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Notes Receivable

12 Months Ended

Dec. 31, 2022

NOTE 7 – NOTES RECEIVABLE

	As of
	December 31, 2022		December 31, 2021
Bank notes receivable:	$	26,713,919	$	36,075,366
Commercial notes receivable		2,034,960		1,475,755
Total	$	28,748,879	$	37,551,121

Bank notes and commercial notes are means of payment from customers for the purchase of the Company’s products and are issued by financial institutions or business entities, respectively, that entitle the Company to receive the full nominal amount from the issuers at maturity, which bear no interest and generally range from three to six months from the date of issuance. As of December 31, 2022, the Company pledged notes receivable for an aggregate amount of $15.51 million to Bank of Communications as a means of security for issuance of bank acceptance notes in an aggregate amount of $13.27 million. As of December 31, 2021, the Company pledged notes receivable for an aggregate amount of $28.14 million to Bank of Communications as a means of security for issuance of bank acceptance notes in an aggregate amount of $24.89 million. The Company expects to collect notes receivable within 6 months.