XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Cash and Cash Equivalents
6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

3. Cash and Cash Equivalents

 

As of June 30, 2024 and December 31, 2023, cash and cash equivalents consisted of cash on hand and cash in bank which is potentially subject to concentration of credit risk. Such balance is maintained at financial institutions that management determines to be of high-credit quality. Cash accounts at each institution are insured by the Federal Deposit Insurance Corporation in the U.S.A or Central Deposit Insurance Corporation in Taiwan up to certain limits. At times, such deposits may be in excess of the insurance limit. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. As of June 30, 2024 and December 31, 2023, the Company had approximately $4,281,890 and $1,557,487 in excess of FDIC insured limits, respectively. The Company maintains cash in state-owned banks in Taiwan. In Taiwan, the insurance coverage of each bank is NTD$3,000,000 (approximately USD$93,750). As of June 30, 2024 and December 31, 2023, the Company had approximately $3,358,000and $0 cash in excess of the insured amount, respectively. The Company has not experienced any losses in such accounts.