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Loans (Tables) | 9 Months Ended
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Sep. 30, 2024
Loans [Abstract] |
Schedule of Bank Borrowings | Bank borrowings as of December 31, 2023 and September 30, 2024 consisted of the followings:
|  | December 31, |  |  | September 30, |
|  | 2023 |  |  | 2024 |
Short-term bank borrowings |  | $ | 32,587,676 |  |  | $ | 25,708,098 |
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, |
|  | 2023 |  |  | 2024 |
Pledged deposits (note 2) |  | $ | 54,167,834 |  |  | $ | 37,374,690 |
Term deposits (note 3) |  |  | - |  |  |  | 13,788,170 |
Bills receivables (note 4) |  |  | 281,805 |  |  |  | 2,822,455 |
Right-of-use assets (note 10) |  |  | 5,287,708 |  |  |  | 5,223,832 |
Buildings |  |  | 9,707,862 |  |  |  | 4,018,644 |
|  | $ | 69,445,209 |  |  | $ | 63,227,791 |
Schedule of Other Short-Term Loans | Other short-term loans as of December 31, 2023 and September 30, 2024 consisted of the following:
|  |  |  | December 31, |  |  | September 30, |
|  | Note |  | 2023 |  |  | 2024 |
Advance from related parties |  |  |  |  |  |  |  |  |  |
– Mr. Xiangqian Li, the Company’s Former CEO |  | (a) |  | $ | 100,000 |  |  | $ | 100,000 |
– Mr. Yunfei Li, the Company’s Former CEO |  | (b) |  |  | 160,536 |  |  |  | 157,243 |
|  |  |  |  | 260,536 |  |  |  | 257,243 |
Advances from unrelated third party |  |  |  |  |  |  |  |  |  |
– Mr. Wenwu Yu |  | (c) |  |  | 1,385 |  |  |  | 1,401 |
– Ms. Longqian Peng |  | (c) |  |  | 7,179 |  |  |  | 7,260 |
– Suzhou Zhengyuanwei Needle Ce Co., Ltd |  | (d) |  |  | 70,452 |  |  |  | 71,243 |
|  |  |  |  | 79,016 |  |  |  | 79,904 |
|  |  |  | $ | 339,552 |  |  | $ | 337,147 |
(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 former 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, 2024, loan amount of RMB0.5 million ($0.1 million) remained outstanding.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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