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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
SCHEDULE OF ACCOUNTS RECEIVABLE ALLOWANCE FOR DOUBTFUL ACCOUNTS

The following table summarizes the activity related to the Company’s accounts receivable allowance for doubtful accounts for the nine months ended September 30, 2024 and 2023:

 

         
   For the nine months ended September 30, 
   2024   2023 
         
Beginning balance  $80,640   $272,550 
Provision for bad debts   8,140    62,100 
Recoveries/Write offs   -    (72,350)
Effect of translation   1,155    (14,547)
Ending balance  $89,935   $247,753 

The following table summarizes the activity related to the Company’s accounts receivable allowance for doubtful accounts for the years ended December 31, 2023 and 2022:

 

   2023   2022 
   For the years ended December 31, 
   2023   2022 
         
Beginning balance  $272,550   $213,787 
(Reversal of) provision for bad debts   (47,762)   45,953 
Acquisition of subsidiary   -    196,164 
Recoveries/Write offs   (135,589)   (165,227)
Effect of translation   (8,559)   (18,127)
Ending balance  $80,640   $272,550 
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED LIVES

 

Office furniture   5 years 
Electronic equipment   2-3 years 
Machinery   3 years 
Leasehold improvements   3 years 
Vehicles   5 years 

Office furniture   5 years 
Electronic equipment   2-3 years 
Machinery   3 years 
Leasehold improvements   3 years 
Vehicles   5 years 
SCHEDULE OF CONCENTRATION OF RISK BY RISK FACTORS

During the three months ended September 30, 2024, the Company had three major suppliers that accounted for over 10% of its total purchases.

 

Supplier 

Net purchases for the

three months ended

September 30, 2024

  

% of total

purchase

 
C  $219,595    44%
A   131,264    26%
B*   60,401    12%

 

During the nine months ended September 30, 2024, the Company had three major suppliers that accounted for over 10% of its total purchases.

 

Supplier 

Net purchases for the

nine months ended

September 30, 2024

  

% of total

purchase

 
A  $315,886    23%
C   289,900    21%
B*   197,479    14%

 

 

During the three months ended September 30, 2023, the Company had one major supplier that accounted for over 10% of its total purchases.

 

Supplier 

Net purchases for the

three months ended

September 30, 2023

  

% of total

purchase

 
C  $108,776    20%

 

During the nine months ended September 30, 2023, the Company had two major suppliers that accounted for over 10% of its total purchases.

 

Supplier 

Net purchases for the

nine months ended

September 30, 2023

  

% of total

purchase

 
C  $216,710    15%
D   162,980    12%

 

*   CEO owns this entity with 100% ownership

During the year ended December 31, 2023, the Company had two suppliers that accounted for over 10% of its total purchases.

 

Supplier  Net purchases for the
year ended
December 31, 2023		   % of total purchase 
A  $250,999    14%
B   195,202    11%

 

During the year ended December 31, 2022, the Company had two major suppliers that accounted for over 10% of its total purchases.

 

Supplier   Net purchases for the
year ended
December 31, 2022		     % of total purchase  
B   $ 189,150       14 %
C (1)     149,806       11 %

 

(1) The Company purchased inventory from this supplier, Runcansheng, in the year ended December 31, 2022. The Company acquired all of the outstanding equity of Runcangsheng on September 30, 2022 (see Note 19).
SCHEDULE OF SEGMENTS INFORMATION

The following table shows the Company’s operations by business segment for the three months ended September 30, 2024 and 2023.

 

         
   For the Three Months Ended September 30, 
   2024   2023 
Net revenue          
Direct sales  $102,370   $208,699 
Pharmacy   266,664    273,416 
Hotel   190,861    169,462 
Manufacture and sale   376,511    415,342 
Total revenues, net  $936,406   $1,066,919 
           
Operating costs and expenses          
Direct sales          
Cost of goods sold  $499   $67,709 
Operating expenses   373,449    421,417 
Pharmacy          
Cost of goods sold   70,739    126,459 
Operating expenses   104,840    115,006 
Hotel          
Hotel operating costs   360,803    447,419 
Operating expenses   65,322    61,859 
Manufacture and sale          
Cost of goods sold   284,502    315,555 
Operating expenses   278,835    246,750 
Total operating costs and expenses  $1,538,989   $1,802,174 
           
Income (loss) from operations          
Direct sales  $(271,578)  $(280,427)
Pharmacy   91,085    31,951 
Hotel   (235,264)   (339,816)
Manufacture and sale   (186,826)   (146,963)
Loss from operations  $(602,583)  $(735,255)

 

 

The following table shows the Company’s operations by business segment for the nine months ended September 30, 2024 and 2023.

 

         
   For the Nine Months Ended September 30, 
   2024   2023 
Net revenue          
Direct sales  $625,132   $1,064,668 
Pharmacy   764,495    802,118 
Hotel   465,423    892,409 
Manufacture and sale   1,265,565    538,494 
Total revenues, net  $3,120,615   $3,297,689 
           
Operating costs and expenses          
Direct sales          
Cost of goods sold  $47,240   $367,237 
Operating expenses   1,163,018    1,249,461 
Pharmacy          
Cost of goods sold   222,832    446,967 
Operating expenses   323,904    361,200 
Hotel          
Hotel operating costs   1,185,992    1,387,993 
Operating expenses   222,029    106,219 
Manufacture and sale          
Cost of goods sold   893,568    322,207 
Operating expenses   554,686    448,398 
Total operating costs and expenses  $4,613,269   $4,689,682 
           
Income (loss) from operations          
Direct sales  $(585,126)  $(552,030)
Pharmacy   217,759    (6,049)
Hotel   (942,598)   (601,803)
Manufacture and sale   (182,689)   (232,111)
Loss from operations  $(1,492,654)  $(1,391,993)

 

The following table shows the Company’s assets by business segment as of September 30, 2024 and as of December 31, 2023.

 

Segment assets 

As of

September 30, 2024

  

As of

December 31, 2023

 
Direct sales  $382,317   $270,932 
Pharmacy   487,041    425,546 
Hotel   2,149,991    1,654,165 
Manufacture and sale   2,629,227    2,491,715 
Total assets  $5,648,576   $4,842,358 

The following table shows the Company’s operations by business segment for the years ended December 31, 2023 and 2022.

 

   2023   2022 
   For the Years Ended December 31, 
   2023   2022 
Net revenue          
Products  $1,159,134   $823,930 
Pharmacies   937,655    789,347 
Hotel   1,194,829    856,884 
Manufacture and sale   798,181    238,399 
Total revenues, net  $4,089,799   $2,708,560 
           
Operating costs and expenses          
Products          
Cost of goods sold  $393,862   $171,345 
Operating expenses   1,790,747    1,526,246 
Pharmacies          
Cost of goods sold   531,890    578,092 
Operating expenses   455,906    622,835 
Hotel          
Hotel operating costs   1,811,065    1,739,948 
Operating expenses   192,963    310,902 
Manufacture and sale          
Cost of goods sold   688,198    353,723 
Operating expenses   723,975    (25,072)
Total operating costs and expenses  $6,588,606   $5,278,019 
           
Loss from operations          
Products  $(1,025,475)  $(873,661)
Pharmacies   (50,141)   (411,580)
Hotel   (809,199)   (1,193,966)
Manufacture and sale   (613,992)   (90,252)
Loss from operations  $(2,498,807)  $(2,569,459)

 

Segment assets  As of
December 31, 2023		   As of
December 31, 2022		 
Products  $270,932   $410,754 
Pharmacies   425,546    758,675 
Hotel   1,654,165    970,385 
Manufacture and sale   2,491,715    2,911,070 
Total assets  $4,842,358   $5,050,884