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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company had previously received advances from its Chairperson, Chief Executive Officer and Interim Chief Financial Officer Ms. Li. Total amounts owed were $1,144,985 and $1,133,809 were recorded as “Borrowings from related parties” on the accompanying consolidated balance sheets as of December 31, 2024 and 2023, respectively. On July 8, 2019 the Company entered into a loan agreement in exchange for cash of RMB 4,770,000 ($738,379) with Ms. Li. The loan bears interest at a rate of 4.35% and was payable within one year of the loan agreement. The due date of the loan agreement has been extended annually on identical terms, and is due July 9, 2025. Total interest expense related to the loan was $27,353 and $30,572 for the years ended December 31, 2024 and 2023, respectively. Compensation payable to the Ms. Li is included in “Other payables” in the accompanying consolidated balance sheet totaling $1,559,506 and $1,243,506 as of December 31, 2024 and 2023, respectively.