v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Significant Accounting Policies [Line Items]  
Schedule of Consolidated Financial Statements

The exchange rates used to translate amounts in RMB into USD for the purposes of preparing the audited consolidated financial statements or otherwise disclosed in this report were as follows 

 

   As of 
   March 31,
2026		   December 31,
2025		 
Period end RMB: US$ exchange rate   6.8980    6.9931 

 

   For the three months ended
March 31,		 
   2026   2025 
Period average RMB: US$ exchange rate   6.9218    7.2728 
Schedule of Reconciliation of Cash and Cash Equivalents

The following represents a reconciliation of cash and cash equivalents in the consolidated balance sheets to total cash, cash equivalents and restricted cash in the consolidated statements of cash flows as of March 31, 2026 and December 31, 2025:

 

   As of 
   March 31,
2026		   December 31,
2025		 
Cash and cash equivalents  $10,392,136   $7,775,330 
Restricted cash   215,041    71,540 
Cash, cash equivalents and restricted cash  $10,607,177   $7,846,870 
Schedule of Fair Value Measurements of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table summarizes the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026:

 

(amount in absolute value)  Active Market
for Identical
Assets
(Level 1)		   Observable
Inputs
(Level 2)		   Unobservable
Inputs
(Level 3)		   Total
Carrying
Value		 
Short term investment  $
       -
    20,831,283    
-
   $20,831,283 
Warrants liability   
-
    123,837    
     -
    123,837 
                     
Total  $
-
    20,955,120    
-
   $20,955,120 
Schedule of Estimated Useful Lives

Depreciation is provided over their estimated useful lives, using the straight-line method. Estimated useful lives are as follows:

 

Buildings   20 years 
Machinery   2~10 years 
Motor vehicles   4 years 
Electronic equipment   3~5 years 
Schedule of Movement in Contract Liabilities

The following table summarizes the movement in contract liabilities during the three months ended March 31, 2026:

 

   Contract
Liabilities		   Deferred
Revenue		   Total
Contract
Liabilities		 
Beginning balance  $93,698    1,083,784   $1,177,482 
Additions   247,174    
-
    247,174 
Recognized as revenue during the period   (219,361)   (59,281)   (278,642)
Effect of foreign exchange change   1,264    14,738    16,002 
Ending balance  $122,775    1,039,241   $1,162,016 
Schedule of Disaggregation of Revenue

The following table sets forth disaggregation of revenue:

 

   For the three months ended
March 31,		 
   2026   2025 
Major Product        
Transmission boxes for Forklift  $24,916,044   $20,929,412 
Transmission boxes for Non-Forklift (EV, etc.)   622,301    748,152 
Total  $25,538,345   $21,677,564