INVENTORIES

12 Months Ended

Dec. 31, 2023

INVENTORIES [Abstract]

INVENTORIES

NOTE 6 - INVENTORIES

Inventories are summarized as follows:

	December 31, 2023		December 31, 2022
Raw material	$	10,209,773	$	9,311,419
Work-in-progress		1,494,441		290,220
Goods in transit		3,774,310		2,364,136
Finished goods		28,431,040		19,877,596
Inventories	$	43,909,564	$	31,843,371

For the years ended December 31, 2023 and 2022, the impairment loss recognized by the Company for slow-moving inventory with cost lower than net realizable value was $658,622 and $2,155,400, respectively.