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Subsequent events (Tables)
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Schedule of Proforma Condensed Balance Sheet

 

   Actual   Pro Forma
As Adjusted		 
   December 31, 2022 
   Actual   Pro Forma
As Adjusted		 
       (Unaudited) 
         
Assets:          
Current Assets          
Cash (1)  $5,032,890   $20,032,890 
Accounts receivable   18,446,176    18,446,176 
Prepayments and other current assets   253,779    253,779 
Total current assets   23,732,845    38,732,845 
           
Property, plant and equipment, net   394,090    394,090 
Right-of-use lease assets, net   341,625    341,625 
Deferred offering costs (2)   1,128,453    - 
Total assets  $25,597,013   $39,468,560 
           
Liabilities and Shareholders’ Equity:          
Liabilities          
Current liabilities          
Accounts payable  $12,652,514   $12,652,514 
Taxes payable   244,096    244,096 
Accrued expenses and other current liabilities (3)   125,701    1,948,948 
Derivative liabilities   109,346    109,346 
Short-term lease liabilities   124,095    124,095 
Total current liabilities   13,255,752    15,078,999 
           
Long-term lease liabilities   229,076    229,076 
Total liabilities   13,484,828    15,308,075 
           
Commitment and contingencies   -    - 
           
Shareholders’ equity:          
Ordinary shares, $0.0001 par value, 500,000,000 shares authorized, 21,250,000 shares issued and outstanding as on an actual basis, 25,000,000 issued and outstanding on a pro forma as adjusted basis   2,125    2,500 
Additional paid-in capital (4)   488,198    12,536,123 
Retained earnings   11,621,862    11,621,862 
Total shareholders’ equity   12,112,185    24,160,485 
           
Total liabilities and shareholders’ equity  $25,597,013   $39,468,560 

 

(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) 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).