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Long Term Bank Loans
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
LONG TERM BANK LOANS

NOTE 16 – LONG TERM BANK LOANS

 

  

December 31,

2021

  

December 31,

2020

 
Long-term loans        
Dongfang Credit Cooperative Association (1)   
         -
    613,055 
Subtotal   
-
    613,055 
Less: current portion of long-term loans   
-
    (613,055)
Total  $
-
    
-
 

 

(1) In March 2019, REIT Construction entered into a bank loan agreement with Dongfang Credit Cooperative Association to borrow approximately $0.7 million (RMB 5 million) as working capital for two years. The loan bore a fixed interest rate of 9.72% per annum. REIT Construction was required to repay RMB 2 million on March 26, 2020 and RMB 3 million on March 26, 2021. The loan was guaranteed by the Company’s Chief Executive Officer and his wife.  The Company had repaid $143,600 (RMB 1 million) before September 24, 2020. On September 24, 2020, REIT Construction obtained approval from Dongfang Credit Cooperative Association and amended the repayment schedule to defer the repayment terms of the other $143,600 (RMB 1 million) in fiscal year 2020 and the loan was repaid in August 2021.

 

For the years ended December 31, 2021, 2020 and 2019, interest on the Company’s long-term bank loans amounted to nil, $90,074 and $ $52,389, respectively.