Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets:

		Estimated Useful Life
Buildings and improvements		3-5 years
Machinery and equipment		3-10 years
Office furniture and equipment		3 years
Vehicles		5 years

During the three and six months ended June 30, 2022, the Company had two major suppliers that accounted for over 10% of its total purchases.

	For the Three Months Ended June 30,		For the Three Months Ended June 30,		% of total
Supplier	2023		2022		purchase
A	$	143,818				100	%
B		*	$	1,005,275		82	%
C		*	$	227,376		18	%

The following exchange rates were used to translate the amounts from RMB into United States dollars (“USD$”) for the prospective periods:

	June 30,		June 30,
	2023		2022

Period End Exchange Rate (RMB/USD)		7.2688		6.6981
Average Period Exchange Rate (RMB/USD)		6.9294		6.4791

The following table shows the Company’s operations by business segment for the three and six months ended June 30, 2023, and 2022:

The following table shows the Company’s assets by business segment as of June 30, and December 31, 2022:

Tengjun Biotechnology Corp. 10-Q