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OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
OTHER BORROWINGS

Note 10       OTHER BORROWINGS

 

Others loans consisted of the following:

         
   For the years ended December 31, 
   2022   2021 
         
Secured loan from Chailease Finance Co., Ltd wholly repayable within 1 year  $214,913   $– 
Total secured loan wholly repayable within 1 year   214,913    – 
           
Secured loan from Chailease Finance Co., Ltd wholly repayable more than 1 year   436,341    – 
Total  $651,254   $– 

 

As of December 31, 2022, the outstanding loan from Chailease Finance Co., Ltd of $651,254 (or TWD 20,000,000) with annual interest rate of 6% was secured by pledging the timely deposit in Sunny Bank (Xizhi Brench) of 500,000, and denominated in TWD for a term of 24 months. This facility of credit limit of TWD 20,000,000 was obtained on December 19, 2022 and will be expired on December 16, 2024.