Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Cash Flows [Abstract] | | |
Net income | $ 796,354 | $ 1,866,862 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | |
Depreciation and amortization | 508,428 | 356,948 |
Allowance for current expected credit losses | 66,277 | |
Amortization of operating lease right-of-use assets | 22,793 | |
Gain on disposals of property and equipment | (345,519) | |
Changes in operating assets and liabilities: | | |
Accounts receivable | 554,182 | (1,721,780) |
Notes receivable | (377,266) | 819,834 |
Inventories | (330,635) | 61,703 |
Prepaid expense and other current assets | (233,634) | 65,153 |
Other non-current assets | 2,166 | 73,295 |
Due from related parties | | 209 |
Due to related parties | 3,210 | (44,604) |
Accounts payable | (1,340,227) | (42,430) |
Accrued expenses and other payables | (292,690) | 110,340 |
Income tax payable | (75,543) | 57,161 |
Net cash (used in) provided by operating activities | (1,042,104) | 1,602,691 |
Cash flows from investing activities | | |
Purchase of property and equipment | (173,181) | (844,151) |
Prepayments for purchase of Yingxuan Assets | | (843,643) |
Short-term investment | (274,344) | |
Proceeds from sale of property and equipment | 750,837 | |
Net cash provided by (used) in investing activities | 303,312 | (1,687,794) |
Cash flows from financing activities | | |
Payments for financing liabilities | (194,002) | (136,645) |
Payments for finance leases | (208,115) | (279,892) |
Advances from related parties | 949,099 | 1,012,549 |
Repayments to related parties | (542,906) | (262,398) |
Borrowings from short term loans | 1,842,440 | 3,318,567 |
Repayments of short term loans | (3,674,772) | (3,395,743) |
Borrowings from long term loans | 4,727,388 | |
Repayments of long term loans | (11,408,398) | |
Proceeds from initial public offering | 9,487,500 | |
Disbursements for initial public offering costs | (1,343,572) | (84,734) |
Net cash (used in) provided by financing activities | (365,338) | 171,704 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (143,163) | (28,590) |
Net change in cash, cash equivalents and restricted cash | (1,247,293) | 58,011 |
Cash, cash equivalents and restricted cash, beginning of the period | 2,114,039 | 531,462 |
Cash, cash equivalents and restricted cash, end of the period | 866,746 | 589,473 |
Cash, cash equivalents | 2,085,033 | 484,389 |
Cash, cash equivalents | 678,770 | 544,682 |
Restricted cash | 29,006 | 47,073 |
Restricted cash | 187,976 | 44,791 |
Cash, cash equivalents and restricted cash, beginning of the period | 2,114,039 | 531,462 |
Cash, cash equivalents and restricted cash, end of the period | 866,746 | 589,473 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest expense | 409,431 | 206,232 |
Cash paid for income taxes | 330,693 | 37,625 |
Non-cash investing and financing activities | | |
Right-of-use assets transferred to property and equipment upon exercise of purchase option | 482,062 | 156,858 |
Security deposits applied to lease payments | $ 33,583 | $ 45,077 |