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Loans Payable (Tables)

9 Months Ended

Sep. 30, 2022

Loans Payable [Abstract]

Schedule of short-term bank loans

		September 30,				December 31,
		2022				2021
Industrial and Commercial Bank of China (“ICBC”) Loan 1		$	5,069,157			$	5,958,561
ICBC Loan 2			422,547				-
China Construction Bank Loan			140,849				-
Total short-term bank loans		$	5,632,553			$	5,958,561

Schedule of loans payable to rural credit union of xushui district

		September 30,				December 31,
		2022				2021
Rural Credit Union of Xushui District Loan 1		$	1,211,302			$	1,348,871
Rural Credit Union of Xushui District Loan 2			3,521,225				3,921,139
Rural Credit Union of Xushui District Loan 3			2,253,585				2,509,528
Rural Credit Union of Xushui District Loan 4			1,831,037				2,038,992
Jiangna Yu			50,706				-
Total			8,867,855				9,818,530
Less: Current portion of long-term loans from credit union			(4,175,620	)			(6,838,465	)
Long-term loans from credit union		$	4,692,235			$	2,980,065

Schedule of long-term debt repayment

	Amount
Fiscal year
Remainder of 2022	$	4,175,620
2023		4,656,256
2024 & after		35,979
Total		8,867,855

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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