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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss)/income $ (313,247) $ 672,037
Adjustment to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 503,769 321,339
Loss on sale of long-term investments 55,461
Amortization of operating lease Right-of-use assets, nets 113,909 89,743
Changes in Operating Assets and Liabilities    
Accounts receivable 135,391 220,260
Inventories (3,304,383) (1,216,371)
Prepaid expenses and other current assets (679,115) (1,858,070)
Accounts payable 375,299 (989,725)
Advance from customers 1,114,290 1,395,028
Other current payables 7,085 71,499
VAT payable 1,009,699 584,518
Taxes payable (139,901) 642,125
Operating lease Liabilities 9,048 (70,648)
Net cash used in operating activities (1,112,695) (138,265)
CASH FLOWS FROM INVESTING ACTIVITIES    
Interest-free loan to related parties (7,123,895) (11,319,657)
Interest-free loan repaid by related parties 7,102,415 12,913,860
Purchase of short-term investment (185,564)
Purchase of property and equipment (54,716) (10,796)
Purchase of intangible assets (503,617) (324,647)
Additional consideration paid for Reorganization (1,437,646)
Net cash used in investing activities (765,377) (178,886)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds of interest-free loan from related parties 248,842 784,512
Repayments of interest-free loan to related parties (428,618) (60,752)
Repayments of short-term loan (202,070)
Proceeds from IPO 2,696,327
Net cash provided by financing activities 2,516,551 521,690
Effect of exchange rate changes on cash and cash equivalents 6,367 (17,197)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 644,846 187,342
CASH AND CASH EQUIVALENTS, beginning of period 470,335 182,829
CASH AND CASH EQUIVALENTS, end of period 1,115,181 370,171
SUPPLEMENTAL CASH FLOW INFORMATION    
Income taxes (656) (71)
Interest (4,986) (4,660)
NON-CASH TRANSACTIONS    
Addition of Right-of-use assets, nets $ 688,137