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CASH AND CASH EQUIVALENTS | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
CASH AND CASH EQUIVALENTS | 4. CASH AND CASH EQUIVALENTS As of March 31, 2025 and December 31, 2024 the Company has $578,794 and $2,040,243, respectively, of cash and cash equivalents, which consists of $277,507 and $240,243, respectively, of cash and cash in banks and $301,287 and $1,800,000, respectively, of time deposits placed with banks or other financial institutions and are all highly liquid investments with an original maturity of three months or less. The effective interest rate for the time deposits ranged between 1.48% to 1.53% per annum for the three months ended March 31, 2025. The effective interest rate for the time deposits ranged between 2.52% to 2.54% per annum for the three months ended March 31, 2024. As of March 31, 2025 and December 31, 2024, $369,429 and $1,806,401 of these balances were not covered by deposit insurance, respectively.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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