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Land Use Rights
 12 Months Ended
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