XML 32 R14.htm IDEA: XBRL DOCUMENT v3.26.1
Related Party Transactions
12 Months Ended
Dec. 31, 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 $1,435,136 and $1,144,985 and are recorded as “Borrowings from related parties” on the accompanying condensed consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively. Chairperson Li has advanced an additional $0.25 million during the year ended December 31, 2025 to provide working capital and enabled the Company to make the required payments related to its current lines of credit. In June, 2025 Chunming Dong, the husband of Chairperson Li, advanced RMB 1,000,000 ($142,272) to the Company for working capital. The advance was interest free until December 31, 2025 and effective January 1, 2026 bears interest at an annual rate of 3.3 %. On June 20, 2025, the Company borrowed RMB 1,750,000 (US$248,973) from Chairperson Li. No interest shall be charged if the loan is repaid in full by December 31, 2025. An annual interest rate of 3.3% shall apply to the unpaid principal from January 1, 2026, and the loan shall be payable within one year of the loan agreement. 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 on July 9, 2026. Total interest expense related to the loan for the years ended December 31, 2025 and 2024 was $27,272 and $27,353, respectively. Compensation payable to the Chairperson Li is included in “Other payables” in the accompanying condensed consolidated balance sheet totaling $1,875,506 and $1,559,506 as of December 31, 2025 and 2024, respectively.