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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 1,723,783 $ 765,814
Accounts receivable, net 11,557,733 9,566,445
Inventories, net 30,913,746 25,800,912
Advance to suppliers 323,268 1,589,328
Other current assets 567,485 637,509
Total current assets 45,086,015 38,360,008
NON-CURRENT ASSETS    
Property and equipment at cost, net 600,034 399,981
Right of use operating lease assets, net 10,125,587 1,478,221
Right of use financing lease assets, net 82,410 113,549
Deferred offering assets 1,457,119
Other non-current assets 49,500
Deferred tax assets 1,109,292 134,601
Total non-current assets 11,966,823 3,583,471
TOTAL ASSETS 57,052,838 41,943,479
CURRENT LIABILITIES    
Short-term loans 303,583
Accounts payable 9,764,284 12,678,077
Other payable, accrued expenses and other current liabilities 4,007,780 98,097
Accrued return liabilities 163,666 283,276
Accrued warranty liabilities 608,644 619,113
Contract liabilities 1,167,161 1,835,411
Current portion of obligations under operating leases 2,075,541 847,368
Current portion of obligations under financing leases 42,970 41,647
Income tax payable 2,031,571 2,121,083
Loan from a related party 6,416,525
Total current liabilities 26,278,142 18,827,655
NON-CURRENT LIABILITIES    
Obligations under operating leases, non-current 8,186,938 630,853
Obligations under financing leases, non-current 44,629 77,024
Loan from a related party 7,920,141
Total non-current liabilities 8,231,567 8,628,018
TOTAL LIABILITIES 34,509,709 27,455,673
Commitments and Contingencies
EQUITY    
Common shares, $0.001 par value, 100,000,000 shares authorized, 41,329,235 and 40,000,000 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 41,329 40,000
Preferred shares, $0.01 par value, 5,000,000 preferred shares authorized, no shares were issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
Subscription receivable (832,159)
Additional paid-in-capital 5,720,756 1,994,000
Retained earnings 16,781,044 13,285,965
Total equity 22,543,129 14,487,806
TOTAL LIABILITIES AND EQUITY $ 57,052,838 $ 41,943,479