INVENTORIES

12 Months Ended

Dec. 31, 2022

INVENTORIES [Abstract]

INVENTORIES

NOTE 5 - INVENTORIES

Inventories are summarized as follows:

	December 31, 2022		December 31, 2021
Raw material	$	9,311,419	$	2,055,844
Work-in-progress		290,220		1,110,469
Goods in transit		2,364,136		50,795
Finished goods		19,877,596		4,922,708
Inventories	$	31,843,371	$	8,139,816

For the years ended December 31, 2022 and 2021, the impairment loss recognized by the Company for slow-moving inventory with cost lower than net realizable value was $2,155,400 and $1,265,890, respectively.