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OPERATING LEASE RIGHT– OF USE ASSETS
6 Months Ended
Jun. 30, 2024
Operating Lease Right Of 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, 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 34.95 square kilometers with an aggregate operating lease right-of-use assets amount of $7,653,236 as at June 30, 2024. 

 

As of June 30, 2024, the total operating lease ROU assets was $6,407,509.

 

The total operating lease cost for the six-month period ended June 30, 2024 and 2023 was $440,030 and $476,367.