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.