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Loans (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of bank borrowings

		December 31,				March 31,
		2021				2022
Short-term bank borrowings		$	8,811,820			$	14,674,721

Schedule of facilities were also secured by the company’s assets

		December 31,				March 31,
		2021				2022
Pledged deposits (note 2)		$	18,996,749			$	25,141,517
Bills receivables (note 3)			4,446,553				5,041,978
Right-of-use assets (note 9)			6,268,473				6,236,789
Buildings			8,565,837				8,494,371
		$	38,277,612			$	44,914,655

Schedule of other short-term loans

				December 31,				March 31,
		Note		2021				2022
Advance from related parties
– Mr. Xiangqian Li, the Company’s Former CEO		(a)		$	100,000			$	100,000
– Mr. Yunfei Li		(b)			153,300				153,639
– Shareholders		(c)			94,971				95,180
– Mr. Junnan Ye (Note 11)					3,933,848				-
					4,282,119				348,819
Advances from unrelated third party
– Mr. Wenwu Yu		(d)			17,282				17,320
– Ms. Longqian Peng		(d)			301,044				301,709
– Suzhou Zhengyuanwei Needle Ce Co., Ltd		(e)			78,677				78,851
					397,003				397,880
				$	4,679,122			$	746,699

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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.

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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 https://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

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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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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