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Note 20 - Condensed financial information of the parent company | 12 Months Ended
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Dec. 31, 2024
Notes |
Note 20 - Condensed financial information of the parent company | Note 20 – Condensed financial information of the parent company The Company performed a test on the restricted net assets of the consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The subsidiary did not pay any dividend to the Company for the years presented. For the purpose of presenting parent-only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income of the subsidiary is presented as “share of income of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2024 and 2023. PARENT COMPANY BALANCE SHEETS
|  | As of December 31, 2024 |  |  | As of December 31, 2024
ASSETS |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |
Cash |  | $ | 2,057,850 |  |  | $ | -
Restricted cash |  |  | 503,544 |  |  |  | -
Prepayments, net |  |  | 23,625 |  |  |  |
Other receivables and other current assets, net |  |  | 16,000 |  |  |  |
Loans to subsidiaries |  |  | 1,214,729 |  |  |  |
Total current assets |  |  | 3,815,748 |  |  |  | -
OTHER ASSETS |  |  |  |  |  |  |
Investment in subsidiary |  |  | 13,685,903 |  |  |  | 15,828,953
Total non-current assets |  |  | 13,685,903 |  |  |  | 15,828,953
Total assets |  |  | 17,423,876 |  |  |  | 15,828,953
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Class A ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 11,793,485 and 10,440,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively |  |  | 1,179 |  |  |  | 1,044
Class B ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 4,560,000 shares issued and outstanding as of December 31, 2024 and 2023 |  |  | 456 |  |  |  | 456
Additional paid-in capital |  |  | 3,135,124 |  |  |  | 332,574
Retained earnings |  |  | 15,050,543 |  |  |  | 15,530,562
Statutory reserves |  |  | 248,761 |  |  |  | 248,761
Accumulated other comprehensive loss |  |  | (1,012,187) |  |  |  | (284,444)
Total shareholders’ equity |  |  | 17,423,876 |  |  |  | 15,828,953
Total liabilities and shareholders’ equity |  | $ | 17,423,876 |  |  | $ | 15,828,953
PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
|  | For the Years Ended December 31,
|  | 2024 |  |  | 2023 |  |  | 2022
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  | $ | (202,301) |  |  | $ | - |  |  | $ | -
Other income, net |  |  | 22,630 |  |  |  |  |  |  |  |
Equity (loss) income of subsidiaries |  |  | (300,348) |  |  |  | 856,536 |  |  |  | 2,851,467
Total other (loss) income, net |  |  | (480,019) |  |  |  | 856,536 |  |  |  | 2,851,467
NET (LOSS) INCOME |  |  | (480,019) |  |  |  | 856,536 |  |  |  | 2,851,467
FOREIGN CURRENCY TRANSLATION ADJUSTMENT |  |  | (727,743) |  |  |  | 114,302 |  |  |  | (430,893)
COMPREHENSIVE (LOSS) INCOME |  | $ | (1,207,762) |  |  | $ | 970,838 |  |  | $ | 2,420,574
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | For the Years Ended December 31,
|  | 2024 |  |  | 2023 |  |  | 2022
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (480,019) |  |  | $ | 856,536 |  |  | $ | 2,851,467
Adjustments to reconcile net(loss) income to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |
Equity loss (income) of subsidiaries |  |  | 300,348 |  |  |  | (856,536) |  |  |  | (2,851,467)
Changes in prepayments and other receivables |  |  | (39,625) |  |  |  | - |  |  |  | -
Net cash used in operating activities |  |  | (219,296) |  |  |  | - |  |  |  | -
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Loans to subsidiaries |  |  | (1,214,729) |  |  |  | - |  |  |  | -
Net cash used in investing activities |  |  | (1,214,729) |  |  |  | - |  |  |  | -
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of shares upon IPO |  |  | 5,000,000 |  |  |  | - |  |  |  | -
Proceeds from issuance of shares pursuant to exercise of over-allotment |  |  | 413,940 |  |  |  | - |  |  |  | -
Payments of initial public offering costs |  |  | (1,418,521) |  |  |  | - |  |  |  | -
Net cash provided by financing activities |  |  | 3,995,419 |  |  |  | - |  |  |  | -
Effect of exchange rate change on cash and restricted cash |  |  | - |  |  |  | - |  |  |  | -
Changes in cash and restricted cash |  |  | 2,561,394 |  |  |  | - |  |  |  | -
Cash and restricted cash, beginning of year |  |  | - |  |  |  | - |  |  |  | -
Cash and restricted cash, end of year |  | $ | 2,561,394 |  |  | $ | - |  |  | $ | -
Cash |  |  | 2,057,850 |  |  |  | - |  |  |  | -
Restricted cash |  |  | 503,544 |  |  |  | - |  |  |  | -

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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/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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