SHORT TERM LOANS-UNRELATED PARTIES

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

SHORT TERM LOANS-UNRELATED PARTIES

10. SHORT TERM LOANS-UNRELATED PARTIES

As of December 31, 2024 and 2023, short term loans from third parties for working capital purposes were as following:

	As of December 31, 2024		As of December 31, 2023
Third parties loans		6,561,136		1,143,565
Total	$	6,561,136	$	1,143,565

a) Third parties loans

Third parties loans as of December 31, 2024 and 2023 consisted of the following:

	As of December 31, 2024		As of December 31, 2023
Ms. Xiuxia Wang		1,880,044		704,235
Mr. Hongshan Liu		564,330		439,330
Fujian Chuanzhiyuan Co, ltd		136,997		-
CISI Investment Limited		2,574,765		-
Ms. Xiaozhen Li		1,405,000		-
	$	6,561,136	$	1,143,565

On June 6 and December 29, 2023 the Company borrowed a revolving credit loan of RMB2.3 million (approximately $319,610) and RMB1.5 million (approximately $211,271 from Mr. Hongshan Liu, an unrelated party individual, bearing 8% per annum and payable on demand. RMB0.7 million (approximately $91,551) was repaid during the year ended December 31, 2023.

On December 7, 2023, the Company borrowed two revolving credit loans of RMB5.0 million (approximately $704,235) from Ms. Xiuxia Wang, an unrelated individuals, bearing 8% interest and payable on demand.

For the year ended December 31, 2024, the Company borrowed a total of RMB 0.5 million (approximately $68,500) on several occasions from Mr. Hongshan Liu, respectively, bearing 8% interest and payable on demand.

For the year ended December 31, 2024, the Company borrowed a total of RMB 10.71 million (approximately $1.5 million) on several occasions from Ms. Xiuxia Wang, bearing 8% per annum and payable on demand. RMB1.99 million (approximately $272,629) was repaid during the year ended December 31, 2024.

On December 30, 2024, the Company borrowed a revolving credit loan of RMB1 million (approximately $136,999) from Fujian Chuanzhiyuan Industrial Investment Co., Ltd., an unrelated party, bearing 8% per annum and payable on demand.

On February 22, 2024, May 7, 2024 and June 14, 2024, the Company borrowed a revolving credit loan of HKD10,000,000, HKD5,000,000 and HKD5,000,000 (approximately $1,282,051, $641,052 and $641,052) from CISI Investment Limited, a third party, bearing 10% per annum and payable on demand.

As of the merger date on November 21, 2024, the Company assumed liabilities of TMT upon completion of the merger, including a short-term, interest-free loan totaling $1,405,000 owed to a non-related party. The loan agreement does not stipulate a specific repayment timeline.

During years ended December 31, 2024, 2023, and 2022, interest of $ 367,977, $39,737 and $287,429 were incurred on the Company’s loans from unrelated parties, respectively.

Changes in loans were as follows:

	For the Years ended December 31,
	2024			2023			2022
Beginning balance	$	1,143,565		$	2,305,283		$	9,800,322
Proceeds from bank borrowings		-			-			742,969
Proceeds from factoring loan related to notes receivable		-			-			1,619,673
Proceeds from third parties		4,350,790			2,010,327			237,230
Repayments of bank borrowings		-			(706,108	)		(5,052,192	)
Loan forgiven by a third party		-			(388,088	)		-
Repayment of loans to third parties		(526,703	)		(475,632	)		(4,442,437	)
Maturity of bank acceptance notes		-			(1,539,316	)		-
Loan acquired in the reverse recapitalization		1,425,229			-			-
Exchange difference		168,255			(62,901	)		(600,282	)
Ending balance	$	6,561,136		$	1,143,565		$	2,305,283