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Commitments and Contigencies
 6 Months Ended
Jun. 30, 2022
Commitments and Contigencies [Abstract]  
COMMITMENTS AND CONTIGENCIES

NOTE 15 – COMMITMENTS AND CONTIGENCIES

 

Contingencies

 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings are related to, or arise from, lease disputes, commercial disputes, worker compensation complaints, default on guaranteeing third-party lease obligations, and default on loans. The Company first determines whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss, the loss will be accrued. The Company discloses a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated.

 

Contractual commitments

 

As of June 30, 2022, the Company’s contractual obligations consisted of the following:

 

Contractual Obligations  Total   Less than
1 year		   1-3 years   3-5 years   More than
5 years		 
Operating lease commitment  $548,130    293,440    254,690    
-
    
-
 
Repayment of bank loans   2,239,500    2,239,500    
 
    
-
    
-
 
Total  $2,787,630    2,532,940    254,690    
-
    
-