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Loan Payables
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
LOAN PAYABLES

6. LOAN PAYABLES


As of December 31, 2020, loan payable were $0.39 million, which consisted of the loan payable of $0.02 million to Shaanxi Entai Bio-Technology Co., Ltd., loan payable $0.01 million to Shenzhen Wangjv Trading Co., Ltd., and loan payable of $0.36 million to seven individuals.


The loan from Shaanxi Entai Bio-Technology Co., Ltd of $0.02 million was an interest free loan and there is not assets pledged for this loan.


On June 15, 2020, the Company entered into a loan agreement with Shenzhen Wangjv Trading Co., Ltd. Pursuant to the loan agreement, the Company borrowed $0.23 million from Shenzhen Wangjv Trading Co., Ltd. at the annual interest rate of 8% for the use of working capital for a year. On July 6, 2020, the Company returned $0.22 million to Shenzhen Wangjv Trading Co., Ltd.


During the third quarter of 2020, the Company entered into a series of interest free loan agreements with seven individuals, borrowing $0.36 million for working capital. The repayment term is one year.