Land Use Rights

9 Months Ended

Sep. 30, 2022

Land Use Rights Abstract

LAND USE RIGHTS

NOTE 9 – LAND USE RIGHTS

Land use rights consisted of the following:

	As of
	September 30, 2022			December 31, 2021
Land use rights, cost	$	4,325,101		$	4,827,951
Less: Accumulated amortization		(775,062	)		(792,753	)
Land use rights, net	$	3,550,039		$	4,035,198

As of September 30, 2022, the Company had land use rights with net book value of $3.55 million, which were pledged as collateral for the Company’s short-term bank loans. As of December 31, 2021, the Company had land use rights with net book value of $4.04 million, which were pledged as collateral for the Company’s short-term bank loans.

Estimated future amortization expense is as follows as of September 30, 2022:

Years ending September 30,	Amortization expense
2023	$	92,714
2024		92,714
2025		92,714
2026		92,714
2027		92,714
Thereafter		3,086,469
Total	$	3,550,039