LEASES

6 Months Ended

Jun. 30, 2023

Leases

LEASES

NOTE－9 LEASES

The Company purchased a service vehicle under a financing lease arrangement with total payments of $18,146 (RMB117,043) starting August 1, 2019, with an 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 docks for operations under non-cancelable operating leases with initial terms of 5 years and an effective interest rate of 5.168% per annum. Operating lease payments are expended over the term of lease. The Company’s leases do not include options to extend. 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 from the Company’s discontinued operations as of June 30, 2023 is as follows (Note 3)

	June 30, 2023
Operating leases:
Operating lease right-of-use assets	$	287,646
Operating lease liabilities-current	$	123,158
Operating lease liabilities-noncurrent		131,917
Total	$	255,075