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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company had previously received advances from its Chairperson Li. Total amounts owed to her were $1,413,340 and $1,144,985 and are recorded as “Borrowings from related parties” on the accompanying condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. Chairperson Li has advanced an additional $0.24 million during the second quarter of 2025 to provide working capital and enabled the Company to make the required payments related to its current lines of credit. On July 8, 2019 the Company entered into a loan agreement in exchange for cash of RMB 4,770,000 ($738,379) with its Chairperson 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 currently due July 9, 2026. Total interest expense related to the loan for the three months ended September 30, 2025 and 2024 was $6,798 and $6,843, respectively. Total interest expense related to the loan for the nine months ended September 30, 2025 and 2024 was $20,393 and $20,551, respectively. Compensation payable to the Chairperson Li is included in “Other payables” in the accompanying condensed consolidated balance sheet totaling $1,611,506 and $1,587,506 as of September 30, 2025 and December 31, 2024, respectively.