Related Party Transactions	3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS A member of the Company’s board of directors (“Board”) had previously advanced to the Company an aggregate amount of $1,354,567 as of March 31, 2021 and December 31, 2020 which are recorded as “Other payables – related parties” on the accompanying condensed consolidated balance sheets. The advances bear interest at a rate of 1.0% per year. Total interest expense for each of the three months ended March 31, 2021 and 2020 was $3,386 and $3,386, respectively. The Company received advances totaling $295,223 and repaid $251,371 of the advances during the three months ended March 31, 2021 from its Chairperson, Chief Executive Officer and Interim Chief Financial Officer. Total amounts owed were $829,279 and $779,861 and are recorded as Other payables – related parties on the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. On July 8, 2019 the Company entered into a loan agreement in exchange for cash of RMB 4,770,000 ($674,405) with its Chairperson, Chief Executive Officer and Interim Chief Financial Officer. The loan bears interest at a rate of 4.35% and is payable within one year of the loan agreement. The due date of the loan agreement was extended to July 10, 2021. Total interest expense related to the loan for the three months ended March 31, 2021 and 2020 was $7,510 and $7,433, respectively. Compensation payable to the Chairperson, Chief Executive Officer and Interim Chief Financial Officer is included in Other payables in the accompanying condensed consolidated balance sheet totaling $1,662,706 and $1,658,706 as of March 31, 2021 and December 31, 2020, respectively.

Related Party Transactions

3 Months Ended

Mar. 31, 2021

NOTE 5 – RELATED PARTY TRANSACTIONS

A member of the Company’s board of directors (“Board”) had previously advanced to the Company an aggregate amount of $1,354,567 as of March 31, 2021 and December 31, 2020 which are recorded as “Other payables – related parties” on the accompanying condensed consolidated balance sheets. The advances bear interest at a rate of 1.0% per year. Total interest expense for each of the three months ended March 31, 2021 and 2020 was $3,386 and $3,386, respectively.

The Company received advances totaling $295,223 and repaid $251,371 of the advances during the three months ended March 31, 2021 from its Chairperson, Chief Executive Officer and Interim Chief Financial Officer. Total amounts owed were $829,279 and $779,861 and are recorded as Other payables – related parties on the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. On July 8, 2019 the Company entered into a loan agreement in exchange for cash of RMB 4,770,000 ($674,405) with its Chairperson, Chief Executive Officer and Interim Chief Financial Officer. The loan bears interest at a rate of 4.35% and is payable within one year of the loan agreement. The due date of the loan agreement was extended to July 10, 2021. Total interest expense related to the loan for the three months ended March 31, 2021 and 2020 was $7,510 and $7,433, respectively. Compensation payable to the Chairperson, Chief Executive Officer and Interim Chief Financial Officer is included in Other payables in the accompanying condensed consolidated balance sheet totaling $1,662,706 and $1,658,706 as of March 31, 2021 and December 31, 2020, respectively.