XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:          
Net income $ (2,502,233) $ 3,957,387 $ 3,495,079 $ 6,579,836  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation 31,127 39,473 98,111 109,765  
Non-cash operating lease expense     1,342,402 793,577  
Accretion of finance lease liabilities 1,116 2,219 3,672 5,610  
Amortization of finance lease right-of-use assets 10,379 10,380 31,139 31,733  
Written-off of account receivables     420,967  
Provision of (Reversal of) allowance for excepted credit loss, net 27,779 174,231 223,051 (118,144)  
Gain on disposal of fixed asset     (36,001)  
Impairment loss of asset 29,883 772,780  
Loss on litigation 3,573,651 3,573,651  
RSU compensation     426,666  
Share-based compensation for services     131,699  
Deferred tax assets     (974,691) (65,158)  
Changes in operating assets and liabilities:          
Accounts receivable     (2,214,339) (1,631,919)  
Inventories     (5,002,834) (36,157)  
Reversal of inventory impairment     (110,000)  
Advance to suppliers     493,280 (130,580)  
Other current assets     20,524 (818,397)  
Related party payable     398,700  
Accounts payables     (2,913,793) (373,314)  
Other payable, accrued expense and other current liabilities     336,032 (154,530)  
Tax payable     (89,512) 1,237,709  
Accrued warranty liabilities     (10,469) 205,868  
Accrued return liabilities     (119,610) (341,317)  
Contract liabilities     (668,250) 457,936  
Lease liabilities – operating lease     (1,205,510) (793,577)  
Net cash (used in) provided by operating activities     (2,396,923) 5,778,608  
Cash flows from investing activities:          
Proceed from sales of property and equipment     162,001  
Acquisition of property and equipment (82,312) (44,210) (424,164) (68,871)  
Net cash used in investing activities     (262,163) (68,871)  
Cash flows from financing activities:          
Repayment of other loans     (303,583) (1,600,000)  
Repayment of finance lease liabilities     (34,744) (35,469)  
Proceed from common share issuances     80,000  
Deferred offering costs     (263,162)  
Proceeds from initial public offering, net of share issuance costs     4,458,667  
Repayment of loan from a related party     (1,503,616) (3,982,876)  
Proceeds from subscription deposits     920,331 381,841  
Net cash provided by (used in) financing activities     3,617,055 (5,499,666)  
Net increase in cash and cash equivalents     957,969 210,071  
Cash and cash equivalents, beginning of the period     765,814 947,971 $ 947,971
Cash and cash equivalents, end of the period $ 1,723,783 $ 1,158,042 1,723,783 1,158,042 765,814
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
Cash paid for interest     244,173 494,011  
Cash paid for income taxes     2,156,731 64,000  
NON-CASH ACTIVITIES          
Right of use assets obtained in exchange for operating lease obligations     9,758,345 1,113,140 1,113,140
Right of use assets obtained in exchange for finance lease     $ 60,805 $ 60,805