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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES

NOTE 12 — LEASES

 

The Company entered into several lease agreements to lease machineries to facilitate its manufacturing. The original lease terms range from 13 months to three years. The lease granted the Company an option to purchase the underlying asset at the end of the lease term at a consideration of RMB0 or RMB100. The Company assessed the purchase price in relation to the value of the leased assets and accounted for the leases as finance leases.

 

Finance lease right-of-use assets and liability were as follows:

 

   December 31,   December 31, 
   2024   2023 
Finance lease right-of-use assets  $-   $681,845 
           
Finance lease liabilities, current  $-   $45,300 
Finance lease liabilities, non-current   -    - 
Total  $-   $45,300 
           
Weighted-average remaining lease term (years)   0    0.46 
Weighted-average discount rate   0.00%   5.84%

 

For the years ended December 31, 2024 and 2023, right-of-use assets of $626,414 and $508,617, respectively, were transferred to property and equipment upon full repayment of the related leases. As of December 31, 2024, the Company had no outstanding lease obligations.

 

The Components of lease expenses were as follows:

 

   For the Years Ended December 31, 
   2024   2023   2022 
Finance Lease Cost:               
Amortization of right-of-use assets  $37,335   $73,422   $10,744 
Interest on lease liabilities   539    10,036    28,549 
Total finance lease cost  $37,874   $83,458   $39,293