Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Concentration Risk Percent

For the six months ended June 30, 2023 and 2022, as well as three months ended June 30, 2023 and 2022 the Company’s revenues from two major customers accounted more than 10% of the total revenue were as following:

	Six months ended June 30, 2023					Three months ended June 30, 2023					Six months ended June 30, 2022					Three months ended June 30, 2022
	Amount		% of Total Revenue			Amount		% of Total Revenue			Amount		% of Total Revenue			Amount		% of Total Revenue
Customer B	$	3,358,311		73	%	$	1,910,202		84	%	$	3,719,213		63	%	$	1,205,594		55	%
Customer A	$	1,267,970		27	%		370,538		16	%	$	2,197,969		37	%	$	976,845		45	%

	As of June 30, 2023					As of June 30, 2022
	Accounts Receivable		% of Total Accounts Receivable			Accounts Receivable		% of Total Accounts Receivable
Customer B	$	4,164,544		100	%	$	3,883,504		100	%
Customer A	$	-		-	%	$	-		-	%

● Customer A: eGT New Energy Automotive Co., Ltd. (“eGT” ), an unrelated party.

● Customer B: Shanghai Xinsen Import & Export Co., Ltd (“Shanghai Xinsen”), a related party that sells RLSP’s products to Shanghai Hongyang Sealing Co., Ltd. (“Shanghai Hongyang”) and Wuhu Huichi Auto Parts Co., Ltd. (“Wuhu Huichi”), two unrelated parties of RLSP and the Company, and certified first-tier suppliers of Auto Manufacturers.

Major vendors

For the six months ended June 30, 2023 and 2022, as well as three months ended June 30, 2023 and 2022, the Company made purchases from the major vendors accounted more than 10% of the total purchases were as following:

	Six months ended June 30, 2023					Three months ended June 30, 2023					Six months ended June 30, 2022					Three months ended June 30, 2022
	Amount		% of Total Purchase			Amount		% of Total Purchase			Amount		% of Total Purchase			Amount		% of Total Purchase
Vendor A	$	3,864,667		90	%	$	1,956,561		96	%	$	3,793,171		68	%	$	1,236,093		69	%
Vendor B	$	-		-	%	$	-		-		$	6,348		-	%		6,348		-	%
Vendor C	$	441,441		10	%	$	72,052		4	%	$	1,127,791		20	%	$	543,838		30	%

	As of June 30, 2023					As of June 30, 2022
	Accounts payable		% of Total Accounts Payable			Accounts payable		% of Total Accounts Payable
Vendor A	$	2,406,182		34	%	$	2,115,497		21	%
Vendor B	$	4,595,664		66	%	$	6,835,124		66	%
Vendor C	$	-		-	%	$	49,857		0	%

● Vendor A: Shanghai Haozong Rubber & Plastic Technology Co., Ltd. (“Shanghai Haozong”), a related party.

● Vendor B: Shanghai Huaxin Economic and Trade Co., Ltd. (“Shanghai Huaxin”), a related party, purchase amounts and accounts payable balances include retainage payables.

● Vendor C: Shanghai Yongliansen Import and Export Trading Company (“Yongliansen”), a related party.