| PROPERTY, PLANT AND EQUIPMENT, NET |
NOTE
6 – PROPERTY, PLANT AND EQUIPMENT, NET
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
| | |
June
30, 2025
(Restated) | | |
December
31, 2024
(Restated) | |
| At
cost: | |
| | | |
| | |
| Mineral
rights | |
$ | 2,694,068 | | |
$ | 2,682,882 | |
| Leasehold
improvements | |
| 3,521,992 | | |
| 3,507,367 | |
| Plant
and machinery | |
| 144,439,139 | | |
| 143,839,420 | |
| Furniture,
fixtures and office equipment | |
| 1,441,073 | | |
| 1,435,090 | |
| Motor
vehicles | |
| 124,733 | | |
| 124,215 | |
| Construction
in process | |
| 10,197,986 | | |
| 10,155,642 | |
| Total | |
| 162,418,991 | | |
| 161,744,616 | |
| Less:
Accumulated depreciation and amortization | |
| (72,309,365 | ) | |
| (65,569,186 | ) |
| Less:
Impairment | |
| (6,772,500 | ) | |
| (6,744,380 | ) |
| Net
book value | |
$ | 83,337,126 | | |
$ | 89,431,050 | |
The
rollforward of property, plant and equipment, net was as follows:
SCHEDULE OF ROLLFORWARD OF PROPERTY, PLANT AND EQUIPMENT
| | |
December
31, 2024
(Restated) | | |
Depreciation
(a) | | |
Foreign
currency
translation | | |
June
30, 2025
(Restated) | |
| At cost: | |
| | |
| | |
| | |
| |
| Mineral
rights | |
$ | 2,682,882 | | |
$ | - | | |
$ | 11,186 | | |
$ | 2,694,068 | |
| Leasehold
improvements | |
| 3,507,367 | | |
| - | | |
| 14,625 | | |
| 3,521,992 | |
| Plant
and machinery | |
| 143,839,420 | | |
| - | | |
| 599,719 | | |
| 144,439,139 | |
| Furniture,
fixtures and office equipment | |
| 1,435,090 | | |
| - | | |
| 5,983 | | |
| 1,441,073 | |
| Motor
vehicles | |
| 124,215 | | |
| - | | |
| 518 | | |
| 124,733 | |
| Construction
in process | |
| 10,155,642 | | |
| - | | |
| 42,344 | | |
| 10,197,986 | |
| Total | |
| 161,744,616 | | |
| - | | |
| 674,375 | | |
| 162,418,991 | |
| Less:
Accumulated depreciation and amortization | |
| (65,569,186 | ) | |
| (6,444,107 | ) | |
| (296,072 | ) | |
| (72,309,365 | ) |
| Less:
Impairment | |
| (6,744,380 | ) | |
| - | | |
| (28,120 | ) | |
| (6,772,500 | ) |
| Net book value | |
$ | 89,431,050 | | |
$ | (6,444,107 | ) | |
$ | 350,183 | | |
$ | 83,337,126 | |
| (a) | | During
the three and six months period ended June 30, 2025, depreciation and amortization expense
totaled $3,217,980 and $6,444,107, respectively, which was recorded in direct labor and factory
overheads incurred during plant shutdown, cost of revenue, and general & administrative
expenses. |
During
the three and six months period ended June 30, 2024, depreciation and amortization expense totaled $4,417,023
and $8,833,284, respectively, which was recorded in direct
labor and factory overheads incurred during plant shutdown, cost of revenue, and general & administrative expenses.
See
Note 22- Restatement, for discussion regarding the impact of the Restatement.
|