v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 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  
    June 30,
2026		     December 31,
2025		  
Period end RMB: US$ exchange rate     6.7851       6.9931  

 

    For the six months ended
June 30,		  
    2026     2025  
Period average RMB: US$ exchange rate     6.8624       7.2526  
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 June 30, 2026 and December 31, 2025:

 

    As of  
    June 30,
2026		     December 31,
2025		  
Cash and cash equivalents   $ 8,980,604     $ 7,775,330  
Restricted cash     -       71,540  
Cash, cash equivalents and restricted cash   $ 8,980,604     $ 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 June 30, 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   $       -       23,330,932             -     $ 23,330,932  
Warrants liability     -       18,900       -       18,900  
                                 
Total   $ -       23,349,832       -     $ 23,349,832  
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 six months ended June 30, 2026:

 

    Contract
Liabilities		     Deferred
Revenue		     Total
Contract
Liabilities		  
Beginning balance   $ 93,698       1,083,784     $ 1,177,482  
Additions     523,603       -       523,603  
Recognized as revenue during the period     (522,979 )     (239,175 )     (762,154 )
Effect of foreign exchange change     2,604       30,499       33,103  
Ending balance   $ 96,926       875,108     $ 972,034  
Schedule of Disaggregation of Revenue

The following table sets forth disaggregation of revenue:

 

    For the three months ended
June 30,		     For the six months ended
June 30,		  
Major Products   2026     2025     2026     2025  
Transmission boxes for Forklift   $ 29,139,577     $ 21,022,915     $ 54,055,621     $ 41,952,327  
Transmission boxes for Non-Forklift (Electric Vehicles, etc.)     737,751       696,871       1,360,052       1,445,023  
Total   $ 29,877,328     $ 21,719,786     $ 55,415,673     $ 43,397,350