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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.