OPERATING LEASE RIGHT–OF-USE ASSETS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Operating Lease Rightof-use Assets | |
| OPERATING LEASE RIGHT–OF-USE ASSETS | NOTE 8 – OPERATING LEASE RIGHT–OF-USE ASSETS
The Company has the right to use certain parcels of land located in Shouguang, the PRC, through lease agreements signed with local townships or the government authority. For parcels of land that are collectively owned by local townships, the Company cannot obtain land use rights certificates. The parcels of land of which the Company cannot obtain land use rights certificates covers a total of approximately 34.95 square kilometers with an aggregate operating lease right-of-use assets amount of $7,318,031 as at December 31, 2024.
As of December 31, 2024, the total operating lease ROU assets was $6,169,855.
The total operating lease cost for the years ended December 31, 2024, and 2023 was $877,809 and $887,603.
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