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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 10,210,084 $ 765,814
Accounts receivable, net 4,826,637 9,566,445
Inventories, net 27,258,640 25,800,912
Advance to suppliers 99,076 1,589,328
Due from a related party 8,576
Prepaid and other current assets 1,220,432 637,509
Total current assets 43,623,445 38,360,008
NON-CURRENT ASSETS    
Property and equipment at cost, net 532,259 399,981
Right of use operating lease assets, net 9,485,899 1,478,221
Right of use financing lease assets, net 71,801 113,549
Deferred offering costs 1,457,119
Other non-current assets 49,500
Deferred tax assets 1,126,614 134,601
Total non-current assets 11,266,073 3,583,471
TOTAL ASSETS 54,889,518 41,943,479
CURRENT LIABILITIES    
Short-term loans 303,583
Accounts payable 9,572,444 10,334,208
Other payable, accrued expenses and other current liabilities 6,169,193 2,441,966
Accrued return liabilities 261,588 283,276
Accrued warranty liabilities 503,553 619,113
Contract liabilities 449,999 1,835,411
Current portion of obligations under operating leases 2,119,894 847,368
Current portion of obligations under financing leases 43,421 41,647
Income tax payable 1,072,263 2,121,083
Loan from a related party 5,546,548
Total current liabilities 25,738,903 18,827,655
NON-CURRENT LIABILITIES    
Obligations under operating leases, non-current 7,412,693 630,853
Obligations under financing leases, non-current 33,602 77,024
Loan from a related party 7,920,141
Total non-current liabilities 7,446,295 8,628,018
TOTAL LIABILITIES 33,185,198 27,455,673
Commitments and Contingencies
EQUITY    
Common shares, $0.001 par value, 100,000,000 shares authorized, 41,539,950 and 40,000,000 issued and outstanding as of December 31, 2024 and 2023, respectively 41,539 40,000
Subscription receivable (832,159)
Additional paid-in-capital 6,614,907 1,994,000
Retained earnings 15,047,874 13,285,965
Total equity 21,704,320 14,487,806
TOTAL LIABILITIES AND EQUITY $ 54,889,518 $ 41,943,479