| For the Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Revenues | $ | 148,999,819 | $ | 145,256,256 | $ | 117,322,028 | ||||||
| Cost of revenues | (111,990,554) | (112,718,709) | (90,925,259) | |||||||||
| 37,009,265 | 32,537,547 | 26,396,769 | ||||||||||
| Gross margin | 25 | % | 22 | % | 22 | % | ||||||
| Operating Expenses | ||||||||||||
| Selling and marketing expenses | (17,144,161) | (18,283,260) | (12,606,810) | |||||||||
| General and administrative expenses | (6,544,083) | (4,111,399) | (2,646,910) | |||||||||
| Total operating expenses | (23,688,244) | (22,394,659) | (15,253,720) | |||||||||
| Income from operations | 13,321,021 | 10,142,888 | 11,143,049 | |||||||||
| Other income (expenses) | ||||||||||||
| Interest expenses, net | (842,246) | (612,554) | (787,528) | |||||||||
| Other income | 55,442 | 351,347 | 15,057 | |||||||||
| Foreign currency exchange loss | (843,319) | (508,845) | (314,183) | |||||||||
| Income before provision for income tax | 11,690,898 | 9,372,836 | 10,056,395 | |||||||||
| Income tax expenses | (1,940,852) | (1,469,225) | (1,360,611) | |||||||||
| Net income | $ | 9,750,046 | $ | 7,903,611 | $ | 8,695,784 | ||||||
| For the Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Promotion and advertising expenses | $ | 9,909,017 | $ | 8,703,392 | $ | 5,355,338 | ||||||
| Freight expenses and warehouses | 3,520,377 | 4,595,689 | 3,369,428 | |||||||||
| Payroll and welfare expenses | 1,333,249 | 2,239,233 | 2,039,771 | |||||||||
| Human resource service fees and IT service fees | 2,103,403 | 2,358,420 | 1,345,107 | |||||||||
| Others | 278,115 | 386,526 | 497,164 | |||||||||
| $ | 17,144,161 | $ | 18,283,260 | $ | 12,606,810 | |||||||
| December 31, 2023 | December 31, 2022 | |||||||
| Amount due to related parties, current | ||||||||
| Dividends payable(a) | $ | — | $ | 9,304,898 | ||||
| Accounts payable | — | 75,231 | ||||||
| Other payable(b) | 552,343 | — | ||||||
| $ | 552,343 | $ | 9,380,129 | |||||
| Amount due to related parties, noncurrent | ||||||||
| Dividends payable(a) | $ | 15,758,296 | $ | 6,530,067 | ||||
| Other payables(b) | 10,655,787 | 11,819,953 | ||||||
| $ | 26,414,083 | $ | 18,350,020 | |||||
| December 31, 2023 | December 31, 2022 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 13,328,156 | $ | 5,773,380 | ||||
| Accounts receivable | 14,475,994 | 21,138,144 | ||||||
| Prepayments and other current assets | 3,286,579 | 3,113,139 | ||||||
| Deferred offering costs | — | 374,633 | ||||||
| Amount due from related parties | 18,311 | 3,053,451 | ||||||
| Inventories | 17,426,085 | 18,678,648 | ||||||
| Total Current Assets | 48,535,125 | 52,131,395 | ||||||
| Non-current Assets | ||||||||
| Property and equipment, net | 676,646 | 374,005 | ||||||
| Right of use assets, net | 1,680,547 | 175,004 | ||||||
| Deferred tax assets | 2,749,408 | 1,254,547 | ||||||
| Other non-current assets | 1,264,969 | 686,380 | ||||||
| Total Non-current Assets | 6,371,570 | 2,489,936 | ||||||
| Total Assets | $ | 54,906,695 | $ | 54,621,331 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Short-term loans | $ | 2,884,519 | $ | 15,685,674 | ||||
| Accounts payable | 3,647,682 | 841,647 | ||||||
| Advance from customers | 239,073 | 219,431 | ||||||
| Income tax payable | 4,887,126 | 2,315,764 | ||||||
| Lease liabilities | 761,904 | 299,461 | ||||||
| Other payable and accrued expenses | 2,680,306 | 1,978,440 | ||||||
| Amount due to related parties | 552,343 | 9,380,129 | ||||||
| Total Liabilities | 15,652,953 | 30,720,546 | ||||||
| Lease liabilities, noncurrent | 1,003,943 | 19,394 | ||||||
| Amount due to related parties, non-current | 26,414,083 | 18,350,020 | ||||||
| Deferred tax liabilities | 420,137 | — | ||||||
| Total Liabilities | 43,491,116 | 49,089,960 | ||||||
| Commitments and Contingencies | ||||||||
| Mezzanine Equity (Aggregate liquidation preference of $nil and $3,135,781 as of December 31, 2023 and 2022) | ||||||||
| Series A convertible redeemable preferred shares (par value $0.0001 per share, nil shares and 15,750 shares authorized, issued and outstanding as of December 31, 2023 and 2022, respectively) | — | 3,135,781 | ||||||
| Shareholders’ Equity | ||||||||
| Class A Ordinary Shares ($0.0001 par value, 100,000,000 shares authorized; 24,871,433 shares and 24,871,433 shares issued and outstanding at December 31, 2023 and 2022, respectively)* | 2,487 | 2,487 | ||||||
| Class B Ordinary Shares ($0.0001 par value, 500,000,000 shares authorized; 17,247,383 shares and 13,443,801 shares issued and outstanding at December 31, 2023 and 2022, respectively)* | 1,725 | 1,345 | ||||||
| Additional paid-in capital | 1,755,595 | 2,365,703 | ||||||
| Statutory reserve | 158,027 | 22,658 | ||||||
| Retained earnings | 9,462,217 | 7,540 | ||||||
| Accumulated other comprehensive income (loss) | 35,528 | (4,143) | ||||||
| Total Shareholders’ Equity | 11,415,579 | 2,395,590 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 54,906,695 | $ | 54,621,331 | ||||
| For the Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Revenues | ||||||||||||
| Sales of cosmetics and other beauty products | $ | 144,455,442 | $ | 145,007,303 | $ | 117,322,028 | ||||||
| Provision of operation services | 4,544,377 | 248,953 | — | |||||||||
| Total revenue | $ | 148,999,819 | $ | 145,256,256 | $ | 117,322,028 | ||||||
