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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 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

 

    December 31,  
    2023     2022  
Assets            
Current assets            
Cash   $ 8,236,065     $ 226,578  
Short-term investments     3,000,000       -  
Intercompany receivables     15,000       10,000  
Loan receivable     2,621,971       -  
Prepaid expenses and other current assets     204,604       -  
Total current assets     14,077,640       236,578  
                 
Non-current assets                
Non-current deferred offering cost     -       349,842  
Long-term investments     1,000,000       -  
Investments in non-VIE subsidiaries     14,621,943       14,299,036  
Total non-current assets     15,621,943       14,648,878  
Total Assets   $ 29,699,583     $ 14,885,456  
                 
Liabilities and Shareholders’ Equity                
Current liabilities                
Intercompany payable   $ 1,361,997     $ 1,358,930  
Total current liabilities     1,361,997       1,358,930  
                 
Total Liabilities     1,361,997       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 December 31, 2023 and 2022, respectively.     1,439       1,099  
Additional paid-in capital     16,721,551       2,628,356  
Statutory reserve     836,215       836,215  
Retained earnings     11,387,748       10,340,107  
Accumulated other comprehensive loss     (609,367 )     (279,251 )
Total Shareholders’ Equity     28,337,586       13,526,526  
Total Liabilities and Shareholders’ Equity   $ 29,699,583     $ 14,885,456  

 

PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

   Years Ended December 31, 
   2023   2022 
         
Revenues  $36,402   $
-
 
Gross profit   36,402    
-
 
           
Operating expenses:          
General and administrative   764,111    378,857 
Total operating expenses   764,111    378,857 
           
Operating loss   (727,709)   (378,857)
           
Other income (expense)          
Net investment income   238,812    
-
 
Interest income   317,505    35 
Other expense, net   (3,382)   (4,327)
Total other income (loss)   552,935    (4,292)
           
Share of income from subsidiaries   1,222,415    1,798,894 
Income before provision for income taxes   1,047,641    1,415,745 
           
Net income  $1,047,641   $1,415,745 
Comprehensive income          
Net income  $1,047,641   $1,415,745 
           
Comprehensive income  $1,047,641   $1,415,745 
Earnings per ordinary share          
– Basic and diluted
  $0.08   $0.13 
           
Weighted average number of ordinary shares outstanding          
– Basic and diluted
   13,257,469    10,987,679 

 

PARENT COMPANY STATEMENTS OF CASH FLOWS

 

   Years Ended December 31, 
   2023   2022 
         
Operating Activities        
Net income  $1,047,641   $1,415,745 
Adjustments to reconcile net income to net cash used in operating activities:          
Accrued interest income from loans   (317,172)   
-
 
Net investment gain   (1,461,227)   (1,798,894)
Changes in operating assets and liabilities:          
Deferred offering cost   (130,134)   60,000 
Due from intercompany   (5,000)   
-
 
Due to intercompany   3,067    
-
 
Prepaid expenses and other current assets   
-
    40,000 
Net cash used in operating activities   (862,825)   (283,149)
           
Investing Activities          
Loans to third parties   (11,260,542)   
-
 
Repayment from third-party loans   8,830,933    
-
 
Purchases of held-to-maturity investments   (11,000,000)   
-
 
Redemption of held-to-maturity investments   7,159,018    
-
 
Net cash used in investing activities   (6,270,591)   
-
 
           
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   8,009,486    (283,149)
Cash and equivalents at beginning of year   226,578    509,727 
Cash and equivalents at end of year  $8,236,064   $226,578