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Loans (Tables)

12 Months Ended

Dec. 31, 2024

Loans [Abstract]

Schedule of Bank Borrowings

Bank borrowings as of December 31, 2023 and 2024 consisted of the followings:

		December 31,				December 31,
		2023				2024
Short-term bank borrowings		$	32,587,676			$	26,087,350

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,				December 31,
		2023				2024
Pledged deposits (note 3)		$	54,167,834			$	54,061,642
Short-term deposits (note 4)			-				2,000,000
Bills receivables (note 5)			281,805				1,395,874
Right-of-use assets (note 11)			5,287,708				4,982,972
Buildings			9,707,862				3,818,112
		$	69,445,209			$	66,258,600

Schedule of Other Short-Term Loans

Other short-term loans as of December 31, 2023 and 2024 consisted of the following:

				December 31,				December 31,
		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				158,889
					260,536				258,889
Advances from unrelated third party
– Mr. Wenwu Yu		(c)			1,385				1,347
– Ms. Longqian Peng		(c)			7,179				6,980
– Suzhou Zhengyuanwei Needle Ce Co., Ltd		(d)			70,452				68,499
					79,016				76,826
				$	339,552			$	335,715

(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 December 31, 2024, loan amount of RMB0.5 million ($68,499) 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.

+ References

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.

+ 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

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