| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of presentation The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”). Principles
of consolidation The
consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions
and balances are eliminated upon consolidation. All intercompany transactions and balances between the Company and its subsidiaries are
eliminated upon consolidation. Subsidiaries
are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to
govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a
majority of votes at the meeting of directors. Non-controlling
interest represents the portion of the net assets of subsidiaries attributable to interests that are not owned by the Company. The non-controlling
interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling
interest’s operating result is presented on the face of the consolidated statements of income and comprehensive income as an allocation
of the total income for the year between non-controlling shareholders and the shareholders of the Company. Uses
of estimates and assumptions In
preparing the condensed consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as
of the date of the condensed consolidated financial statements. Significant accounting estimates required to be made by management include
standalone selling price of each distinct performance obligation in revenue recognition using the adjusted market assessment approach,
allowance for inventories, allowance for credit losses and valuation allowance for deferred tax assets. The Company evaluates its estimates
and assumptions on an ongoing basis and its estimates on historical experience, current and expected future conditions and various other
assumptions that management believes are reasonable under the circumstances based on the information available to management at the time
these estimates and assumptions are made. Actual results and outcomes may differ significantly from these estimates and assumptions. Cash The
Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase
to be cash equivalents. The Company maintains most of its bank accounts in the PRC. Restricted
Cash Restricted
cash represents cash that cannot be withdrawn without the permission of third parties. The Company’s restricted cash is substantially
cash balance in designated bank accounts as security for performance of sales contract, product warranty and security for its notes payable.
Restriction on the use of such cash and the interest earned thereon is imposed by the banks and remains effective throughout the term
of the security period. Upon maturities of the security period, the bank’s deposits are available for general use by the Company.
Restricted cash with maturity period over one year was classified as non-current assets. Short-term
investment The
Company’s short-term investment mainly represents investments in financial products issued by commercial bank with a variable interest
rate indexed to the performance of underlying assets within one year measured at fair value. The Company maintains short-term investment
in creditable banks in the PRC. As of December 31, 2023 and 2022, the balance of short-term investment was $ nil Notes
receivable Notes
receivable represents trade accounts receivable due from various customers where the customers’ banks have guaranteed the payments.
The notes are non-interest bearing and normally paid within three to twelve months. The Company has the ability to submit request for
payment to the customer’s bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee. Accounts
Receivable In
June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments,” which requires the Company to measure and recognize expected credit losses for financial assets held
and not accounted for at fair value through net income. The Company adopted this guidance effective January 1, 2023. ASC 326 introduces
an approach based on expected losses to estimate the allowance for credit losses, which replaces the previous incurred loss impairment
model. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Accounts
receivable are recognized and carried at original invoiced amount less an estimated allowance for credit losses. The Company estimates
the allowance for credit losses based on an analysis of the aging of accounts receivable, assessment of collectability, including any
known or anticipated economic conditions, customer-specific circumstances, recent payment history and other relevant factors. Following
the adoption of this guidance, a cumulative-effect adjustment in accumulated deficit of nil was recognized as of January 1, 2023. The
adoption of ASC 326 did not have a material impact on the company’s financial statements. As of December 31, 2023 and 2022, the allowance for credit losses represented
approximately 10% and 12% of gross account receivable balances (including account receivable from a related party), respectively. The
provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income
and comprehensive income. Delinquent account balances are written-off against the allowance for credit losses after management has determined
that the likelihood of collection is not probable. Allowance for credit loss balances amounted to $688,880 and $1,028,126 as of December
31, 2023 and 2022, respectively. Inventories Inventories
are stated at the lower of cost or net realizable value. Costs include the cost of raw materials, freight, direct labor and related production
overhead. The cost of inventories is calculated using the weighted average method. Any excess of the cost over net realizable value of
each item of inventories is recognized in the value of inventories. Net realizable value is estimated using selling price in the normal
course of business less any costs to complete and sell products. The Company evaluates inventories on a quarterly basis for its realizable
value adjustments and reduces the carrying value of those inventories that are obsoletes or in excess of the forecasted usage to their
estimated net realizable value based on various factors including aging and future demand of each type of inventories. Allowance for
inventory provision balance as of December 31, 2023 and 2022 amounted to $395,161 and $558,783, respectively. Advances
to Suppliers Advance
to suppliers consists of balances paid to suppliers for services and materials that have not been provided or received. Advance to suppliers
are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers
the assets to be impaired if the collectability of the advance becomes doubtful. The Company uses the aging method to estimate the allowance
for uncollectible balances. In addition, at each reporting date, the Company generally determines the adequacy of allowance for credit
losses by evaluating all available information, and then records specific allowances for individual advances based on the specific facts
and circumstances. The allowance for credit losses balances amounted to $19,928 and $607,195 as of December 31, 2023 and 2022, respectively. Prepayments
and other assets Prepayment
and other assets primarily consist of deferred IPO cost, loans to third-parties, refundable tax credits and receivables, security deposits
made to customers and advances to employees, which are presented net of allowance for credit losses. These balances are unsecured and
are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the balances to be impaired
if the collectability of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible
balances. The allowance is also based on management’s best estimate of specific losses on individual exposures, as well as a provision
on historical trends of collections and utilizations. Actual amounts received or utilized may differ from management’s estimate
of credit worthiness and the economic environment. Delinquent account balances are written off against allowance for credit losses after
management has determined that the likelihood of collection is not probable. The allowance for credit losses for prepayments and other
assets both were approximately $ nil Deferred
IPO costs represent the incremental costs incurred for the Company’s initial public offering (“IPO”). These costs have
been charged against the gross proceeds of the IPO subsequent to year end. Deferred IPO costs primary include specific legal and professional
consulting costs. As of December 31, 2023 and 2022, the deferred IPO costs were $854,226 and $601,805, respectively. Property
and equipment Property
and equipment are recorded at cost. Depreciation is provided in amounts sufficient to amortize the cost of the related assets over their
useful lives using the straight-line method, as follows:
Useful
life
Machinery equipment 10 years
Electronic equipment 3 years
Transportation equipment 4 years
Other equipment 5 years
Leasehold improvement Over the shorter of the lease term or estimated useful lives Expenditures
for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures
for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated
depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated
statements of income and other comprehensive income in other income or expenses. Intangible
Assets Intangible
assets consist primarily of software. Intangible assets are stated at cost less accumulated amortization. Intangible assets are amortized
using the straight-line method.
Category Estimated
useful life
Software 5 years Leases The
Company adopted Topic 842 on January 1, 2022 using the modified retrospective transition approach. The Company has lease contracts
for factory and office space under operating leases. The Company determines whether an arrangement constitutes a lease and records lease
liabilities and right-of-use assets on its consolidated balance sheets at lease commencement. The Company measures its lease liabilities
based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit
in the lease or its incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized
borrowing equal to the total lease payments over the term of the lease. The Company estimates its incremental borrowing rate based on
an analysis of weighted average interest rate of its own bank loans. The Company measures right-of-use assets based on the corresponding
lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under
the lease. The Company begins recognizing lease expense when the lessor makes the underlying asset available to the Company. For
leases with lease term less than one year (short-term leases), the Company records operating lease expense in its consolidated statements
of operations on a straight-line basis over the lease term and record variable lease payments as incurred. Impairment
of Long-lived Assets The
Company reviews long-lived assets, including definitive-lived intangible assets, for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual
disposition below are the asset’s carrying value, then the asset is deemed to be impaired and written down to its fair value. There
were no impairments of these assets as of December 31, 2023 and 2022. Fair
Value of Financial Instruments ASC
825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize
the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as
follows:
● Level
1 — inputs to the valuation methodology are quoted prices (unadjusted) for
identical assets or liabilities in active markets.
● Level
2 — inputs to the valuation methodology include quoted prices for similar
assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs
other than quoted prices that are observable and inputs derived from or corroborated by observable market data.
● Level
3 — inputs to the valuation methodology are unobservable. Unless
otherwise disclosed, the fair value of the Company’s financial instruments, including cash, advances to suppliers, prepayments
and other current assets, accounts payable, notes receivable, advance from customers, accrued expenses, short term bank loans, notes
payable and taxes payable, approximates their recorded values due to their short-term maturities. The Company determined that the carrying
value of the long-term bank loans approximated their fair value by comparing the stated loan interest rate to the rate charged by similar
financial institutions. Notes
payable During
the normal course of business, the Company regularly issues bank acceptance bills as a payment method to settle outstanding accounts
payables with various suppliers. The Company records such bank acceptance bills as notes payable. Such notes payable is generally short
term in nature due to their short maturity period of six to nine months. Revenue
recognition The
Company manufactures and distributes customized recycling equipment accessories and supplies. The Company has adopted ASU 2014-09, Revenue
from Contracts with Customers (Topic 606) and all subsequent ASUs that modified ASC 606 for the years ended December 31, 2023, 2022 and
2021. The
Company generates revenue primarily through the sale and delivery of promised goods or services to customers and recognizes revenue when
control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for
the goods or services and is recorded net of value-added tax (“VAT”). Performance obligations typically include the delivery
of promised products, such as customized recycling equipment, accessories and supplies, sometimes, along with service-type warranties.
The Company’s contracts with customer are primarily on a fixed-price basis and generally do not contain cancellable provisions.
Upon delivery of the customized equipment, accessories and supplies, customer acceptance is generally required. The
Company determines its performance obligations arise from (i) sales of customized recycling equipment, accessories and supplies (“product
component”) and (ii) provides warranty service, if applicable, as these deliverables are distinct in that customers can benefit
from each service on its own and the Company’s promises to deliver the product or services are separately identifiable from each
other in the contract. The standalone selling price of each distinct performance
obligation in revenue recognition was determined using the adjusted market assessment approach. Revenue
from sales of customized recycling, accessories and supplies equipment is recognized when the products are delivered and accepted by
customers, which is the point when title has transferred and risk of ownership has passed. Return allowances is determined by an estimate
of expected customer merchandise returns, which is calculated based on historical return patterns, and recorded as a refund liability
included in accrued expenses and other liabilities. Revenues
from service-type warranty are recognized over warranty period ends and the consideration is collected. Revenues from service-type warranty
amounted to $1,053,733, $1,247,727 and $$1,237,026 for the years ended December 31, 2023, 2022 and 2021, respectively. For
the years ended December 31, 2023, 2022 and 2021, the disaggregation of revenue by the type of customers is as follows:
For
the years ended December 31,
2023 2022 2021
Industrial waste industry $ 18,307,063 $ 21,680,006 $ 21,217,538
Municipal waste industry 2,474,619 4,378,853 9,007,617
Others* 359,995 4,557,181 1,380,912
Total $ 21,141,677 $ 30,616,040 $ 31,606,067
* Other customers included manufacturers, medical disposal companies, commercial trading companies, and environmental technology companies, etc. For
the years ended December 31, 2023, 2022 and 2021, the disaggregation of revenue by the type of products are as follows:
For
the years ended December 31,
2023 2022 2021
Equipment sales $ 16,947,434 $ 26,739,104 $ 26,725,849
Accessories and supplies sales 3,140,510 2,629,209 3,643,192
Warranty service 1,053,733 1,247,727 1,237,026
Total $ 21,141,677 $ 30,616,040 $ 31,606,067 Contract
liabilities are reflected as advance from customers on the consolidated balance sheet. Contract liabilities relate to payments received
in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfilment
of performance obligations. As of December 31, 2023 and 2022, the advances from customer amounted to $5,325,566 and $2,879,042, respectively,
which were expected to be recognized as revenue within 12 months. During the years ended December 31, 2023 and 2022, the Company recognized
$2,779,392 and $3,555,929 as revenue that was included in the balance of advance from customers at December 31, 2022 and 2021,
respectively. Shipping
and handling costs Shipping
and handling costs, which include costs related to the selection of products and their delivery to customers, are presented in cost of
product sales and selling expenses. Shipping and handling costs were $415,847, $453,031 and $425,121 for the years ended December 31,
2023, 2022 and 2021, respectively. Government
Subsidies The
Company’s PRC subsidiaries received government subsidies according to related policy from local government. The Company receives
government subsidies that the Chinese government has not specified its purpose for and are not tied to future trends or performance of
the Company; receipt of such subsidy income is not contingent upon any further actions or performance of the Company and the amounts
do not have to be refunded under any circumstances. The unspecific purpose subsidies are recognized as other income upon receipt as further
performance by the Company is not required. For the years ended December 31, 2023, 2022 and 2021, the government subsidies amounted to
$217,695, $286,888 and $57,613, respectively. In addition, the Company enjoyed VAT deduction and surtaxes refund amounted to $709,962,
$326,798 and $173,808 for the years ended December 31, 2023, 2022 and 2021, respectively. The tax refunds were granted by the
local government as a general incentive to stimulate the local economy and technology innovation and were not contingent upon any further
action or performance of the Company and the amounts do not have to be refunded under any circumstances. Given that there are no defined
rules and regulations to govern the timing and the amount of such tax refund and the grant of such tax refund is determined solely at
the discretion of the relevant government authorities, the Company only recognized the tax refund as other income when the Company received
the approvals and payments of the tax refund from the relevant government authorities. Research
and development expenses Research
and development expenses include costs directly associated with the Company’s research and development projects, including the
cost of salaries and other employee benefits, testing expenses, consumable equipment and consulting fees. All costs associated with research
and development are expensed as incurred. For the years ended December 31, 2023, 2022 and 2021, research and development expenses were
$1,581,779, $2,091,600 and $1,591,754, respectively. Income
taxes The
Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized
when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized. An
uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on
examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest
incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties
or interest relating to income taxes have been incurred during the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023,
the tax years ended December 31, 2018 through December 31, 2023 for the Company’s PRC subsidiaries remain open for statutory examination
by PRC tax authorities. Value
added tax (“VAT”) Revenue
represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on
the type of products sold. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost
of producing or acquiring its finished products. The Company recorded a VAT payable net of payments in the accompanying consolidated
financial statements. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination
by the tax authorities for five years from the date of filing. Earnings
per Share The
Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”).
ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided
by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential
common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented,
or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2023, 2022 and 2021, there
were no dilutive shares. Foreign
currency translation Since
the Company operates primarily in the PRC, the Company’s functional currency is the Chinese Yuan (“RMB”). The Company’s
consolidated financial statements have been translated into the reporting currency U.S. Dollars (“US$”). Assets and
liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical
rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation
adjustments are reported under other comprehensive income (loss). Gains and losses resulting from the translations of foreign currency
transactions and balances are reflected in the results of operations. The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. The
following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:
December 31,
December 31,
December 31,
Year-end
spot rate US$1=RMB 7.0999 US$1=RMB 6.8972 US$1=RMB 6.3726
Average rate US$1=RMB 7.0809 US$1=RMB 6.7290 US$1=RMB 6.4508 Comprehensive
income Comprehensive
income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue,
expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income.
Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using US$ as its
functional currency. Risks
and Uncertainties In
December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly to many parts of the PRC and other parts
of the world in the first half of 2020, which has caused significant volatility in the PRC and international markets. On May 5, 2023,
the World Health Organization declared that COVID-19 is now an established and ongoing health issue which no longer constitutes a public
health emergency of international concern. For the years ended December 31, 2023, 2022 and 2021, the COVID-19 pandemic did not have a
material net impact on the Company’s financial positions and operating results. The extent of the impact on the Company’s
future financial results will be dependent on future developments such as the length and severity of the crisis, the potential resurgence
of the crisis, future government actions in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy
and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company
is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity
and results of operations if the current situation continues. Segment
reporting The
Company follows ASC 280, “ Segment Reporting.” Concentrations
of risks
a. Concentration
of credit risk Assets
that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and
other current assets. The maximum exposure of such assets to credit risk is their carrying amounts at the balance sheet dates. As of
December 31, 2023 and 2022, the aggregate amount of cash and restricted cash of $4,682,392 and $2,291,064, respectively, was held at
major financial institutions in PRC, where there is a RMB 500,000 deposit insurance limit for a legal entity’s aggregated balance
at each bank. To limit the exposure to credit risk relating to deposits, the Company primarily places cash deposits with large financial
institutions in the PRC. The Company conducts credit evaluations of its customers and suppliers, and generally does not require collateral
or other security from them. The Company establishes an accounting policy to provide for allowance for credit losses based on the individual
customer’s and supplier’s financial condition, credit history, and the current economic conditions.
b. Significant
customers For
the years ended December 31, 2023, a customer accounted for approximately 13% of the Company’s total revenues. For the years ended
December 31, 2022 and 2021, no customer accounted for more than 10% of the Company’s total revenues. As of December 31, 2023, no
customer accounted for more than 10% of the Company’s accounts receivable. As of December 31, 2022, one customer accounted for
approximately 12% of the Company’s accounts receivable.
c. Significant
suppliers For
the years ended December 31, 2023, 2022 and 2021, no supplier accounted for more than 10% of the Company’s total purchases. As
of December 31, 2023, one supplier accounted for approximately 12% of the Company’s total accounts payable. As of December 31,
2022, no supplier accounted for more than 10% of the Company’s total accounts payable.
d. Foreign
currency risk A
majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’
assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange
transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s
Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC
or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. It
is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S.
dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect the Company’s financial results
reported in the U.S. dollar terms without giving effect to any underlying changes in the Company’s business or results of operations.
Currently, the Company’s assets, liabilities, revenues and costs are denominated in RMB. To the extent that the Company needs to
convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S.
dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides
to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business
purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company. Recent
Accounting Pronouncements The
Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews
new accounting standards that are issued. In
June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments,” which requires the Company to measure and recognize expected credit losses for financial assets held
and not accounted for at fair value through net income. In November 2018, April 2019 and May 2019, the FASB issued ASU No. 2018-19, “Codification
Improvements to Topic 326, Financial Instruments — Credit Losses,” “ASU No. 2019-04, Codification Improvements to Topic
326, Financial Instruments — Credit Losses,” “Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,”
and “ASU No. 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief,” which provided
additional implementation guidance on the previously issued ASU. The ASU is effective for fiscal years beginning after Dec. 15, 2019
for public business entities that meet the definition of an SEC filer, excluding entities eligible to be SRCs as defined by the SEC.
The Company adopted, ASU No. 2016-13 on January 1, 2023. The adoption of this guidance did not have a materi |
