XML 57 R32.htm IDEA: XBRL DOCUMENT v3.22.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of estimated useful lives of the assets
    Useful life
Property and buildings   30–50 years
Machinery equipment   5–15 years
Transportation vehicles   5–10 years
Office and electronic equipment   3–5 years

 
Schedule of intangible assets are amortized using the straight-line method with the following estimated useful lives
Items   Useful life
Land use rights   45-49 years
Software   10 years

 
Schedule of reconciliation of the beginning and ending balances for convertible loans
  

December 31,

2021

 
Opening balance  $
-
 
New convertible loans issued   3,533,654 
Accrued interest   132,516 
Loss on change in fair value of convertible loan   1,908,830 
Conversion of convertible loans   (3,930,000)
Total  $1,645,000 

 
Schedule of currency exchange rates that were used in creating the consolidated financial statements
    December 31,
2021		   December 31,
2020		   December 31,
2019
             
Year-end spot rate   US$1=RMB 6.3726   US$1=RMB 6.5250   US$1=RMB 6.9618
             
Average rate   US$1=RMB 6.4508   US$1=RMB 6.9042   US$1=RMB 6.9081