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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are summarized as follow:
|  | December 31, 2021 |  |  | December 31, 2020 |
Loans from third parties (1) |  | $ | 419,642 |  |  | $ | 4,073,856 |
Accrued professional fees (2) |  |  | 2,429,843 |  |  |  | 370,555 |
Credit card payable (3) |  |  | 510,151 |  |  |  | - |
Employee payroll and welfare payables |  |  | 561,469 |  |  |  | 973,637 |
Other taxes payable |  |  | 48,672 |  |  |  | 6,576 |
Others |  |  | 213,486 |  |  |  | 318,699 |
Total |  | $ | 4,183,263 |  |  | $ | 5,743,323 |
(1) | Loans from third parties represented a combined aggregate interest-free loans of nil and $65,900 as of December 31, 2021 and 2020, respectively, and combined aggregate interest-bearing loans of $419,642 and $4,007,956 as of December 31, 2021 and 2020, respectively, with the weighted average annual interest rate of 11.17% and 13.59%, respectively. The balance was due on demand and has since been repaid.
The Company is not subject to any material financial or restrictive covenants under the loan agreements with third parties. Each of these loans are unsecured obligations of the Company and rank equally with each other, and any future unsecured and unsubordinated indebtedness.
(2) | Accrued professional fees represent Combination related fees and expenses payable of $904,843, consulting fees payable of $1,200,000 and Nasdaq listing fees payable of $325,000.
(3) | Credit card expense represented the credit card payments payable to the issuing financial institution, which was fully repaid in January 2022.

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- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
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