v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 2,045,147 $ 2,958,712 $ 3,228,122
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation expense 4,758,014 4,257,189 2,974,083
Amortization of operating lease ROU assets 21,033 21,107 45,785
Provision of expected credit losses 69,474 1,129,178
Impairment of goodwill 1,129
Written off of assets 373
Deferred tax liabilities (92,664) (902,153)
Gain on disposal of assets (18,724)
Share of losses of associate 710
Change in assets and liabilities:      
Accounts receivable 2,769,950 (15,597,836) 2,711,150
Inventory, net 6,487,098 (6,016,083) (1,799,053)
Due from related parties (536,841) (740,331) (2,976,703)
Other receivables and current assets 5,121,986 (9,480,769) 5,243,458
Accounts payable and accrued expenses (45,253,722) 25,671,804 (9,315,052)
Other payables (419,027) 68,039 60,108
Taxes payable 651,026 (355,168) 178,396
Contract liability (12,811)
Operating lease liabilities (6,761) (21,057) (45,952)
Net cash (used in) provided by operating activities (24,290,411) 654,219 518,556
Cash flows from investing activities:      
Purchase of fixed assets (3,751,944) (3,149,397) (6,605,341)
Acquisition of investment (83,089) (4,388)
Increase investment in subsidiary 74,120
Proceeds from disposal of fixed assets 6,127
Net cash used in investing activities (3,760,913) (3,147,658) (6,605,341)
Cash flows from financing activities:      
Proceeds from contribution of capital 560,985
Proceeds from (Repayment to) borrowings 50,910,672 (2,768,651) 6,950,460
Repayment to finance lease payables (10,216) (41,328) (26,698)
(Advances to) Proceeds from related parties (12,245,223) 320,485 561,248
Net cash provided by (used in) financing activities 38,655,233 (2,489,494) 8,045,995
Net increase (decrease) in cash and cash equivalents 10,603,909 (4,982,933) 1,959,210
Effect of exchange rate changes on cash and cash equivalents 635,595 (1,456,188) (891,018)
Cash and cash equivalents, beginning of year 4,830,347 11,269,468 10,201,276
Cash and cash equivalents, end of year 16,069,851 4,830,347 11,269,468
Supplemental disclosures of cash flow information      
Income taxes paid 776,331 1,220,804 715,631
Supplemental non-cash investing and financing activities      
Acquisition of non-controlling interest by issuance of ordinary shares 2,798,887
Recognized assets through finance lease liabilities 100,771
Recognized ROU assets through lease liabilities 15,359 41,626
Reversal of additional paid-in capital via decrease in related party receivables $ 5,311,880 $ 2,676,807