtures and office equipment			1,435,090				1,456,547
Motor vehicles			124,215				126,072
Construction in process			10,155,642				10,307,491
Total			161,744,616				203,915,066
Less: Accumulated depreciation and amortization			(65,569,186	)			(91,687,554	)
Impairment			(6,744,380	)			—
Net book value		$	89,431,050			$	112,227,512

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

The rollforward of property, plant and equipment, net was as follows:

						Build new bromine				Scrapped bromine												Foreign
		December 31, 2023 (Restated)				wells and delivery(b)				wells and delivery(c)				Impairment(d)				Depreciation(a)				currency translation				December 31, 2024 (Restated)
At cost:
Mineral rights		$	2,722,997				—				—				—				—				(40,115	)		$	2,682,882
Leasehold Improvements			3,563,053				286,994				(290,186	)			—				—				(52,494	)			3,507,367
Plant and machinery			185,738,906				29,911,710				(69,074,091	)			—				—				(2,737,105	)			143,839,420
Furniture, fixtures and office equipment			1,456,547				—				—				—				—				(21,457	)			1,435,090
Motor vehicles			126,072				—				—				—				—				(1,857	)			124,215
Construction in process			10,307,491				—				—				—				—				(151,849	)			10,155,642
Total			203,915,066				30,198,704				(69,364,277	)			—				—				(3,004,877	)			161,744,616
Less: Accumulated depreciation and amortization			(91,687,554	)			—				40,235,525				—				(15,819,827	)			1,702,670				(65,569,186	)
Impairment			—				—				—				(6,772,500	)			—				28,120				(6,744,380	)
Net book value		$	112,227,512				30,198,704				(29,128,752	)			(6,772,500	)			(15,819,827	)			(1,274,087	)		$	89,431,050

(a) During the year ended December 31, 2024, depreciation and amortization expense totaled $15,819,827 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of net revenue, and general & administrative expenses.

During the year ended December 31, 2023, depreciation and amortization expense totaled $25,860,222 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of net revenue, and general & administrative expenses.

(b) The Company built new bromine wells and delivery channels totaling $30,198,704 in the second quarter of 2024, which included Plant and Machinery of $29,911,710, and Leasehold Improvements of $286,994.

(c) In June 2024, due to the fact that the bromine wells and aqueducts have been in use for many years, the Company conducted a site inspection and found that some wells and aqueducts were seriously damaged by water seepage, so they need to be scrapped and new construction, and the scrapping amount is $29,169,008. The original value of scrapped fixed assets was $69,365,091, consisting of $290,186 in Leasehold Improvements and $69,074,091 in Plant and Machinery, minus the accumulated depreciation of $40,235,525, resulting in a disposal loss of $29,169,008.

(d) In December 2024, due to the delayed completion of some machinery and equipment of Yuxin Chemical's new plant due to the impact of the current market environment, our company has conducted impairment of these assets by professional evaluators, the amount is $6,772,500.