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Note Payable

12 Months Ended

Dec. 31, 2023

Note Payable [Abstract]

NOTE PAYABLE

14. NOTE PAYABLE

As of December 31, 2023, note payable was nil.

As of December 31, 2022, note payable consist of the following:

		Issue date		Principal amount US$				Mature date		Effective interest rate
FUCE Future Supply Chain (Xi’an) Co., Ltd.		August 10, 2022		$	1,435,834			August 10, 2023			0.05	%
FUCE Future Supply Chain (Xi’an) Co., Ltd.		August 12, 2022			717,916			August 12, 2023			0.05	%
FUCE Future Supply Chain (Xi’an) Co., Ltd.		July 28, 2022			717,916			July 28, 2023			0.05	%
FUCE Future Supply Chain (Xi’an) Co., Ltd.		December 19, 2022			717,916			December 19, 2023			0.05	%
Total				$	3,589,582

At maturity, the Notes are payable at their principal amount thereon. There 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 December 31, 2022, there was no such event of default.

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- References

No definition available.

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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