v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 17,941,401 $ 27,276,091
Restricted cash 164,026
Accounts receivables, net (including receivable from related parties of $5,763,509 and nil as of December 31, 2025 and June 30, 2026, respectively) 74,811,081 76,010,709
Inventories, net 10,120,517 9,599,490
Deposit, prepayments and other receivables 6,741,958 5,853,470
Total current assets 109,778,983 125,765,852
Non-current assets:    
Property, plant and equipment, net 5,884,250 4,354,206
Right-of-use assets, net 7,528,176 7,363,312
Restricted cash, non-current 111,136
Investments in equity securities 1,000,000
Other non-current assets 1,000,000
Deferred tax asset, net 689,142 673,416
Total non-current assets 15,212,704 13,390,934
TOTAL ASSETS 124,991,687 139,156,786
Current liabilities:    
Customer deposits 1,188,847 1,195,989
Accrued liabilities and other payables 6,697,637 6,065,126
Short-term borrowings 7,263,986 10,389,094
Lease liabilities, current 2,299,696 1,924,657
Warranty liabilities 1,930,960 2,188,814
Derivatives financial instruments 74,765
Income tax payable 3,718,772 4,156,085
Total current liabilities 91,436,919 105,360,761
Long-term liabilities:    
Provision for reinstatement cost 502,676 382,112
Lease liabilities 5,377,461 5,572,603
Total long-term liabilities 5,880,137 5,954,715
TOTAL LIABILITIES 97,317,056 111,315,476
Commitments and contingencies
Shareholders’ equity:    
Ordinary share, $0.0001 par value, 500,000,000 shares authorized,89,687,500 and 89,687,500 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively 8,969 8,969
Additional paid-in capital 37,179,424 37,179,424
Accumulated other comprehensive loss (12,515,722) (12,111,193)
Retained earnings 3,001,960 2,764,110
Total shareholders’ equity 27,674,631 27,841,310
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 124,991,687 139,156,786
Related Party [Member]    
Current assets:    
Amounts due from related parties 7,026,092
Current liabilities:    
Accounts payable 63,749,207 74,890,989
Nonrelated Party [Member]    
Current liabilities:    
Accounts payable $ 4,587,814 $ 4,475,242