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Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

19. Subsequent Events 

 

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to March 31, 2026 to the date these unaudited condensed consolidated financial statements were issued, and has determined that other than described below, it does not have any material subsequent events to disclose.

 

On April 6, 2026, Hubei Shengsili signed a loan agreement with two third party companies, Shengsili (Hubei) Trading Co., Ltd. (“Shengsili Trading”) and Dongyang Hongshuo Network Technology Co., Ltd. (“Dongyang Hongshuo”), to lend RMB10 million (equivalent to approximately $1.45 million) to Shengsili Trading as working capital for 60 days, with the maturity date on June 6, 2026. There is no interest and guarantee requirement for this loan. If Shengsili Trading fails to fully repay the loan within 60 days, the loan will be offset against the amount that Hubei Shengsili is obligated to pay to Dongyang Hongshuo.