XML 54 R42.htm IDEA: XBRL DOCUMENT
v3.21.1

Loans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of bank borrowings |
|  | December 31, |  |  | March 31, |
|  | 2020 |  |  | 2021 |
Current maturities of long-term bank loans |  | $ | 13,739,546 |  |  | $ | 13,688,805 |
Schedule of facilities secured by the company's assets |
|  | December 31, |  |  | March 31, |
|  | 2020 |  |  | 2021 |
Pledged deposits (note 2) |  | $ | 8,791,499 |  |  | $ | 16,278,065 |
Right-of-use assets (note 9) |  |  | 7,500,780 |  |  |  | 7,430,212 |
Buildings |  |  | 16,721,178 |  |  |  | 17,187,727 |
Machinery and equipment |  |  | 4,926,886 |  |  |  | 4,904,473 |
|  | $ | 37,940,343 |  |  | $ | 45,800,477 |
Schedule of other short-term loans |
|  |  |  |  | December 31, |  |  | March 31, |
|  | Note |  |  | 2020 |  |  | 2021 |
Advance from related parties |  |  |  |  |  |  |  |  |
– Mr. Xiangqian Li, the Company’s Former CEO |  |  | (a) |  |  | $ | 100,000 |  |  | $ | 100,000 |
– Mr. Yunfei Li |  |  | (b) |  |  |  | 278,739 |  |  |  | 133,928 |
– Shareholders |  |  | (c) |  |  |  | 92,446 |  |  |  | 92,105 |
|  |  |  |  |  |  | 471,185 |  |  |  | 326,033 |
Advances from unrelated third party |  |  |  |  |  |  |  |  |  |  |  |
– Mr. Wenwu Yu |  |  | (d) |  |  |  | 16,823 |  |  |  | 16,761 |
– Ms. Longqian Peng |  |  | (d) |  |  |  | 689,275 |  |  |  | 686,729 |
– Suzhou Zhengyuanwei Needle Ce Co., Ltd |  |  | (e) |  |  |  | 76,586 |  |  |  | 76,303 |
|  |  |  |  |  |  | 782,684 |  |  |  | 779,793 |
|  |  |  |  |  | $ | 1,253,869 |  |  | $ | 1,105,826 |
(a) | Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.
(b) | Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.
(c) | The earnest money paid by certain shareholders in relation to share purchase (note 1) were unsecured, non-interest bearing and repayable on demand.
(d) | Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.
(e) | In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2021, loan amount of RMB0.5 million ($76,303) remained outstanding.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount and classification of assets and liabilities recognized in the transferor's statement of financial position at the end of each period presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
Name: | us-gaap_ScheduleOfQuantitativeInformationAboutFinancialAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration