v3.25.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies  
Reconciliation of the beginning and ending balances for warrants liabilities measured at fair value

 

 

Year ended

December 31,

 

 

 

2024

 

Opening balance

 

$-

 

Warrants issued in connection with the April 2024 Private Placement

 

 

1,358,374

 

Change in fair value

 

 

3,767,626

 

Reclassification of warrant liability to equity upon exercise of warrants

 

 

(3,126,000)

Ending balance

 

$2,000,000

 

Reconciliation of the beginning and ending balances for convertible note measured at fair value on a recurring basis

 

 

Years ended December 31,

 

 

 

2024

 

 

2023

 

Opening balance

 

$1,727,694

 

 

$-

 

New convertible note issued

 

 

-

 

 

 

1,999,990

 

Change in fair value of convertible note

 

 

504,006

 

 

 

165,704

 

Forbearance and other fee

 

 

610,227

 

 

 

-

 

Gain on debt extinguishment

 

 

(298,213)

 

 

-

 

Conversion of convertible notes

 

 

(2,060,000)

 

 

(438,000 )

Cash repaid

 

 

(285,714)

 

 

-

 

Ending balance

 

$198,000

 

 

$1,727,694

 

Schedule of estimated useful lives for significant property and equipment

Machinery and production equipment

 

10 years

Transportation equipment

 

5 years

Office equipment

 

5 years

Electronic equipment

 

3 years

Schedule of Assets and Liabilities Measured or Disclosed at Fair Value on a recurring basis

 

 

As of December 31, 2024

 

 

 

Fair Value Measurement at the Reporting Date using

 

 

 

Quoted price

in active

markets for

identical

assets

Level 1

 

 

Significant

other

observable

inputs

Level 2

 

 

Significant

unobservable

inputs

Level 3

 

 

Total

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note (i)

 

$-

 

 

$-

 

 

$198,000

 

 

$198,000

 

Warrant liabilities (ii)

 

 

 -

 

 

 

 -

 

 

 

2,000,000

 

 

 

2,000,000

 

Total

 

$-

 

 

$-

 

 

$2,198,000

 

 

$2,198,000

 

 

 

As of December 31, 2023

 

 

 

Fair Value Measurement at the Reporting Date using

 

 

 

Quoted price

in active

markets for

identical

assets

Level 1

 

 

Significant

other

observable

inputs

Level 2

 

 

Significant

unobservable

inputs

Level 3

 

 

Total

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Convertible note (i)

 

$

-

 

 

$

-

 

 

$

1,727,694

 

 

$

1,727,694

 

Total

 

$

-

 

 

$

-

 

 

$

1,727,694

 

 

$

1,727,694

 

Schedule of estimated useful lives of intangible assets

 

 

Estimated Useful Life

Software

 

2 years

Patents

 

10 years

Schedule of currency exchange rates that were used in creating the consolidated financial statements

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2022

 

US$: RMB exchange rate

 

Period End

 

$7.2993

 

 

Period End

 

$7.0999

 

 

Period End

 

$6.8972

 

 

 

Average

 

$7.1957

 

 

Average

 

$7.0809

 

 

Average

 

$6.7290