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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash $ 307,049 $ 895,730
Accounts receivable, net 291,266 742,851
Other receivable, net 57,846 1,106,574
Inventories, net 1,855,356 13,713
Advance to supplier 799,273 13,811
Other current assets 1,061,613 1,128,598
Total current assets 4,372,403 3,960,742
Non-current assets:    
Property and equipment, net 19,305 3,193
Construction-in-progress 44,133,659 41,423,399
Intangible assets, net 2,993 3,213
Land use right, net 4,090,369 4,118,101
Other non-current assets 9,492,501 706,920
Total non-current assets 57,738,827 46,254,826
Total assets 62,111,230 50,215,568
Current liabilities:    
Long-term bank loans -current portion 38,495
Accounts payable 155,864 650,905
Accounts payable-construction in progress 16,239 18,493
Advances from customers 29,537
Accrued expenses and other liabilities 119,791 385,805
Total current liabilities 542,440 1,055,203
Non-current liabilities    
Deferred subsidies 2,008,175 1,989,463
Long term loans 6,448,688
Total non-current liabilities 20,856,491 8,672,422
Total liabilities 21,398,931 9,727,625
Commitments and contingencies
Stockholders’ equity:    
Common stock (US$0.001 par value; 2,000,000,000 shares authorized; 518,831,367 and 518,831,367 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) 518,831 518,831
Additional paid-in capital 39,905,228 39,905,228
Accumulated deficit (1,034,975) (812,539)
Accumulated other comprehensive income 1,262,357 876,423
Total Hongchang International Co., Ltd’s stockholders’ equity 40,651,441 40,487,943
Non-controlling interests 60,858
Total equity 40,712,299 40,487,943
Total liabilities and equity 62,111,230 50,215,568
Related Party    
Current assets:    
Amount due from a related party 141
Advance to supplier-related party 59,324
Current liabilities:    
Accounts payable-related party 182,514
Non-current liabilities    
Amounts due to related parties $ 12,399,628 $ 6,682,959