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CASH AND CASH EQUIVALENTS
3 Months Ended
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.