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Loan Payables
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
LOAN PAYABLES

5. LOAN PAYABLES


As of March 31, 2021, loan payables were $0.27 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 $0.24 million to seven individuals.


The loan from Shaanxi Entai Bio-Technology Co., Ltd of $0.02 million was interest free and has no 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% with the term of 1 year for the use of working capital. On July 6, 2020, the Company repaid $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. The Company repaid $0.12 million to two individual lenders, Yinyang Chen and Zhixing Pan.