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Note Payable

3 Months Ended

Mar. 31, 2023

14. NOTE PAYABLE

Note payable consist of the following:

	Issue date		Principal amount US$		Mature date		Effective annual rate
FUCE Future Supply Chain (Xi’an) Co., Ltd.		August 10, 2022	$	1,455,244		August 10, 2023		0.05	%
FUCE Future Supply Chain (Xi’an) Co., Ltd.		August 12, 2022		727,622		August 12, 2023		0.05	%
FUCE Future Supply Chain (Xi’an) Co., Ltd.		July 28, 2022		727,622		July 28, 2023		0.05	%
FUCE Future Supply Chain (Xi’an) Co., Ltd.		December 19, 2022		727,622		December 19, 2023		0.05	%
Total			$	3,638,110

At maturity, the Notes are payable at their principal amount thereon. The occurring with respect to any of the Company’s indebtedness, an event of default resulting in accelerated maturity or a failure to pay principal, interest or premium when due, the overdue interest shall be charged at 0.05% per day, without the need to notify the applicant and sign another loan contract. As of March 31, 2023, there was no such event of default.