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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 11,286,821 $ 11,520,453
Short-term investments 936,098 518,416
Accounts receivable, net 3,364,768 6,772,988
Inventories 513,457 189,106
Prepayments 1,127,732 1,027,989
Prepayments – related parties 1,048 115,989
Loans receivable 275,813 1,840,000
Due from affiliates 226,179
Other current assets 1,048,364 493,040
Total Current Assets 18,554,101 22,704,160
Investment in equity method investees 1,121,783 1,179,300
Investment in an equity security 84,606 84,606
Goodwill 5,485,862 5,767,504
Property and equipment, net 2,390,737 3,890,947
Deposit and prepayment for properties 11,722 239,481
Prepayments for lease of land 279,591 304,787
Intangible assets, net 711,487 912,054
Right of use assets 1,373,612 1,666,777
Deferred tax assets 512,622 1,864,729
Total Assets 30,526,123 38,614,345
Current Liabilities    
Accounts payable 6,475 140,834
Advances from customers 384,981 395,263
Income tax payable 130,514 2,292,765
Operating lease liabilities, current portion 386,133 480,633
Accrued expenses and other liabilities 832,839 855,540
Total Current Liabilities 1,740,942 4,165,035
Operating lease liabilities, noncurrent portion 1,056,764 1,221,845
Deferred tax liabilities 556,044 208,200
Total Liabilities 3,353,750 5,595,080
Commitments and Contingencies
Equity    
Class A Ordinary Share (par value $0.0001 per share, 450,000,000 shares authorized; 20,531,423 and 20,531,423 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) 2,054 2,054
Class B Ordinary Share (par value $0.0001 per share, 50,000,000 shares authorized; 5,497,715 and 5,497,715 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) 550 550
Additional paid-in capital 25,060,797 24,998,388
Statutory reserve 1,315,017 1,315,017
(Accumulated deficits) Retained earnings (597,553) 4,124,037
Accumulated other comprehensive loss (1,492,919) (511,824)
Total Zhongchao Inc. Shareholders’ Equity 24,287,946 29,928,222
Non-controlling interests 2,884,427 3,091,043
Total Equity 27,172,373 33,019,265
Total Liabilities and Equity $ 30,526,123 $ 38,614,345