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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Note 18 - CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

 

The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Rule 4-08 (e)(3) of Regulation S-X, “General Notes to Financial Statements” and concluded that it was applicable to the Company; and, therefore, the financial statements for the parent company are included herein. 

  

The Company did not pay any dividends to the shareholders for the periods presented. For the purpose of presenting parent only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income (loss) of the subsidiary is presented as “share of income (loss) of subsidiary”. Certain information and footnote disclosures are generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. 

  

As of December 31, 2022 and 2021, the Company did not have any outstanding guarantees, long-term obligations, or significant capital and other commitments. 

 

  

December 31,

2022 

  

December 31,

2021

 
Non-current assets        
Investment in subsidiary  $2,214,085   $2,796,954 
           
Deferred offering costs   1,306,313    
-
 
           
Total assets  $3,520,398   $2,796,954 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Due to related parties  $1,098,413   $
-
 

Deferred offering costs in accrual and other payables 

   600,000    
-
 
Total current liabilities   1,698,413    
-
 
           
TOTAL LIABILITIES  $1,698,413   $
-
 
           
COMMITMENTS AND CONTINGENCIES   
 
    
 
 
           
SHAREHOLDERS’ EQUITY          
Class A ordinary shares, $0.0001 par value, 300,000,000 shares authorized, 8,213,040 shares issued and outstanding as of December 31, 2022 and 2021*  $821   $821 
Class B ordinary shares, $0.0001 par value, 200,000,000 shares authorized, 3,786,960 shares issued and outstanding*
   379    379 
Shares subscription receivables*   (1,200)   (1,200)
Additional paid-in capital   114,726    114,726 
Statutory reserve   282,545    282,545 
Retained earnings   1,563,563    2,335,046 
Accumulated other comprehensive (loss) income   (138,849)   64,637 
Total shareholders’ equity   1,821,985    2,796,954 
           
Total liabilities and shareholders’ equity  $3,520,398   $2,796,954 

 

*Giving retroactive effect to the nominal issuance of shares effected on January 10, 2023 (Note 14).

 

   Years Ended 
   December 31,
2022		   December 31,
2021		   December 31,
2020		 
(LOSS) INCOME FROM SUBSIDIARIES  $(771,483)  $2,308,626   $339,968 
                
NET (LOSS) INCOME   (771,483)   2,308,626    339,968 
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS   (203,486)   39,076    25,897 
COMPREHENSIVE (LOSS) INCOME  $(974,969)  $2,347,702   $365,865 

 

   Years Ended 
   December 31,
2022		   December 31,
2021		   December 31,
2020		 
CASH FLOWS FROM OPERATING ACTIVITIES:               
Net (loss) income  $(771,483)  $2,308,626   $339,968 
Adjustments to reconcile net loss to cash used in operating activities:               
Equity loss (income) of subsidiary   771,483    (2,308,626)   (339,968)
Net cash used in operating activities   -    -    - 
                
CHANGES IN CASH   -    -    - 
                
CASH, beginning of year   -    -    - 
                
CASH, end of year  $-   $-   $-