| PROPERTY, PLANT AND EQUIPMENT, NET |
NOTE
6 – PROPERTY, PLANT AND EQUIPMENT, NET
Property,
plant and equipment, net consist of the following:
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
| | |
March
31,
2025 (Restated) | | |
December
31,
2024 (Restated) | |
| At cost: | |
| | | |
| | |
| Mineral rights | |
$ | 2,686,739 | | |
$ | 2,682,882 | |
| Leasehold improvements | |
| 3,512,410 | | |
| 3,507,367 | |
| Plant and machinery | |
| 144,046,220 | | |
| 143,839,420 | |
| Furniture, fixtures and office
equipment | |
| 1,437,153 | | |
| 1,435,090 | |
| Motor vehicles | |
| 124,394 | | |
| 124,215 | |
| Construction
in process | |
| 10,170,243 | | |
| 10,155,642 | |
| Total | |
| 161,977,159 | | |
| 161,744,616 | |
| Less: Accumulated depreciation
and amortization | |
| (68,888,425 | ) | |
| (65,569,186 | ) |
| Less:
Impairment | |
| (6,754,076 | ) | |
| (6,744,380 | ) |
| Net book value | |
$ | 86,334,658 | | |
$ | 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 | | |
March
31, 2025
(Restated) | |
| At cost: | |
| | | |
| | | |
| | | |
| | |
| Mineral rights | |
$ | 2,682,882 | | |
$ | - | | |
$ | 3,857 | | |
$ | 2,686,739 | |
| Leasehold improvements | |
| 3,507,367 | | |
| - | | |
| 5,043 | | |
| 3,512,410 | |
| Plant and machinery | |
| 143,839,420 | | |
| - | | |
| 206,800 | | |
| 144,046,220 | |
| Furniture, fixtures and office
equipment | |
| 1,435,090 | | |
| - | | |
| 2,063 | | |
| 1,437,153 | |
| Motor vehicles | |
| 124,215 | | |
| - | | |
| 179 | | |
| 124,394 | |
| Construction
in process | |
| 10,155,642 | | |
| - | | |
| 14,601 | | |
| 10,170,243 | |
| Total | |
| 161,744,616 | | |
| - | | |
| 232,543 | | |
| 161,977,159 | |
| Less: Accumulated depreciation
and amortization | |
| (65,569,186 | ) | |
| (3,226,127 | ) | |
| (93,112 | ) | |
| (68,888,425 | ) |
| Less:
Impairment | |
| (6,744,380 | ) | |
| - | | |
| (9,696 | ) | |
| (6,754,076 | ) |
| Net book value | |
$ | 89,431,050 | | |
$ | (3,226,127 | ) | |
$ | 129,735 | | |
$ | 86,334,658 | |
| (a) | | During the three-month
period ended March 31, 2025, depreciation and amortization expense totaled $3,226,127
were recorded in direct labor and factory overheads incurred
during plant shutdown, cost of revenue, and general & administrative expenses. |
During
the three-month period ended March 31, 2024, depreciation and amortization expense totaled $4,416,261 were 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.
|