Loan Payables

12 Months Ended

Dec. 31, 2021

Loan Payables [Abstract]

LOAN PAYABLES

13. LOAN PAYABLES

In June 2021, the Company entered a loan agreement of $14,549 for purchasing a Videojet with interest rate of 14.11% and a term of three-years. In September 2021, the Company entered another loan agreement of $39,218 for purchasing a spectrophotometer workstation with interest rate of 10.26% and a term of five-years. The Company recorded interest expense of $1,905 during the year ended December 31, 2021. As of December 31, 2021, the outstanding loans payables was $49,732.

The following is a schedule, by years, of maturities of loan payable as of December 31, 2021:

For the 12 months ending	Operating Leases
December 31, 2022	$	15,882
December 31, 2023		15,882
December 31, 2024		12,435
December 31, 2025		9,974
December 31, 2026		7,480
Total undiscounted cash flows		61,653
Less: imputed interest		(11,921	)
Present value of lease liabilities	$	49,732