Loans (Tables)

3 Months Ended

Mar. 31, 2023

Long-Term Investments, Net [Abstract]

Schedule of bank borrowings

	December 31,		March 31,
	2022		2023
Short-term bank borrowings	$	14,907,875	$	18,634,717

Schedule of facilities were also secured by the company’s assets

	December 31,		March 31,
	2022		2023
Pledged deposits (note 2)	$	30,836,864	$	35,601,854
Bills receivables (note 3)		3,383,130		4,874,528
Right-of-use assets (note 9)		5,598,716		5,589,456
Buildings		4,419,749		6,603,907
	$	44,238,459	$	52,669,745

Schedule of other short-term loans

		December 31,		March 31,
	Note	2022		2023
Advance from related parties
– Mr. Xiangqian Li, the Company’s Former CEO	(a)	$	100,000	$	100,000
– Mr. Yunfei Li	(b)		223,927		353,406
			323,927		453,406
Advances from unrelated third party
– Mr. Wenwu Yu	(c)		15,896		15,989
– Ms. Longqian Peng	(c)		276,905		60,150
– Suzhou Zhengyuanwei Needle Ce Co., Ltd	(d)		72,368		72,792
			365,169		148,931
		$	689,096	$	602,337

(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

(b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.

(c) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

(d) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of March 31, 2023, loan amount of RMB0.5 million ($0.1 million) remained outstanding.