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Organization and Business Background (Tables) | 6 Months Ended
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Jun. 30, 2024
Organization and Business Background [Abstract] |
Schedule of Subsidiaries and Variable Interest Entities | As of June 30, 2024 and December 31, 2023, details of the Company’s subsidiaries and variable interest entities are as follows:
Name |  | Date of Incorporation or Establishment |  | Place of Incorporation or Establishment |  | Percentage of Ownership |  | Principal Activity
Subsidiary: |  |  |  |  |  |  |  |
Dongfang Holding |  | November 13, 2006 |  | BVI |  | 100% |  | Inactive investment holding
Shengde Holdings |  | February 25, 2009 |  | State of Nevada |  | 100% |  | Investment holding
Baoding Shengde |  | June 1, 2009 |  | PRC |  | 100% |  | Paper production and distribution
Qianrong |  | July 15, 2021 |  | PRC |  | 100% |  | New material technology service
Variable interest entity (“VIE”): |  |  |  |  |  |  |  |
Dongfang Paper |  | March 10, 1996 |  | PRC |  | Control* |  | Paper production and distribution
Tengsheng Paper |  | April 07, 2011 |  | PRC |  | Control** |  | Paper production and distribution
* | Dongfang Paper is treated as a 100% controlled variable interest entity of the Company.
** | Tengsheng Paper is 100% subsidiary of Dongfang Paper.
Schedule of Aggregate Carrying Value of Dongfang Paper’s Assets and Liabilities | The Company and its consolidated subsidiaries are not required to provide financial support to the VIE, and no creditor (or beneficial interest holders) of the VIE have recourse to the assets of Company unless the Company separately agrees to be subject to such claims. There are no terms in any agreements or arrangements, implicit or explicit, which require the Company or its subsidiaries to provide financial support to the VIE. However, if the VIE does require financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the VIE.
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
ASSETS |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Cash and bank balances |  | $ | 4,603,402 |  |  | $ | 2,807,608 |
Restricted cash |  |  | 899,508 |  |  |  | 472,983 |
Accounts receivable |  |  | 2,638,219 |  |  |  | 575,526 |
Inventories |  |  | 5,282,420 |  |  |  | 3,555,235 |
Prepayments and other current assets |  |  | 17,353,714 |  |  |  | 18,617,351 |
Due from related parties |  |  | 287,384 |  |  |  | 289,173 |
Total current assets |  |  | 31,064,647 |  |  |  | 26,317,876 |
Operating lease right-of-use assets, net |  |  | 476,771 |  |  |  | 528,648 |
Property, plant, and equipment, net |  |  | 150,495,716 |  |  |  | 158,027,099 |
Deferred tax asset non-current |  |  | - |  |  |  | - |
Total Assets |  | $ | 182,037,134 |  |  | $ | 184,873,623 |
LIABILITIES |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |
Short-term bank loans |  | $ | 420,946 |  |  | $ | - |
Current portion of long-term loans |  |  | 4,993,826 |  |  |  | 2,780,014 |
Lease liability |  |  | 103,568 |  |  |  | 100,484 |
Accounts payable |  |  | - |  |  |  | 4,991 |
Advance from customers |  |  | 73,386 |  |  |  | 136,167 |
Accrued payroll and employee benefits |  |  | 329,583 |  |  |  | 231,568 |
Other payables and accrued liabilities |  |  | 11,925,967 |  |  |  | 11,843,973 |
Income taxes payable |  |  | 415,635 |  |  |  | - |
Total current liabilities |  |  | 18,262,911 |  |  |  | 15,097,197 |
Long-term loans |  |  | 2,245,047 |  |  |  | 4,503,932 |
Lease liability - non-current |  |  | 498,718 |  |  |  | 483,866 |
Total liabilities |  | $ | 21,006,676 |  |  | $ | 20,084,995 |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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