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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
SCHEDULE OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS ADJUSTMENT | A reconciliation from the amounts previously reported to the restated amounts in the Restated Financial Statements is provided for the impacted financial statement line items are summarized as follows: SCHEDULE OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS ADJUSTMENT Selected Consolidated Balance Sheets Information as of December 31, 2024:
|  | As Previously Stated |  |  | Restatement Adjustments |  |  | As Restated |
Accounts receivable, net |  | $ | 6,589,038 |  |  | $ | (1,762,401 | ) |  | $ | 4,826,637 |
Total current assets |  | $ | 45,385,846 |  |  | $ | (1,762,401 | ) |  | $ | 43,623,445 |
Deferred tax assets |  | $ | 1,166,451 |  |  | $ | (39,837 | ) |  | $ | 1,126,614 |
Total non-current assets |  | $ | 11,305,910 |  |  | $ | (39,837 | ) |  | $ | 11,266,073 |
TOTAL ASSETS |  | $ | 56,691,756 |  |  | $ | (1,802,238 | ) |  | $ | 54,889,518 |
Income tax payable |  | $ | 1,482,203 |  |  | $ | (409,940 | ) |  | $ | 1,072,263 |
Total current liabilities |  | $ | 26,148,843 |  |  | $ | (409,940 | ) |  | $ | 25,738,903 |
TOTAL LIABILITIES |  | $ | 33,595,138 |  |  | $ | (409,940 | ) |  | $ | 33,185,198 |
Retained earnings |  | $ | 16,440,172 |  |  | $ | (1,392,298 | ) |  | $ | 15,047,874 |
Total equity |  | $ | 23,096,618 |  |  | $ | (1,392,298 | ) |  | $ | 21,704,320 |
TOTAL LIABILITIES AND EQUITY |  | $ | 56,691,756 |  |  | $ | (1,802,238 | ) |  | $ | 54,889,518 |
Description of restatement adjustments in the Consolidated Balance Sheets:
| ● | The $1,762,401 decrease in accounts receivable, net resulted from the adjustment for the price concession of $1,883,399 and the related expected credit loss of $120,998
| ● | The $39,837 decrease in deferred tax assets and $409,940 in income tax payable resulted from the tax effect related to the adjustment for the price concession and expected credit loss.
Selected Consolidated Statements of Operations and Comprehensive Income information for the year ended December 31, 2024:
|  | As Previously Stated |  |  | Restatement Adjustment |  |  | As Restated |
|  | Year Ended December 31, 2024 |
|  | As Previously Stated |  |  | Restatement Adjustments |  |  | As Restated |
Revenues |  | $ | 111,209,142 |  |  | $ | (1,883,400 | ) |  | $ | 109,325,742 |
Gross profit |  | $ | 34,343,339 |  |  | $ | (1,883,400 | ) |  | $ | 32,459,939 |
General and administrative |  | $ | 16,610,528 |  |  | $ | (120,998 | ) |  | $ | 16,489,530 |
Total operating expenses |  | $ | 27,531,348 |  |  | $ | (120,998 | ) |  | $ | 27,410,350 |
Income from operations |  | $ | 6,811,991 |  |  | $ | (1,762,402 | ) |  | $ | 5,049,589 |
Income before income taxes |  | $ | 4,179,069 |  |  | $ | (1,762,402 | ) |  | $ | 2,416,667 |
Provision for income taxes |  | $ | 1,024,862 |  |  | $ | (370,104 | ) |  | $ | 654,758 |
Net income and comprehensive income |  | $ | 3,154,207 |  |  | $ | (1,392,298 | ) |  | $ | 1,761,909 |
Weighted average shares outstanding – basic |  | $ | 0.08 |  |  | $ | (0.04 | ) |  | $ | 0.04 |
Basic |  | $ | 0.08 |  |  | $ | (0.04 | ) |  | $ | 0.04 |
Weighted average shares outstanding – diluted |  | $ | 0.08 |  |  | $ | (0.04 | ) |  | $ | 0.04 |
Diluted |  | $ | 0.08 |  |  | $ | (0.04 | ) |  | $ | 0.04 |
Description of restatement adjustments in the Consolidated Statements of Operations and Comprehensive Income:
| ● | The decrease of $1,883,400 in revenues and gross profit is related to the price concession adjustment as described above.
| ● | The decrease of $120,998 in general and administrative expenses and total operating expenses resulted from the expected credit loss related to the price concession adjustment above.
| ● | The decrease of $370,104 in provision for income taxes resulted from the tax effect related to the adjustment for the price concession and expected credit loss.
Selected Consolidated Statements of Changes in Shareholders’ Equity year end December 31, 2024:
|  | As Previously Stated |  |  | Restatement Adjustment |  |  | As Restated |
|  | Year ended December 31, 2024 |
|  | As Previously Stated |  |  | Restatement Adjustments |  |  | As Restated |
Net income |  | $ | 3,154,207 |  |  | $ | (1,392,298 | ) |  | $ | 1,761,909 |
Selected Consolidated Statements of Cash Flows for year ended December 31, 2024:
|  | As Previously Stated |  |  | Restatement Adjustment |  |  | As Restated |
|  | Year ended December 31, 2024 |
|  | As Previously Stated |  |  | Restatement Adjustments |  |  | As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 3,154,207 |  |  | $ | (1,392,298 | ) |  | $ | 1,761,909 |
Reversal of allowance for expected credit loss |  | $ | (52,169 | ) |  | $ | (120,999 | ) |  | $ | (173,168 | )
Deferred income tax recovery |  | $ | (1,031,850 | ) |  | $ | 39,837 |  |  | $ | (992,013 | )
Accounts receivable |  | $ | 3,029,576 |  |  | $ | 1,883,400 |  |  | $ | 4,912,976 |
Tax payable |  | $ | (638,880 | ) |  | $ | (409,940 | ) |  | $ | (1,048,820 | )
Description of restatement adjustments in the Consolidated Statements of Cash Flows:
| ● | The decrease of $1,392,298 in net income is related to the price concession adjustment and expected credit loss and the tax effect as described above.
| ● | The decrease of $120,998 in reversal of allowance for expected credit loss resulted from decrease of accounts receivable and the price concession adjustment above.
| ● | The increase of $1,883,400 in change of accounts receivable resulted from the price concession.
| ● | The decrease of $409,940 in change of tax payable resulted from the tax effect related to the adjustment for the price concession and expected credit loss.
The Company also restated the segment disclosure in Note 19 to reflect the restatement adjustments and to comply with ASC 280, as amended by ASU 2023-07.
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE | Property and equipment are recorded at cost. Depreciation is provided in amounts sufficient to amortize the cost of the related assets over their useful lives using the straight-line method, as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE
|  | Useful life
Furniture and fixtures |  | 5-7 years
Machinery equipment |  | 5-7 years
Electronic equipment |  | 5 years
Transportation equipment |  | 5 years
Leasehold improvement |  | Over the shorter of the lease term or estimated useful lives (3-5 years)
SCHEDULE OF DISAGGREGATION OF REVENUES | The Company’s disaggregation of revenues for the years ended December 31, 2024 and 2023 is disclosed as follows: SCHEDULE OF DISAGGREGATION OF REVENUES
|  | 2024 (restated) |  |  | 2023 |
|  | Years Ended |
|  | December 31, |
|  | 2024 (restated) |  |  | 2023 |
UTVs, ATVs and e-bikes |  | $ | 105,575,151 |  |  | $ | 103,312,838 |
Pontoon Boats |  |  | 3,750,591 |  |  |  | 11,724,706 |
Total |  | $ | 109,325,742 |  |  | $ | 115,037,544 |

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