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Land Use Rights | 12 Months Ended
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Dec. 31, 2022
Land Use Rights Abstract |
LAND USE RIGHTS | NOTE 9 – LAND USE RIGHTS Land use rights consisted of the following:
|  | As of |
|  | December 31, 2022 |  |  | December 31, 2021 |
Land use rights, cost |  | $ | 4,460,738 |  |  | $ | 4,827,951 |
Less: Accumulated amortization |  |  | (821,671 | ) |  |  | (792,753 | )
Land use rights, net |  | $ | 3,639,067 |  |  | $ | 4,035,198 |
As of December 31, 2022, the Company had land use rights with net book value of $3.64 million, which were pledged as collateral for the Company’s short-term bank loans. As of December 31, 2021, the Company had land use rights with net book value of $4.04 million, which were pledged as collateral for the Company’s short-term bank loans. Estimated future amortization expense is as follows as of December 31, 2022:
Years ending December 31, |  | Amortization expense |
2023 |  | $ | 91,136 |
2024 |  |  | 91,136 |
2025 |  |  | 91,136 |
2026 |  |  | 91,136 |
2027 |  |  | 91,136 |
Thereafter |  |  | 3,183,387 |
Total |  | $ | 3,639,067 |

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