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Loans (Tables)

9 Months Ended

Sep. 30, 2023

Loans [Abstract]

Schedule of Bank Borrowings

Bank borrowings as of December 31, 2022 and September 30, 2023 consisted of the followings:

		December 31,				September 30,
		2022				2023
Short-term bank borrowings		$	14,907,875			$	33,190,571

Schedule of Facilities Were Also Secured by the Company’s Assets

The facilities were also secured by the Company’s assets with the following carrying amounts:

		December 31,				September 30,
		2022				2023
Pledged deposits (note 2)		$	30,836,864			$	42,511,872
Bills receivables (note 3)			3,383,130				5,270,949
Right-of-use assets (note 9)			5,598,716				5,197,787
Buildings			4,419,749				5,812,573
		$	44,238,459			$	58,793,181

Schedule of Bank Borrowings

Other short-term loans as of December 31, 2022 and September 30, 2023 consisted of the following:

					December 31,				September 30,
		Note			2022				2023
Advance from related parties
– Mr. Xiangqian Li, the Company’s Former CEO		(a)			$	100,000			$	100,000
– Mr. Yunfei Li		(b)				223,927				161,503
						323,927				261,503
Advances from unrelated third party
– Mr. Wenwu Yu		(c)				15,896				1,351
– Ms. Longqian Peng		(c)				276,905				7,003
– Suzhou Zhengyuanwei Needle Ce Co., Ltd		(d)				72,368				68,724
						365,169				77,078
					$	689,096			$	338,581

(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

(b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.

(c) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

(d) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of September 30, 2023, loan amount of RMB0.5 million ($0.1 million) remained outstanding.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the carrying amount and classification of assets and liabilities recognized in the transferor's statement of financial position at the end of each period presented.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)
-SubTopic 30
-Topic 860
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
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