XML 53 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Restricted Net Assets or Parent Company’s Condensed Financial Statements
 12 Months Ended
Dec. 31, 2024
Restricted Net Assets Or Parent Company’S Condensed Financial Statements [Abstract]  
RESTRICTED NET ASSETS OR PARENT COMPANY’S CONDENSED FINANCIAL STATEMENTS

NOTE 21 — RESTRICTED NET ASSETS OR PARENT COMPANY’S CONDENSED FINANCIAL STATEMENTS

 

The following condensed financial statements present the financial position and results of operations of Hongli Group Inc. (the Parent Company), which is a holding company with several subsidiaries. The condensed financial information is provided in accordance with Schedule I of Article 5-04 of Regulation S-X, issued by the U.S. Securities and Exchange Commission.

   As of December 31, 
   2024   2023 
Assets        
Cash  $4,654   $4,676 
Due from subsidiaries, net   40,422,613    7,422,613 
Investment in subsidiaries   13,066,029    13,680,265 
Total Assets  $53,493,296   $21,107,554 
           
Liabilities and Equity          
Current liability  $1   $1 
Total Liabilities   1    1 

Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 73,438,750 and 12,238,750 shares issued and outstanding as of December 31, 2024 and 2023, respectively

   7,344    1,224 
Additional paid-in capital   42,998,556    8,036,676 
Statutory reserves   370,683    370,683 
Retained earnings   11,724,070    13,605,705 
Accumulated other comprehensive loss   (1,607,358)   (906,735)
Total Hongli Group Inc. stockholders’ equity   53,493,295    21,107,553 
Total Liabilities and Equity  $53,493,296   $21,107,554 
   2024   2023 
Revenue  $
-
   $
-
 
Share of profit in subsidiaries   86,387    864,733 
Share based compensation   (1,968,000)   
-
 
Other general and administrative expenses   (22)   (11)
Total operating expenses   (1,968,022)   (11)
Net (loss) income   (1,881,635)   864,722 
Other comprehensive income (loss):          
Foreign currency translation adjustments   (700,623)   (659,161)
Comprehensive income (loss)  $(2,582,258)  $205,561 
   2024   2023 
Cash Flows from Operating Activities        
Net (loss) income  $(1,881,635)  $864,722 
Non cash adjustment   (86,387)   (864,733)
Share based compensation   1,968,000    
-
 
Adjustments to reconcile net income to net cash used in operating activities:          
Increase in accrued liabilities   -    1 
Net Cash Used in Operating Activities   (22)   (10)
           
Cash Flows from Investing Activities:          
Advance to subsidiary        (8,368,965)
Net Cash Used in Investing Activities   
-
    (8,368,965)
           
Cash Flows from Financing Activities:          
Proceeds from initial public offering, net of costs   
-
    7,228,964 
Proceeds from exercise of option, net of costs   
-
    1,144,687 
Net Cash Provided by Financing Activities   
-
    8,373,651 
           
Net (decrease) increase in cash and cash equivalents   (22)   4,676 
Cash and cash equivalents - beginning of the year   4,676    
-
 
Cash and cash equivalents - end of the year  $4,654   $4,676 
           
Non-cash investing and financing activities:          
Offering costs paid by subsidiary  $
-
   $946,352 
Proceeds of private placement deposited into WOFE account  $33,000,000   $
-
 

  

There were no reportable transactions as of December 31, 2022 and for the year then ended as the parent company was formed in 2021 and only serves as a holding company with minimal transactions.