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Short Term Bank Loans | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
SHORT TERM BANK LOANS | NOTE 12 – SHORT TERM BANK LOANS Short-term loans are summarized as follow:
|  | As of |
|  | December 31, 2022 |  |  | December 31, 2021 |
Collateralized bank loans |  | $ | 7,536,392 |  |  | $ | 7,976,336 |
Unsecured bank loans |  |  | 1,449,863 |  |  |  | 784,609 |
Total |  | $ | 8,986,255 |  |  | $ | 8,760,945 |
Short-term loans as of December 31, 2022 are as follow:
Maturity Date |  | Type |  | Bank Name |  | Interest Rate per Annum (%) |  |  | December 31, 2022 |
August 29, 2023 |  | Operating Loans |  | Agricultural Bank of PRC |  |  | 3.85 |  |  | $ | 2,609,755 |
June 29, 2023 |  | Operating Loans |  | Bank of Communications |  |  | 3.85 |  |  | $ | 1,449,864 |
January 30, 2023 |  | Operating Loans |  | Bank of Ningbo |  |  | 1.12 |  |  | $ | 1,012,005 |
August 23, 2023 |  | Operating Loans |  | Rural Commercial Bank of Xinchang |  |  | 3.85 |  |  | $ | 2,464,768 |
February 23, 2023 |  | Operating Loans |  | Industrial and Commercial Bank of Xinchang |  |  | 4.05 |  |  | $ | 1,449,863 |
Total |  |  |  |  |  |  |  |  |  | $ | 8,986,255 |
Short-term loans as of December 31, 2021 are as follow:
Maturity Date |  | Type |  | Bank Name |  | Interest Rate per Annum (%) |  |  | December 31, 2021 |
August 23, 2022 |  | Operating Loans |  | Agricultural bank of PRC |  |  | 4.57 |  |  | $ | 2,954,837 |
August 18, 2022 |  | Operating Loans |  | Rural commercial bank of Xinchang |  |  | 4.35 |  |  | $ | 1,255,375 |
August 23, 2022 |  | Operating Loans |  | Rural commercial bank of Xinchang |  |  | 5.30 |  |  | $ | 1,098,453 |
September 01, 2022 |  | Operating Loans |  | Rural commercial bank of Xinchang |  |  | 4.35 |  |  | $ | 2,667,671 |
January 21, 2022 |  | Operating Loans |  | Rural commercial bank of Xinchang |  |  | 5.30 |  |  | $ | 784,609 |
Total |  |  |  |  |  |  |  |  |  | $ | 8,760,945 |
All short-term bank loans were obtained from local banks in the PRC and are repayable within one year. The average annual interest rate of the short-term bank loans was 4.10% and 4.628% for the years ended December 31, 2022 and 2021, respectively. The Company was in compliance with its financial covenants as of December 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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