XML 81 R48.htm IDEA: XBRL DOCUMENT v3.24.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
Schedule of Annual Rental Payment The Company leases 32.95 acres of land from a local government in Xushui District, Baoding City, Hebei, China through a real estate lease with a 30-year term, which expires on December 31, 2031. The lease requires an annual rental payment of approximately $16,943 (RMB120,000). This lease is renewable at the end of the 30-year term.
December 31,    Amount   
2024   16,943 
2025   16,943 
2026   16,943 
2027   16,943 
2028   16,943 
Thereafter    　　50,828 
Total operating lease payments  $135,543 
In connection with the sale of the Industrial Buildings, Hebei Fangsheng agreed to lease the Industrial Buildings back to the Company for its original use with an annual rental payment of approximately $141,189 (RMB1,000,000). The lease was recorded in lease assets and liabilities in the consolidated balance sheet as of December 31, 2023.
December 31,  Amount 
2024   141,189 
2025   141,189 
2026   141,189 
2027   141,189 
2028   141,189 
Thereafter   
-
 
Total operating lease payments  $705,945 
Less: Interest   (121,595)
Present value of lease liabilities   584,350 
Less: current portion, record in current liabilities   (100,484)
Present value of lease liabilities   483,866