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OPERATING LEASE RIGHT-OF USE ASSETS | 3 Months Ended
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Mar. 31, 2023
Operating Lease Right-of Use Assets |
OPERATING LEASE RIGHT-OF USE ASSETS | NOTE 7 – OPERATING LEASE RIGHT-OF USE ASSETS As of March 31, 2023, the total operating lease ROU assets was $8,543,073. The total operating lease cost for the three-month period ended March 31, 2023 and 2022 was $241,021 and $258,398, respectively. The Company has the rights to use certain parcels of land located in Shouguang, the PRC, through lease agreements signed with local townships or the government authority. For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land of which the Company cannot obtain land use rights certificates covers a total of approximately 38.6 square kilometers of aggregate carrying value of $9,116,230 as at March 31, 2023.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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