Intangible asset, net

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible asset, net

Note 6 - Intangible asset, net

On October 21, 2020, RLSP entered a purchase contract with the Ninbo government agent, Zhejiang Province, whereby the Company was assigned the land use rights, for 50 years useful life, located in Chunhun Street, in Fenghua city, Zhejiang Province, for a total purchase price of $2,064,554 (RMB 13,729,900 at exchange rate of 0.1504), the information of the land use rights is as followed:

Intangible asset, net consists of the following:

	June 30,			December 31,
	2023			2022
	(Unaudited)
Land use rights	$	2,093,557		$	2,201,040
Less: Accumulated amortization		(113,869	)		(97,705	)
Intangible asset, net		1,979,688			2,103,335

For the six months ended June 30, 2023 and 2022, $21,777 and $23,364 amortization of land use rights were capitalized under CIP, respectively. For the three months ended June 30, 2023 and 2022, $10,682 and $11,384 amortization of land use rights were capitalized under CIP, respectively.