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v3.22.2.2

Advances to Suppliers, Net | 6 Months Ended
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Jun. 30, 2022
Advances to Suppliers, Net [Abstract] |
ADVANCES TO SUPPLIERS, NET | NOTE 7 – ADVANCES TO SUPPLIERS, NET Advances to suppliers include prepayments for raw materials used for production and construction materials for the Company’s construction projects, which consisted of the following:
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | (Unaudited) |  |  |  |
Raw material prepayments for equipment production |  | $ | 1,138,675 |  |  | $ | 751,409 |
Land reclamation prepayments |  |  | 449,745 |  |  |  | 472,640 |
Advances to construction subcontractors (1) |  |  | 3,007,550 |  |  |  | 23,394 |
Total: |  |  | 4,595,970 |  |  |  | 1,247,443 |
Less: allowances for doubtful accounts |  |  | (571,162 | ) |  |  | (965,843 | )
Advances to suppliers, net, third parties |  | $ | 4,024,808 |  |  | $ | 281,600 |
(1) The Company obtained a land development project in Longxi County, Gansu Province. The Company prepaid $2.7 million to construction subcontractors. Our suppliers generally require refundable prepayments from us before delivery of goods or service. It usually takes 3 to 6 months for the suppliers to deliver raw material for our equipment production and takes up to 6 to 12 months for the suppliers to deliver the construction materials. The prepayment is necessary to secure the supply in the market or secure a favorable price. Allowance for doubtful accounts movement is as follows:
|  | June 30, 2022 |  |  | December, 2021 |
|  | (Unaudited) |  |  |  |
Beginning balance |  | $ | 965,843 |  |  | $ | 1,112,374 |
Bad debt provision |  |  | 16,351 |  |  |  | 262,743 |
Write off |  |  |  |  |  |  | (433,305 | )
Recovery |  |  | (375,898 | ) |  |  |  |
Foreign exchange translation |  |  | (35,134 | ) |  |  | 24,031 |
Ending balance |  | $ | 571,162 |  |  | $ | 965,843 |

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