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Interim Consolidated Balance Sheets
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Current assets:    
Cash and cash equivalents $ 1,100,687 $ 5,877,372
Restricted cash 3,252 1,062
Accounts receivable, net 10,356,685 6,253,189
Inventories, net 9,604,763 7,056,459
Advances to suppliers 8,184,132 2,747,551
Other receivables 168,955 162,557
Total current assets 29,418,474 22,098,190
Property, plant and equipment, net 2,264,230 1,924,975
Intangible assets, net 40,394 31,853
Right-of-use assets 6,882,172 7,338,505
Deferred tax assets 31,785 32,534
Other non-current assets 3,770,365 3,859,209
TOTAL ASSETS 42,407,420 35,285,266
Current liabilities:    
Short-term borrowings 1,065,627 70,424
Accounts payable 7,957,957 5,689,101
Accrued expenses and other current liabilities 1,165,636 3,519,598
Advances from customers 901,799 357,383
Long-term loans – current portion 175,828 225,383
Tax payable 576,338 1,066,569
Total current liabilities: 14,029,975 13,211,587
Non-current liabilities:    
Long-term loans 1,710,338 1,871,591
TOTAL LIABILITIES 15,740,313 15,083,178
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:    
Additional paid-in capital 18,643,522 10,645,122
Statutory reserve 1,113,170 1,113,170
Retained earnings 8,128,675 9,187,215
Accumulated other comprehensive loss (1,221,060) (744,619)
Total Shareholders’ equity 26,667,107 20,202,087
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 42,407,420 35,285,266
Related Party    
Current liabilities:    
Due to related parties 2,186,790 2,283,129
Class A Ordinary Shares    
Shareholders’ Equity:    
Ordinary shares value 2,700 1,100
Class B Ordinary Shares    
Shareholders’ Equity:    
Ordinary shares value $ 100 $ 100