Notes Receivable

9 Months Ended

Sep. 30, 2022

Notes Receivable Disclosure Abstract

NOTES RECEIVABLE

NOTE 7 – NOTES RECEIVABLE

	As of
	September 30, 2022		December 31, 2021
Bank notes receivable:	$	29,245,250	$	36,075,366
Commercial notes receivable		2,361,268		1,475,755
Total	$	31,606,518	$	37,551,121

Bank notes and commercial notes are means of payment from customers for the purchase of the Company’s products and are issued by financial institutions or business entities, respectively, that entitle the Company to receive the full nominal amount from the issuer at maturity, which bears no interest and generally ranges from three to nine months from the date of issuance. As of September 30, 2022, the Company pledged notes receivable for an aggregate amount of $21.57 million to Bank of Communications and Bank of Hangzhou as a means of security for issuance of bank acceptance notes for an aggregate amount of $20.51 million. The Company expects to collect these notes receivables within 6 months. As of December 31, 2021, the Company pledged notes receivable for an aggregate amount of $28.14 million to Bank of Communications as a means of security for issuance of bank acceptance notes in an aggregate amount of $24.89 million. These notes receivables have been fully collected as of the date of this quarterly report.