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Consolidated Balance Sheets
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Current Assets    
Cash $ 15,960,057 $ 15,560,662
Restricted Cash 1,328,895 1,366,216
Bank acceptance receivables 18,566,258 20,431,900
Accounts receivable, net 78,660,700 78,570,956
Inventories 1,409,639 1,617,225
Prepayment and other current assets 9,740,424 14,212,606
Total current assets 143,438,322 132,237,053
Property, plant and equipment 7,886,579 8,830,968
Intangible assets 443,035 3,915,917
Long term investments 22,389,540 6,131,941
Prepayments and other noncurrent assets 11,088,736 11,267,764
Operating lease right-of-use asset 7,087
Deferred tax assets 992,904 369,483
Total assets 186,239,116 171,915,272
Liabilities    
Short-term bank borrowings 7,945,966 7,324,047
Accounts payable 15,475,673 15,822,029
Taxes payable 1,243,127 1,082,131
Accrued expenses and other current liabilities 1,269,908 842,156
Contingent liability 1,328,895
Operating lease liabilities -current 2,495
Total current liabilities 27,263,569 25,072,858
Operating lease liabilities -noncurrent 4,592
Total liabilities 27,263,569 25,077,450
Commitments and contingencies
Shareholders’ equity    
Ordinary share, $0.0005 par value, 80,000,000 shares authorized, 31,904,468 and 23,940,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively 15,951 11,970
Treasury shares, at cost, 232,098 and nil shares as of December 31, 2024 and 2023, respectively (200,000)
Preferred share, $0.0005 par value, 20,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and 2023
Additional paid-in capital 49,221,322 42,967,006
Statutory surplus reserves 16,238,283 15,985,627
Retained earnings 105,226,822 94,635,889
Accumulated other comprehensive loss (11,526,831) (7,268,652)
Total shareholders’ equity 158,975,547 146,331,840
Non-controlling interest 505,982
Total equity 158,975,547 146,837,822
Total liabilities and equity 186,239,116 171,915,272
Related Party    
Current Assets    
Accounts receivable-a related party 727,180 456,361
Due from related parties-current 17,045,169 21,127
Deposits to a related party-noncurrent $ 9,155,059