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Banker's Acceptance Notes Payable
9 Months Ended
Sep. 30, 2021
Banker's Acceptance Notes Payable [Abstract]  
BANKER'S ACCEPTANCE NOTES PAYABLE

NOTE 7 – BANKER’S ACCEPTANCE NOTES PAYABLE

 

In April 2016, the Company entered into a Banker’s Acceptance Note Agreement with a bank. Pursuant to the terms of the agreement, the Company can issue banker’s acceptance notes to any third party as payment of amounts owing to that third party. The Company is required to deposit with the bank an amount equal to the amounts represented by the banker’s acceptance notes issued to the third parties. The maximum amount that the Company can issue under this agreement is limited to the lesser of RMB30,000,000 (approximately $4.5 million) or the amount of cash available to deposit against the banker’s acceptance notes. In addition, the agreement calls for the payment of fees equal to 0.05% of the note amount to the bank. As of September 30, 2021 and December 31, 2020, the Company had no outstanding banker’s acceptance notes payable.