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Loans (Tables)
6 Months Ended
Jun. 30, 2023
Loan [Abstract]  
Schedule of Bank Borrowings Bank borrowings as of December 31, 2022 and June 30, 2023 consisted of the followings
   December 31,   June 30, 
   2022   2023 
Short-term bank borrowings  $14,907,875   $26,813,901 
           
Schedule of Facilities Were Also Secured by the Company’s Assets The facilities were also secured by the Company’s assets with the following carrying amounts:
   December 31,   June 30, 
   2022   2023 
Pledged deposits (note 2)  $30,836,864   $40,189,167 
Bills receivables (note 3)   3,383,130    5,272,772 
Right-of-use assets (note 9)   5,598,716    5,253,145 
Buildings   4,419,749    6,235,523 
   $44,238,459   $56,950,607 
Schedule of Other Short-Term Loans Other short-term loans as of December 31, 2022 and June 30, 2023 consisted of the following
      December 31,   June 30, 
   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    161,387 
       323,927    261,387 
Advances from unrelated third party             
– Mr. Wenwu Yu  (c)   15,896    15,141 
– Ms. Longqian Peng  (c)   276,905    7,024 
– Suzhou Zhengyuanwei Needle Ce Co., Ltd  (d)   72,368    68,930 
       365,169    91,095 
      $689,096   $352,482 
  (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 June 30, 2023, loan amount of RMB0.5 million ($0.1 million) remained outstanding.