XML 58 R47.htm IDEA: XBRL DOCUMENT
v3.23.1

Loans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Long-Term Investments, Net [Abstract] |
Schedule of bank borrowings |
|  | December 31, |  |  | March 31, |
|  | 2022 |  |  | 2023 |
Short-term bank borrowings |  | $ | 14,907,875 |  |  | $ | 18,634,717 |
Schedule of facilities were also secured by the company’s assets |
|  | December 31, |  |  | March 31, |
|  | 2022 |  |  | 2023 |
Pledged deposits (note 2) |  | $ | 30,836,864 |  |  | $ | 35,601,854 |
Bills receivables (note 3) |  |  | 3,383,130 |  |  |  | 4,874,528 |
Right-of-use assets (note 9) |  |  | 5,598,716 |  |  |  | 5,589,456 |
Buildings |  |  | 4,419,749 |  |  |  | 6,603,907 |
|  | $ | 44,238,459 |  |  | $ | 52,669,745 |
Schedule of other short-term loans |
|  |  |  | December 31, |  |  | March 31, |
|  | Note |  | 2022 |  |  | 2023 |
Advance from related parties |  |  |  |  |  |  |  |
– Mr. Xiangqian Li, the Company’s Former CEO |  | (a) |  | $ | 100,000 |  |  | $ | 100,000 |
– Mr. Yunfei Li |  | (b) |  |  | 223,927 |  |  |  | 353,406 |
|  |  |  |  | 323,927 |  |  |  | 453,406 |
Advances from unrelated third party |  |  |  |  |  |  |  |  |  |
– Mr. Wenwu Yu |  | (c) |  |  | 15,896 |  |  |  | 15,989 |
– Ms. Longqian Peng |  | (c) |  |  | 276,905 |  |  |  | 60,150 |
– Suzhou Zhengyuanwei Needle Ce Co., Ltd |  | (d) |  |  | 72,368 |  |  |  | 72,792 |
|  |  |  |  | 365,169 |  |  |  | 148,931 |
|  |  |  | $ | 689,096 |  |  | $ | 602,337 |
| (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) | Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.
| (d) | 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, 2023, loan amount of RMB0.5 million ($0.1 million) 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: | dtr-types: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 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(1) -SubTopic 30 -Topic 860 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + Details
Name: | us-gaap_ScheduleOfQuantitativeInformationAboutFinancialAssetsAndAssociatedLiabilitiesAccountedForAsSecuredBorrowingsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration