v3.25.1
Audited Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 8,164,080 $ 10,769,662
Restricted cash 2,192,015 2,931,357
Accounts receivable, net 12,802,626 20,136,692
Contract assets, net 1,057,671 984,135
Prepayments and other current assets, net 67,822 91,749
Total current assets 24,396,402 35,042,807
Non-current assets    
Property, plant and equipment, net 127,386 184,903
Right-of-use assets 130,134 59,245
Total non-current assets 257,520 244,148
TOTAL ASSETS 24,653,922 35,286,955
Current Liabilities    
Accounts payable 11,307,340 18,171,694
Contract liabilities 1,525 4,015
Other payables and accrued liabilities 445,333 851,012
Provisions for compensation and penalty 1,574,240 1,574,240
Tax payables 17,465 737,196
Lease liabilities – current 101,947 47,689
Dividend payables 54,821 28,154
Total current liabilities 13,831,056 22,357,695
Non-current liability    
Lease liabilities – non-current 29,378 17,227
Total non-current liability 29,378 17,227
TOTAL LIABILITIES 13,860,434 22,374,922
EQUITY    
Ordinary shares, par value $0.0001 per share, 500,000,000 shares authorized; 20,000,000 and 25,976,936 issued and outstanding as of December 31, 2023 and 2024, respectively [1] 2,598 2,000
Additional paid-in capital 10,575,529 7,875,540
Retained earnings 133,277 4,960,116
Accumulated other comprehensive loss (41,439) (41,439)
Total shareholders’ equity 10,669,965 12,796,217
Non-controlling interest 123,523 115,816
TOTAL EQUITY 10,793,488 12,912,033
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 24,653,922 35,286,955
Related Party    
Current assets    
Accounts receivable – related parties 112,188 11,885
Amount due from a related party, net 117,327
Current Liabilities    
Accounts payable – related parties 221,098 474,161
Amounts due to related parties $ 107,287 $ 469,534
[1] The share data has been retroactively restated to reflect the current capital structure of the Company.