v3.25.2
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 $ (845,841) $ 986,471 $ 1,115,260
Adjustment to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,004,089 722,778 347,189
Gain on disposal of property and equipment (17,815)
Changes in fair value of short-term investments (15,632)
Gain on sale of long-term investments 13,319 (14,861)
Amortization of operating lease Right-of-use assets, nets 370,283 181,791 230,305
Gain on disposal of subsidiaries (836,112)
Unrealized loss on assets held for sale 455,938
Amortization of Convertible Note issuance cost 11,970
Changes in Operating Assets and Liabilities      
Accounts receivable 617,183 437,684 (1,750,083)
Inventories (4,658,182) (2,038,096) (2,026,214)
Prepaid expenses and other current assets (2,426,075) (4,021,436) (2,070,066)
Deferred tax asset (178,494)
Accounts payable 1,386,960 (816,530) 860,369
Advance from customers 363,803 1,409,334 (82,999)
Other current payables 1,241,012 (42,482) 178,113
VAT payable 108,456 1,222,130 41,815
Taxes payable 815,440 649,355 2,117,581
Operating lease Liabilities (332,159) (120,936) (128,068)
Net cash (used in) provided by operating activities (2,935,176) (1,416,618) (1,181,659)
CASH FLOWS FROM INVESTING ACTIVITIES      
Interest-free loan to related parties (16,896,831) (19,535,129)
Interest-free loan repaid by related parties 20,319,617 18,439,556
Purchase of short-term investment (125,075) (70,275)
Sale of short-term investment 71,869
Proceeds from sale of long-term equity investments 94,640 1,500,966
Purchase of property and equipment (325,257) (314,197) (777,994)
Purchase of intangible assets (985,995) (608,806)
Additional consideration paid for Reorganization (1,437,646)
Net cash used in investing activities (283,823) 614,673 (981,407)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds of interest-free loan from related parties 8,747,287 4,811,327 519,515
Repayments of interest-free loan to related parties (9,246,025) (3,658,828) (2,454)
Proceeds from issuance of convertible note, net of issuance costs 1,500,850
Repayments of short-term borrowings   (197,715)
Proceeds from short-term loan 190,277    
Proceeds of long-term borrowings 239,919 141,225
Proceeds from additional paid in capital 1,208,568
Proceeds from IPO 3,180,963
Net cash provided by financing activities 4,613,271 1,096,009 1,725,629
Effect of exchange rate changes on cash and cash equivalents 24,983 (6,558) 6,258
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 1,419,255 287,506 (431,179)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 470,335 182,829 614,008
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 1,889,590 470,335 182,829
RECONCILATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period      
Cash, cash equivalents 470,335 182,829 614,008
Restricted cash
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 470,335 182,829 614,008
RECONCILATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period      
Cash, cash equivalents 1,379,434 470,335 182,829
Restricted cash 510,156
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 1,889,590 470,335 182,829
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes (657) (239)
Interest 20 408 (16,715)
NON-CASH TRANSACTIONS      
Addition of Right-of-use assets, nets 999,805 273,334 575,581
Liabilities incurred for purchase of property and equipment 162,411
Fair value adjustment for Pre-Delivery Shares related to the issuance of Convertible Note 1,499,150
Other payables released from the sale of property and equipment 19,456
Other payables released from from the sale of subsidiaries $ 1,183,624