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Short Term Bank Loans
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
SHORT TERM BANK LOANS

NOTE 12 – SHORT TERM BANK LOANS

 

Short-term loans are summarized as follow:

 

   As of 
   December 31,
2022		   December 31,
2021		 
Collateralized bank loans  $7,536,392   $7,976,336 
Unsecured bank loans   1,449,863    784,609 
Total  $8,986,255   $8,760,945 

Short-term loans as of December 31, 2022 are as follow:

 

Maturity Date  Type  Bank Name  Interest
Rate per
Annum (%)		   December 31,
2022		 
August 29, 2023  Operating Loans  Agricultural Bank of PRC   3.85   $2,609,755 
June 29, 2023  Operating Loans  Bank of Communications   3.85   $1,449,864 
January 30, 2023  Operating Loans  Bank of Ningbo   1.12   $1,012,005 
August 23, 2023  Operating Loans  Rural Commercial Bank of Xinchang   3.85   $2,464,768 
February 23, 2023  Operating Loans  Industrial and Commercial Bank of Xinchang   4.05   $1,449,863 
Total             $8,986,255 

 

Short-term loans as of December 31, 2021 are as follow:

 

Maturity Date  Type  Bank Name  Interest
Rate per
Annum (%)		   December 31,
2021		 
August 23, 2022  Operating Loans  Agricultural bank of PRC   4.57   $2,954,837 
August 18, 2022  Operating Loans  Rural commercial bank of Xinchang   4.35   $1,255,375 
August 23, 2022  Operating Loans  Rural commercial bank of Xinchang   5.30   $1,098,453 
September 01, 2022  Operating Loans  Rural commercial bank of Xinchang   4.35   $2,667,671 
January 21, 2022  Operating Loans  Rural commercial bank of Xinchang   5.30   $784,609 
Total  　  　   　   $8,760,945 

 

All short-term bank loans were obtained from local banks in the PRC and are repayable within one year.

  

The average annual interest rate of the short-term bank loans was 4.10% and 4.628% for the years ended December 31, 2022 and 2021, respectively. The Company was in compliance with its financial covenants as of December 31, 2022 and 2021, respectively.