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Related Party Transactions (Tables)
9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Significant Related Party Transactions The principal related parties with which the Group had transactions during the years presented are as follows:
Names of related parties  Relationship with The Group
Zengqiang Lin  The principal stockholder and director of the Company
Fuqing Xinhongbo Trading Co., Ltd. (“Xinhongbo”)  An entity controlled by the principal stockholder of the Company
Fuqing Changhong Agricultural Products Supply Chain Co. Ltd.(“Changhong”)  An entity controlled by the principal stockholder of the Company
Zhenzhu Lin  The principal stockholder of the Company
Fujian Xindefu Agricultural Products Co., Ltd.(“Xindefu”)  Non-controlling shareholder of Hongfu Food
Xiuhua Zhou  Owner of Xindefu
Schedule of Significant Related Party Transactions Other than disclosed elsewhere, the Group had the following significant related party transactions for the nine months ended September 30, 2024 and 2023:
   For nine months ended
September 30,
 
   2024   2023 
   US$   US$ 
Proceeds from loans from related parties:        
-Zengqiang Lin   4,742,348    1,792,987 
-Zhenzhu Lin   1,684,201    
-
 
-Xiuhua Zhou   1,516,760    
-
 
    7,943,309    1,792,987 
           
Repayment of a loan from a related party:          
-Zengqiang Lin   (1,787,216)   (2,660,425)
-Zhenzhu Lin   (626,355)   - 
    (2,413,571)   (2,660,425)
           
Refunds from a related party          
-Xinhongbo   58,460    
-
 
-Changhong   139    
-
 
    58,599      
           
Capital contribution to Hongchang Food:          
-Zengqiang Lin   
-
    41,241,108 
           
Sales of goods:          
-Fujian Xindefu Agricultural Products Co., Ltd.   1,352    
-
 
           
Procurement of goods:          
-Fujian Xindefu Agricultural Products Co., Ltd.   268,552    
-
 
           
Procurement of service:          
-Fujian Xindefu Agricultural Products Co., Ltd.   198,436    
-
 

 

The Group had the following related party balances as of September 30, 2024 and December 31, 2023:
   As of 
   September 30,
2024
   December 31,
2023
 
   US$   US$ 
Advance to supplier-related party        
-Xinhongbo   
-
    59,324 
Amount due from a related party          
-Changhong   
-
    141 
           
Accounts payable-related party          
-Fujian Xindefu Agricultural Products Co., Ltd.   182,514    
-
 
           
Amounts due to related parties:          
-Zengqiang Lin   9,762,405    6,682,959 
-Zhenzhu Lin   1,083,573    
-
 
-Xiuhua Zhou   1,553,650    
-