v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
3 Months Ended
Mar. 31, 2026
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:

 

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

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

  

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.