Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

		As of June 30, 2023			As of December 31, 2022
Prepaid expenses		$	126,980		$	211,365
Advance to supplier			1,397,714			2,820,551
Loans to third parties	(1)		2,887,058			2,873,818
Other receivables			1,393,060			1,608,035
Interest receivable			518,944			365,478
Prepaid value added tax (“VAT”) and income tax			1,059,665			4,468,404
Others			25,434			36,574
Subtotal			7,408,855			12,384,225
Allowance for other receivables			(137,906	)		(143,583	)
Total		$	7,270,949		$	12,240,642

(1) On March 8, 2021, the Company signed a loan contract with a third party, Waichun Logistics Technology Limited (“Waichun”), to lend $825,000, with annual interest rate of 8%, and will be due on May 10, 2022. The Company renewed the contract with Waichun on May 10, 2022 to extend the loan period to December 31, 2023; Besides, the Company signed a loan contract on March 8, 2021 and renewed it on March 6, 2022 with Waichun to lend $2,000,000 with annual interest rate of 8%, which will be due on December 31, 2023.