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Loans (Tables)

12 Months Ended

Dec. 31, 2022

Long-Term Investments, Net [Abstract]

Schedule of bank borrowings

		December 31,				December 31,
		2021				2022
Short-term bank borrowings		$	8,811,820			$	14,907,875

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

		December 31,				December 31,
		2021				2022
Pledged deposits (note 3)		$	18,996,749			$	30,836,864
Bills receivables (note 4)			4,446,553				3,383,130
Right-of-use assets (note 10)			6,286,473				5,598,716
Buildings			8,565,837				4,419,749
		$	38,295,612			$	44,238,459

Schedule of other short-term loans

				December 31,				December 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				223,927
– Shareholders		(c)			94,971				-
– Mr. Junnan Ye (Note 12)					3,933,848				-
					4,282,119				323,927
Advances from unrelated third party
– Mr. Wenwu Yu		(d)			17,282				15,896
– Ms. Longqian Peng		(d)			301,044				276,905
– Suzhou Zhengyuanwei Needle Ce Co., Ltd		(e)			78,677				72,368
					397,003				365,169
				$	4,679,122			$	689,096

(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 December 31, 2022, loan amount of RMB0.5 million ($72,368) remained outstanding.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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