LEASES

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

NOTE － 10 LEASES

The Company purchased a service vehicle under a financing lease arrangement of a total amount of $18,146 (RMB117,043) starting from August 1, 2019, with the effective interest rate of 2.25% per annum, due through May 1, 2022, with principal and interest payable monthly.

The Company leases premises for offices and dock for operating under non-cancelable operating leases with initial terms of 5 years and the effective interest rate of 5.168% per annum. Operating lease payments are expended over the term of lease. The Company leases don’t include options to extend nor any restrictions or covenants. Under the terms of the lease agreements, the Company has no legal or contractual asset retirement obligations at the end of the lease.

Supplemental balance sheet information related to leases as of June 30, 2022 and December 31, 2021 are as follows:

	June 30, 2022		December 31, 2021
Right of use assets	$	421,903	$	534,231
Current portion	$	124,374	$	141,725
Non-current portion		276,169		422,948
Total	$	400,543	$	564,673

The following table summarizes the maturity of lease liabilities under operating leases as of June 30, 2022:

For the twelve months ending June 30,	Operating Leases
2023	$	124,374
2024		133,343
2025		142,826
Total lease payments	$	400,543