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Related Party Transactions
 6 Months Ended
Jun. 30, 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 $1,140,775 and $1,133,809 and are recorded as “Borrowings from related parties” on the accompanying condensed consolidated balance sheets as of June 30, 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 due July 9, 2024. Total interest expense related to the loan for the three months ended June 30, 2024 and 2023 was $6,852 and $6,945, respectively and $13,708 and $14,057 for the six months ended June 30, 2024 and 2023, respectively. Compensation payable to the Chairperson Li is included in “Other payables” in the accompanying condensed consolidated balance sheet totaling $1,251,506 and $1,243,506 as of June 30, 2024 and December 31, 2023, respectively.