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LONG-TERM INVESTMENT
12 Months Ended
Dec. 31, 2022
Investments, All Other Investments [Abstract]  
LONG-TERM INVESTMENT

NOTE- 4 LONG-TERM INVESTMENT

 

On January 3, 2021, the Company signed an investment agreement with Shenzhen Ocean Way Yachts Services Co., Limited (“Ocean Way”) to invest a total of $235,895(RMB1,500,000), which is equivalent to 60% of equity ownership. However, based on the agreements, Shaorong Zhuang, the other shareholder has the right to assign the majority of directors in the board and controls Ocean Way. As a result, Ocean Way is treated as an investment rather than subsidiary. As of December 31, 2021, a total of $122,665(RMB780,000) has been invested in Ocean Way. In the year ended December 31, 2021, an investment loss of $61,474 has been recognized. On March 22,2022, the Company sold Ocean Way for a total proceed of $160,499 (RMB1,080,000). In the year ended December 31, 2022, an investment gain of $58,092 has been recognized