| Schedule of Carrying Amount of Assets and Liabilities |
The carrying amount of
the assets and liabilities are as follows:
| | |
As of
March 31,
2025 | |
| Cash | |
$ | 10,670 | |
| Property and equipment, net | |
| 4,113,865 | |
| Total assets | |
$ | 4,124,535 | |
| | |
| | |
| Current portion of long-term debt | |
$ | 84,612 | |
| Long-term debt, net of current portion | |
| 2,666,009 | |
| Accrued expenses | |
| 151 | |
| Intercompany payable to Visiontech | |
| 1,382,724 | |
| Total liabilities | |
$ | 4,133,496 | |
|
The carrying amount of the assets and liabilities
are as follows:
| | |
As of
December 31,
2024 | |
| Cash | |
$ | 18,210 | |
| Property and equipment, net | |
| 4,136,078 | |
| Total assets | |
$ | 4,154,288 | |
| | |
| | |
| Current portion of long-term debt | |
$ | 83,868 | |
| Long-term debt, net of current portion | |
| 2,687,777 | |
| Accrued expenses | |
| 497 | |
| Intercompany payable to Visiontech | |
| 1,418,560 | |
| Total liabilities | |
$ | 4,190,702 | |
|
| Schedule of Operating Results of VIE Included in the Consolidated Statements of Operations |
The operating results
of VIE included in the consolidated statements of operations are as follows for the period indicated:
| | |
For
the
three months
ended
March 31,
2025 | |
| Revenue* | |
$ | 83,210 | |
| Selling, general and administrative | |
| 29,586 | |
| Interest expense | |
| 24,472 | |
| Income tax | |
| 1,700 | |
| Net loss | |
$ | 27,452 | |
| * | Upland generated its revenue from leasing the warehouse to Visiontech. Revenue of Upland was fully eliminated on the consolidated statements of operations. |
|
The operating results of
VIE included in the consolidated statements of operations are as follows for the period indicated:
| | |
For the
year ended
December 31,
2024 | |
| Revenue* | |
$ | 332,842 | |
| Selling, general and administrative | |
| 158,818 | |
| Interest expense | |
| 178,934 | |
| Income tax | |
| 3,500 | |
| Net loss | |
$ | (8,410 | ) |
| * | Upland generated its revenue from leasing the warehouse to Visiontech. Revenue of Upland was fully eliminated on the consolidated statements of operations. |
|