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Impairment Loss | 9 Months Ended
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Sep. 30, 2022
Impairment Loss Abstract |
IMPAIRMENT LOSS | 21. IMPAIRMENT LOSS The Company recorded $0.93 million of impairment loss in nine months ended 2022 relating to the short term investment mainly due to Future Private Equity Fund Management (Hainan) Co., Ltd. invested $1.83 million (RMB13,000,000) to entrust Shanghai Yuli Enterprise Management Consulting Firm to invest in various types of investment portfolios. Overall economic environment has worsened in China with Covid-19 outbreak and related lockdown in various cities in China in 2022, Ukraine war, inflation, looming recession worldwide. According to the market value, the Company’s balance of the short term investment was $0.97 million on September 30, 2022.

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