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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,746 $ 690
Restricted cash 298 297
Accounts receivable, net 13,154 14,550
Inventories 18,103 18,959
Deposits, prepayments and other receivables 3,480 3,039
Total current assets 36,781 37,598
Non-current assets:    
Property and equipment, net 1,380 830
Right-of-use assets, net 308 628
Accounts receivable, net 1,123
Total non-current assets 2,811 1,458
TOTAL ASSETS 39,592 39,056
Current liabilities:    
Accounts payable and accrued liabilities 4,631 4,649
Customer deposits 5,446 3,971
Amounts due to related parties 57 9,308
Bank borrowings 17,968 15,786
Lease liabilities 365 422
Income tax payable 145 314
Total current liabilities 28,612 34,450
Long-term liabilities:    
Bank borrowings 1,887 991
Lease liabilities 180 525
Deferred tax liabilities 38 39
Total long-term liabilities 2,105 1,555
TOTAL LIABILITIES 30,717 36,005
Shareholders’ equity    
Ordinary share, par value US$0.0005 per share, 200,000,000 shares authorized, 9,875,000 ordinary shares and 9,000,000 ordinary shares issued and outstanding as of December 31, 2024 and 2023, respectively 5 5
Additional paid-in capital 7,183 1,241
Accumulated other comprehensive loss (127) (1)
Retained earnings 1,814 1,806
Total shareholders’ equity 8,875 3,051
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 39,592 39,056
Related Party [Member]    
Current assets:    
Accounts receivable, net 2,062 3,168
Amounts due from related parties 63
Non-current assets:    
Accounts receivable, net $ 1,089