v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net (loss) income $ (4,521,375) $ 2,045,147 $ 2,958,712
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation expense 2,558,809 4,758,014 4,257,189
Amortization of operating lease ROU assets 11,602 21,033 21,107
Provision of expected credit losses 807 69,474
Impairment of goodwill 1,129
Written off of assets 373
Deferred tax liabilities (64,914) (92,664)
Gain on disposal of assets (18,724)
Share of losses of associate 4,029 710
Change in assets and liabilities:      
Accounts receivable (6,574,111) 2,769,950 (15,597,836)
Inventories, net 2,493,022 6,487,098 (6,016,083)
Due from related parties 1,016,378 (536,841) (740,331)
Other receivables and current assets (11,914,902) 5,121,986 (9,480,769)
Accounts payable and accrued expenses (682,395) (45,253,722) 25,671,804
Other payables (811,143) (419,027) 68,039
Taxes payable (1,756,153) 651,026 (355,168)
Operating lease liabilities (11,058) (6,761) (21,057)
Net cash (used in) provided by operating activities (20,251,404) (24,290,411) 654,219
Cash flows from investing activities:      
Purchase of fixed assets (2,095,807) (3,751,944) (3,149,397)
Acquisition of investment (83,089) (4,388)
Increase investment in subsidiary 74,120
Proceeds from disposal of fixed assets 6,127
Advance to related parties (6,245,369) (12,245,223)
Net cash used in investing activities (8,341,176) (16,006,136) (3,147,658)
Cash flows from financing activities:      
Gross proceeds from issuance of common shares pursuant to initial public offering 11,586,250
Proceeds from (Repayment to) borrowings 7,443,090 50,910,672 (2,768,651)
Repayment to finance lease payables (5,561) (10,216) (41,328)
Proceeds from related parties 320,485
Net cash provided by (used in) financing activities 19,023,779 50,900,456 (2,489,494)
Net (decrease) increase in cash and cash equivalents (9,568,801) 10,603,909 (4,982,933)
Effect of exchange rate changes on cash and cash equivalents 559,360 635,595 (1,456,188)
Cash and cash equivalents, beginning of period / year 16,069,851 4,830,347 11,269,468
Cash and cash equivalents, end of period / year 7,060,410 16,069,851 4,830,347
Supplemental disclosures of cash flow information      
Income taxes paid 877,184 776,331 1,220,804
Supplemental non-cash investing and financing activities      
Acquisition of non-controlling interest by issuance of ordinary shares 2,798,887
Deferred offering costs charged to additional paid-in capital 3,488,971
Recognized assets through finance lease liabilities 100,771
Recognized ROU assets through lease liabilities 31,350 15,359
Reversal of additional paid-in capital via decrease in related party receivables $ 5,311,880 $ 2,676,807