XML 24 R14.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Related Party Transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company had previously received advances from its Chairperson Li. Total amounts owed were $1,138,795 and $1,133,809 and are recorded as “Borrowings from related parties” on the accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. On July 8, 2019 the Company entered into a loan agreement in exchange for cash of RMB 4,770,000 ($738,379) with its Chairperson Li. The loan bears interest at a rate of 4.35% and was payable within one year of the loan agreement. The due date of the loan agreement has been extended annually on identical terms, and is now due on July 9, 2024. Total interest expense related to the loan for the three months ended March 31, 2024 and 2023 was $6,856 and $7,112, respectively. Compensation payable to the Chairperson Li is included in “Other payables” in the accompanying condensed consolidated balance sheet totaling $1,247,506 and $1,243,506 as of March 31, 2024 and December 31, 2023, respectively.