| PROPERTY, PLANT AND EQUIPMENT, NET |
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
| | |
March 31, | |
December 31, |
| | |
2026 | |
2025 |
| At cost: | |
| | | |
| | |
| Mineral rights | |
$ | 2,787,202 | | |
$ | 2,743,826 | |
| Leasehold Improvements | |
| 13,806,026 | | |
| 13,053,292 | |
| Plant and machinery | |
| 126,813,783 | | |
| 125,170,996 | |
| Furniture, fixtures and office equipment | |
| 846,215 | | |
| 833,046 | |
| Motor vehicles | |
| 30,071 | | |
| 29,603 | |
| Construction in process | |
| 16,801 | | |
| — | |
| Total | |
| 144,300,098 | | |
| 141,830,763 | |
| Less: Accumulated depreciation and amortization | |
| (83,904,706 | ) | |
| (79,598,798 | ) |
| Less: Impairment | |
| (292,416 | ) | |
| (287,865 | ) |
| Net book value | |
$ | 60,102,976 | | |
$ | 61,944,100 | |
The rollforward of property, plant and equipment, net were as follows:
Property, Plant and
Equipment, Net - Schedule of Rollforward of Property, Plant and Equipment
| | |
December
31, 2025 | |
Remodel
of Brine Well(a) | |
Remodel of Chlorine Gas
Shed(b) | |
Depreciation
(c) | |
Foreign
currency
translation | |
March
31, 2026 |
| At cost: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Mineral rights | |
| 2,743,826 | | |
| — | | |
| — | | |
| — | | |
| 43,376 | | |
| 2,787,202 | |
| Leasehold Improvements | |
| 13,053,292 | | |
| — | | |
| 544,075 | | |
| — | | |
| 208,659 | | |
| 13,806,026 | |
| Plant and machinery | |
| 125,170,996 | | |
| (334,596 | ) | |
| — | | |
| — | | |
| 1,977,383 | | |
| 126,813,783 | |
| Furniture, fixtures and office equipment | |
| 833,046 | | |
| — | | |
| — | | |
| — | | |
| 13,169 | | |
| 846,215 | |
| Motor vehicles | |
| 29,603 | | |
| — | | |
| — | | |
| — | | |
| 468 | | |
| 30,071 | |
| Construction in progress | |
| — | | |
| 16,730 | | |
| — | | |
| — | | |
| 71 | | |
| 16,801 | |
| Total | |
| 141,830,763 | | |
| (317,866 | ) | |
| 544,075 | | |
| — | | |
| 2,243,126 | | |
| 144,300,098 | |
| Less: Accumulated depreciation and amortization | |
| (79,598,798 | ) | |
| 317,866 | | |
| 4,221 | | |
| (3,356,786 | ) | |
| (1,271,209 | ) | |
| (83,904,706 | ) |
| Impairment | |
| (287,865 | ) | |
| — | | |
| — | | |
| — | | |
| (4,551 | ) | |
| (292,416 | ) |
| Net book value | |
| 61,944,100 | | |
| — | | |
| 548,296 | | |
| (3,356,786 | ) | |
| 967,366 | | |
| 60,102,976 | |
| | (a) | The
Company was undergoing renovation and upgrade work on the brine well,
which remained incomplete as of March 31, 2026. Accordingly, the brine well’s original cost and related accumulated depreciation
were reclassified to construction in progress pending completion of the renovation and upgrade work.
|
| | | |
| (b) | In the first quarter of 2026, the Company completed the renovation and
upgrade project for the chlorine gas shed, at a total cost of $548,296. |
| | | |
| | (c) | During the three months ended
March 31, 2026, depreciation and amortization expense totaled $3,356,786 were recorded in direct labor and factory overheads incurred
during plant shutdown, cost of revenue, and general & administrative expenses. |
|