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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Accrued expenses and other current liabilities [Abstract]    
Loans from third parties [1] $ 419,642 $ 4,073,856
Accrued professional fees [2] 2,429,843 370,555
Credit card payable 510,151 [3] 0
Employee payroll and welfare payables 561,469 973,637
Other taxes payable 48,672 6,576
Others 213,486 318,699
Total 4,183,263 5,743,323
Interest-free loans 65,900
Interest-bearing loans $ 419,642 $ 4,007,956
Weighted average annual interest rate 11.17% 13.59%
Fees and expenses payable $ 904,843  
Consulting fees payable 1,200,000  
Nasdaq listing fees payable $ 325,000  
[1] Loans from third parties represented a combined aggregate interest-free loans of nil and $65,900 as of December 31, 2021 and 2020, respectively, and combined aggregate interest-bearing loans of $419,642 and $4,007,956 as of December 31, 2021 and 2020, respectively, with the weighted average annual interest rate of 11.17% and 13.59%, respectively. The balance was due on demand and has since been repaid.
[2] Accrued professional fees represent Combination related fees and expenses payable of $904,843, consulting fees payable of $1,200,000 and Nasdaq listing fees payable of $325,000.
[3] Credit card expense represented the credit card payments payable to the issuing financial institution, which was fully repaid in January 2022.