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Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2022
Notes Payable [Abstract] |
NOTES PAYABLE | NOTE 10 – NOTES PAYABLE
|  | As of |
|  | December 31, 2022 |  |  | December 31, 2021 |
Bank acceptance notes |  | $ | 28,272,472 |  |  | $ | 42,093,061 |
Total |  | $ | 28,272,472 |  |  | $ | 42,093,061 |
The interest-free notes payable, ranging from six months to one year from the date of issuance, were secured by $3.43 million and $6.74 million restricted cash, $15.51 million and $28.14 million notes receivable, and $3.64 million and $4.04 land use rights, as of December 31, 2022 and 2021, respectively. All the notes payable are subject to bank charges of 0.05% of the principal amount as commission, included in the financial expenses in the statement of operations, on each loan transaction. The interest charge of notes payable is free.

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