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OPERATING LEASE RIGHT–OF-USE ASSETS | 12 Months Ended
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Dec. 31, 2023
Operating Lease Rightof-use Assets |
OPERATING LEASE RIGHT–OF-USE ASSETS | NOTE 7 – OPERATING LEASE RIGHT–OF-USE ASSETS 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 29.8 square kilometers with an aggregate operating lease right-of-use assets amount of $7,923,071 as at December 31, 2023. As of December 31, 2023, the total operating lease ROU assets was $6,699,784. The total operating lease cost for the years ended December 31, 2023 and 2022 was $887,603 and $978,356.

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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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