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Loans (Tables) | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Schedule of bank borrowings |
|  | December 31, |  |  | June 30, |
|  | 2020 |  |  | 2021 |
Current maturities of long-term bank loans |  | $ | 13,739,546 |  |  | $ | - |
Schedule of facilities secured by the company's assets |
|  | December 31, |  |  | June 30, |
|  | 2020 |  |  | 2021 |
Pledged deposits (note 2) |  | $ | 8,791,499 |  |  | $ | 19,065,551 |
Right-of-use assets (note 11) |  |  | 7,500,780 |  |  |  | - |
Buildings |  |  | 16,721,178 |  |  |  | - |
Machinery and equipment |  |  | 4,926,886 |  |  |  | - |
|  | $ | 37,940,343 |  |  | $ | 19,065,551 |
Schedule of other short-term loans |
|  |  |  | December 31, |  |  | June 30, |
|  | 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 |  |  |  | 95,397 |
– Shareholders |  | (c) |  |  | 92,446 |  |  |  | 93,449 |
|  |  |  |  | 471,185 |  |  |  | 288,846 |
Advances from unrelated third party |  |  |  |  |  |  |  |  |  |
– Mr. Wenwu Yu |  | (d) |  |  | 16,823 |  |  |  | 17,005 |
– Ms. Longqian Peng |  | (d) |  |  | 689,275 |  |  |  | 446,970 |
– Suzhou Zhengyuanwei Needle Ce Co., Ltd |  | (e) |  |  | 76,586 |  |  |  | 77,416 |
|  |  |  |  | 782,684 |  |  |  | 541,391 |
|  |  |  | $ | 1,253,869 |  |  | $ | 830,237 |

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- 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
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