v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,748,431 $ 4,562,836
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 516,924 517,134
Amortization of deferred subsidy (59,281) (56,420)
Change in fair value of warrant liability 52,927 (209,294)
Non-cash lease expenses 162,361
Accrued interest income derived from loan to related parties (2,012) (2,334)
Accrued expense (1,816,175) (2,591,067)
Decrease (Increase) In:    
Accounts receivable (8,363,974) (5,528,940)
Notes receivable (3,813,413) 2,183,620
Inventories (993,585) (437,598)
Advance to suppliers 6,209 (116,320)
Other current and noncurrent assets (319,609) 1,454,809
Increase (Decrease) In:    
Accounts payable 7,581,337 6,056,496
Contract liabilities 27,813 69,072
Other current liabilities 360,868 340,195
Income tax payable (112,797) 267,885
Due to related parties (5,224,948)
Lease liabilities (202,821)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (1,186,337) 1,244,666
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (172,528) (14,371)
Loan lent to third parties (4,000,000) (687,493)
NET CASH USED IN INVESTING ACTIVITIES (4,172,528) (701,864)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Notes payable 3,493,311 (577,494)
Dividend paid (1,444,711) (188,222)
Proceeds from related parties 597,029
Repayment of loans from related parties (94,442) (1,000,000)
Proceeds from equity and debt financing 5,584,996
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 8,136,183 (1,765,716)
NET INEREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 2,777,318 (1,222,914)
Effect of exchange rate changes on cash (17,011) 157,967
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 7,846,870 8,611,795
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 10,607,177 7,546,848
Bank balances and cash 10,392,136 5,403,254
Bank balances and cash included in assets classified as restricted cash 215,041 2,143,594
Supplemental Disclosure of Cash Flow Information    
Income taxes paid 1,116,442 997,153
Interest paid $ 17,730