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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current Assets    
Cash $ 5,032,890 [1] $ 3,035,321
Accounts receivable 18,446,176 18,043,235
Derivative assets 291,860
Prepayments and other current assets 253,779 3,834,585
Due from related parties 1,509,988
Total current assets 23,732,845 26,714,989
Property, plant and equipment, net 394,090 122,326
Right-of-use lease assets, net 341,625 155,323
Deferred offering costs 1,128,453 [2]
Total assets 25,597,013 26,992,638
Current liabilities    
Accounts payable 12,652,514 18,297,191
Taxes payable 244,096 98,417
Accrued expenses and other current liabilities 125,701 [3] 47,459
Derivative liabilities 109,346
Short-term lease liabilities 124,095 72,730
Total current liabilities 13,255,752 18,515,797
Long-term lease liabilities 229,076 49,656
Total liabilities 13,484,828 18,565,453
Commitment and contingencies
Shareholders’ equity:    
Ordinary shares, $0.0001 per value, 500,000,000 shares authorized, 21,250,000 shares issued and outstanding as of December 31, 2022 and 2021 [4] 2,125 2,125
Additional paid-in capital 488,198 [5] 488,198
Retained earnings 11,621,862 7,936,862
Total shareholders’ equity 12,112,185 8,427,185
Total liabilities and shareholders’ equity $ 25,597,013 $ 26,992,638
[1] Pro forma cash reflects $15,000,000 offering proceeds.
[2] Pro forma deferred offering costs reflect charged against the gross proceeds of the offering.
[3] Pro forma accrued expenses and other current liabilities reflect $1,200,000 of underwriting discount and additional offering expenses of $623,247.
[4] Gives retroactive effect to reflect the reorganization in August 2022.
[5] Pro forma additional paid in capital reflect the net proceeds the Company expects to receive, after deducting underwriting fee, underwriters’ expense allowance and other expenses. The Company expects to receive net proceeds of $12,048,300 ($15,000,000 offering gross proceeds, less underwriting discounts of $1,200,000, and estimated offering expenses of $1,751,700).