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Condensed Financial Information of the Parent Company | 6 Months Ended
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Jun. 30, 2023
Condensed Financial Information of the Parent Company [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | NOTE 21- CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY Pursuant to Rules 12-04(a), 5-04(c), and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with such rules and concluded they were applicable to the Company as the restricted net assets of the Company’s PRC subsidiary and VIEs exceeded 25% of the consolidated net assets of the Company. Therefore, the condensed CFS for the parent company are included herein. PARENT COMPANY BALANCE SHEETS
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash |  | $ | 4,387,925 |  |  | $ | 226,578 |
Short-term investments |  |  | 3,000,000 |  |  |  | - |
Intercompany receivables |  |  | 10,000 |  |  |  | 10,000 |
Deferred offering cost |  |  | - |  |  |  | 349,842 |
Prepaid expenses and other current assets |  |  | 2,582,045 |  |  |  | - |
Total current assets |  |  | 9,979,970 |  |  |  | 586,420 |
Non-current assets |  |  |  |  |  |  |  |
Long-term investments |  |  | 5,000,000 |  |  |  | - |
Investments in non-VIE subsidiaries |  |  | 12,336,264 |  |  |  | 14,299,036 |
Total non-current assets |  |  | 17,336,264 |  |  |  | 14,299,036 |
Total Assets |  | $ | 27,316,234 |  |  | $ | 14,885,456 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Intercompany payable |  | $ | 1,358,930 |  |  | $ | 1,358,930 |
Total current liabilities |  |  | 1,358,930 |  |  |  | 1,358,930 |
Total Liabilities |  |  | 1,358,930 |  |  |  | 1,358,930 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Shareholders’ Equity |  |  |  |  |  |  |  |
Ordinary Shares, par value $0.0001 per share, 490,000,000 shares authorized; 14,392,364 shares and 10,987,679 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. |  |  | 1,439 |  |  |  | 1,099 |
Additional paid-in capital |  |  | 16,721,551 |  |  |  | 2,628,356 |
Statutory reserve |  |  | 836,215 |  |  |  | 836,215 |
Retained earnings |  |  | 9,174,695 |  |  |  | 10,340,107 |
Accumulated other comprehensive loss |  |  | (776,596 | ) |  |  | (279,251 | )
Total Shareholders’ Equity |  |  | 25,957,304 |  |  |  | 13,526,526 |
Total Liabilities and Shareholders’ Equity |  | $ | 27,316,234 |  |  | $ | 14,885,456 |
PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |  |  | (Unaudited) |
Operating expenses: |  |  |  |  |  |
General and administrative |  | $ | 394,676 |  |  | $ | 270,810 |
Total operating expenses |  |  | 394,676 |  |  |  | 270,810 |
Operating loss |  |  | (394,676 | ) |  |  | (270,810 | )
Other income (expense) |  |  |  |  |  |  |  |
Net investment income |  |  | 64,989 |  |  |  | - |
Interest income |  |  | 60,924 |  |  |  | 21 |
Other expense, net |  |  | (615 | ) |  |  | (4,169 | )
Total other income (loss) |  |  | 125,298 |  |  |  | (4,148 | )
Share of income from subsidiaries |  |  | 891,352 |  |  |  | 913,385 |
Income before provision for income taxes |  |  | 621,974 |  |  |  | 638,427 |
Net income |  | $ | 621,974 |  |  | $ | 638,427 |
Comprehensive income |  |  |  |  |  |  |  |
Net income |  | $ | 621,974 |  |  | $ | 638,427 |
Comprehensive income |  | $ | 621,974 |  |  | $ | 638,427 |
Earnings per ordinary share |  |  |  |  |  |  |  |
– Basic and diluted |  | $ | 0.05 |  |  | $ | 0.06 |
Weighted average number of ordinary shares outstanding |  |  |  |  |  |  |  |
– Basic and diluted |  |  | 12,122,574 |  |  |  | 10,987,679 |
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | (Unaudited) |  |  | (Unaudited) |
Operating Activities |  |  |  |  |  |
Net income |  | $ | 621,974 |  |  | $ | 638,427 |
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |  |  |  |
Net investment gain |  |  | (956,341 | ) |  |  | (913,385 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Deferred offering cost |  |  | (130,134 | ) |  |  | 60,000 |
Prepaid expenses and other current assets |  |  | (130,735 | ) |  |  | - |
Net cash used in operating activities |  |  | (595,236 | ) |  |  | (214,958 | )
Investing Activities |  |  |  |  |  |  |  |
Loans to third parties |  |  | (2,986,321 | ) |  |  | - |
Repayment from third-party loans |  |  | 600,000 |  |  |  | - |
Purchases of held-to-maturity investments |  |  | (8,000,000 | ) |  |  | - |
Net cash used in investing activities |  |  | (10,386,321 | ) |  |  | - |
Financing activities: |  |  |  |  |  |  |  |
Proceeds from issuance of ordinary shares |  |  | 15,142,902 |  |  |  | - |
Net cash provided by financing activities |  |  | 15,142,902 |  |  |  | - |
Net increase (decrease) in cash |  |  | 4,161,345 |  |  |  | (214,958 | )
Cash and equivalents at beginning of period |  |  | 226,578 |  |  |  | 509,728 |
Cash and equivalents at end of period |  | $ | 4,387,923 |  |  | $ | 294,770 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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