v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT, NET

 

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

 

   December 31,
2025		  December 31,
2024 (Restated)
At cost:          
Mineral rights  $2,743,826   $2,682,882 
Leasehold Improvements   13,053,292    3,507,367 
Plant and machinery   125,170,996    143,839,420 
Furniture, fixtures and office equipment   833,046    1,435,090 
Motor vehicles   29,603    124,215 
Construction in process   —    10,155,642 
Total   141,830,763    161,744,616 
Less: Accumulated depreciation and amortization   (79,598,798)   (65,569,186)
Less: Impairment   (287,865)   (6,744,380)
Net book value  $61,944,100   $89,431,050 

 

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

  

                                              
   December 31, 2024  Renovating Salt Pan(a)  Remodel chlorine shed(b)  Impairment(c)  Disposal of fixed asse(d)  Depreciation(e)  Disposal of subsidiary(f) 

Foreign currency

translation(g)

  December 31, 2025
At cost:                                             
Mineral rights  $2,682,882    —    —    —    —    —    —    60,944   $2,743,826 
Leasehold
Improvements		   3,507,367    9,129,878    204,775    —    —    —    —    211,272    13,053,292 
Plant and
machinery		   143,839,420    —    —    —    (21,627,487)   —    —    2,959,063    125,170,996 
Furniture, fixtures and office
equipment		   1,435,090    —    —    —    —    —    (630,271)   28,227    833,046 
Motor vehicles   124,215    —    —    —    —    —    (96,762)   2,150    29,603 
Construction
in process		   10,155,642    —    —    —    (10,240,327)   —    —    84,685    — 
Total   161,744,616    9,129,878    204,775    —    (31,867,814)   —    (727,033)   3,346,341    141,830,763 
Less: Accumulated depreciation and
amortization		   (65,569,186)   —    9,986    —    —    (13,065,486)   722,195    (1,696,307)   (79,598,798)
Less: Impairment   (6,744,380)   —    —    (23,076,873)   29,591,610    —    —    (58,222)   (287,865)
Net book value  $89,431,050    9,129,878    214,761    (23,076,873)   (2,276,204)   (13,065,486)   (4,838)   1,591,812   $61,944,100 

 

 

(a)  For those crude salt pans acquired in fiscal year 2024, the Company completed renovation and upgrade activities during fiscal year 2025, with a total cost of $9,129,878.

 

(b) The Company completed renovation and upgrade work on the chlorine shed during fiscal year 2025, with a total cost of $214,761.

 

(c) The Company recognized the impairment of $23,076,873 based on independent valuation reports.

 

(d)  During the year ended December 31, 2025, a piece of land with a value of $2,276,204 was disposed due to court-ordered auction.

 

(e) During the year ended December 31, 2025, depreciation and amortization expense totaled $13,065,486 were recorded in direct labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses.

 

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 revenue, and general & administrative expenses.

 

(f) On December 22, 2025, the SYCI was sold. The net value of transferred fixed assets was $727,033, including furniture, fixtures and office equipment of $630,271, motor vehicles of $96,762 and accumulated depreciation and amortization of $722,195. 

 

See Note 26- Restatement, for discussion regarding the impact of the Restatement.