XML 21 R6.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net (loss) income $ (571,717) $ 756,761 $ 2,841,134
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities      
Depreciation expense 365,366 248,146 174,440
Amortization expense 10,269 15,118 12,086
Provision for credit losses or doubtful accounts 217,471 190,983 22,837
Write-down of inventories 129,686 6,713 42,544
Deferred tax expense (benefits) 0 74,616 (14,816)
Amortization of operating lease right-of-use assets 261,754 154,455 120,053
Amortization of finance lease right-of-use assets 11,951 0 12,296
Loss from disposal of property and equipment 1,046 0 3,310
Changes in operating assets and liabilities      
Accounts and notes receivable 1,019,565 (1,371,684) 651,386
Accounts receivable - related parties (16,938) (218,421) 60,552
Prepayments (530,103) 275,082 221,842
Prepayments - related parties (2,889,728) (1,004,692) (3,117)
Inventories (117,157) (909,054) 300,042
Other receivables and other current assets (335,891) (52,168) 275,108
Prepaid expenses and deposits (57,373) (1,107) (23,274)
Operating lease receivable - related party 0 0 104,540
Accounts payable 345,455 (25,698) (386,154)
Accounts payable - related party (411,139) 392,777 57,673
Contract liabilities 2,244,964 2,146,876 (702,924)
Accrued expenses and other payables 201,624 307,405 (226,528)
Operating lease liabilities (132,525) (34,652) 0
Operating lease liabilities - related parties (102,751) (204,940) (155,005)
Other payables - related parties 18,794 0 0
Taxes payable (474,512) (295,495) 250,042
Net cash (used in) provided by operating activities (811,889) 451,021 3,638,067
Cash flows from investing activities      
Purchases of property, plant and equipment (450,637) (43,254) (145,699)
Purchase of intangible assets (15,170) (37,993) 0
Prepayment for land use right (2,016,296) 0 0
Deposit for long-term investment 0 0 (222,916)
Loans to related parties (301,949) (677,765) (1,655,820)
Repayments from related parties 0 677,267 1,920,315
Net cash used in investing activities (2,784,052) (81,745) (104,120)
Cash flows from financing activities      
Borrowings from related parties 178,860 1,587,015 250,166
Repayments to related parties 0 (1,511,509) (1,956,190)
Repayments from loans receivable - related parties 0 0 3,812,241
Proceeds from bank loan 0 282,450 762,372
Repayments to bank loan (795,394) (1,218,164) (1,264,754)
Repayments to third party loans 0 (194,226) (195,317)
Repayments to related party loans 0 0 (435,193)
Repayments of finance lease liabilities (119,223) 0 (36,097)
Dividends payments (517,140) (1,275,902) (1,654,389)
Capital contribution from noncontrolling interest shareholder 50,000 0 0
Proceeds from issuance of shares upon IPO 5,000,000 0 0
Proceeds from issuance of shares pursuant to exercise of over-allotment 413,940 0 0
Payments of initial public offering costs (1,418,521) (474,972) (680,125)
Net cash provided by (used in) financing activities 2,792,522 (2,805,308) (1,397,286)
Effect of exchange rate change on cash and restricted cash (526,628) 108,141 (342,913)
Net change in cash and restricted cash (1,330,047) (2,327,891) 1,793,748
Cash and restricted cash - beginning of the year 10,802,405 13,130,296 11,336,548
Cash and restricted cash - end of the year 9,472,358 10,802,405 13,130,296
Cash 8,968,814 10,802,405 13,130,296
Restricted cash 503,544 0 0
Supplemental disclosure of cash flow information      
Interest paid 66,864 91,276 155,054
Income tax paid 746,044 664,259 390,936
Supplemental non-cash information      
Finance lease right-of-use assets obtained in exchange for finance lease liabilities 235,556 0 0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,013,605 391,309 119,662
Termination of operating lease right-of-use asset with lease liability (27,667) 0 0
Other receivables - related party offset with other payables - related party upon execution of offset agreement 0 381,710 0
Dividends declared to offset with loans receivable - related parties upon execution of offset agreement 0 0 951,209
Deferred IPO costs transfer to additional paid-in capital upon IPO $ (1,192,734) $ 0 $ 0