Loans (Tables)

12 Months Ended

Dec. 31, 2023

Loans [Abstract]

Schedule of Bank Borrowings

Bank borrowings as of December 31, 2022 and 2023 consisted of the followings:

	December 31,		December 31,
	2022		2023
Short-term bank borrowings	$	14,907,875	$	32,587,676

Schedule of Facilities Were Also Secured by the Company’s Assets

The facilities were also secured by the Company’s assets with the following carrying amounts:

	December 31,		December 31,
	2022		2023
Pledged deposits (note 3)	$	30,836,864	$	54,167,834
Bills receivables (note 4)		3,383,130		281,805
Right-of-use assets (note 10)		5,598,716		5,287,708
Buildings		4,419,749		9,707,862
	$	44,238,459	$	69,445,209

Schedule of Other Short-Term Loans

Other short-term loans as of December 31, 2022 and 2023 consisted of the following:

		December 31,		December 31,
	Note	2022		2023
Advance from related parties
– Mr. Xiangqian Li, the Company’s Former CEO	(a)	$	100,000	$	100,000
– Mr. Yunfei Li	(b)		223,927		160,536
			323,927		260,536
Advances from unrelated third party
– Mr. Wenwu Yu	(c)		15,896		1,385
– Ms. Longqian Peng	(c)		276,905		7,179
– Suzhou Zhengyuanwei Needle Ce Co., Ltd	(d)		72,368		70,452
			365,169		79,016
		$	689,096	$	339,552

(a) Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand.

(b) Advances from Mr. Yunfei Li, the Company’s CEO, was unsecured, non-interest bearing and repayable on demand.

(c) Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand.

(d) In 2019, the Company entered into a short term loan agreement with Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest rate of 12%. As of December 31, 2023, loan amount of RMB0.5 million ($72,368) remained outstanding.