Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Parent Company [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

23. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The subsidiary did not pay any dividend to the parent company for the periods presented. For the purpose of presenting parent only financial information, the parent company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the parent company as “Investment in subsidiaries and the income of the subsidiary is presented as “share of income of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.

The parent company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2023 and 2022.

PARENT COMPANY BALANCE SHEETS

	December 31, 2023			December 31, 2022
ASSETS
Cash and cash equivalents	$	150,071		$	4,110,216
Short-term investment		5,241,677			-
Other current assets		143,208			-
Due from subsidiaries		7,948,307			9,423,617
Investment in subsidiaries, VIE and VIE’s subsidiaries		5,756,419			16,906,213
Total Assets	$	19,239,682		$	30,440,046
LIABILITIES AND EQUITY
Total Liabilities	$	-		$	-
Commitments and Contingencies
Shareholders’ Equity
Class A Ordinary Share (par value $0.001 per share, 450,000,000 shares authorized; 2,054,943* and 2,053,143*   shares issued and outstanding at December 31, 2023 and 2022, respectively)		2,056			2,054
Class B Ordinary Share (par value $0.001 per share, 50,000,000 shares authorized; 549,772* and 549,772* shares issued and outstanding at December 31, 2023 and 2022, respectively)		550			550
Additional paid-in capital		25,133,933			24,998,388
Retained earnings (accumulated deficit)		(5,896,857	)		5,439,054
Accumulated comprehensive income		-			-
Total Shareholders’ Equity		19,239,682			30,440,046
Total Liabilities and Shareholders’ Equity	$	19,239,682		$	30,440,046

*: Retrospectively restated for the effect of share consolidation (see Note 17)

PARENT COMPANY STATEMENTS OF OPERATIONS

	For the Years Ended December 31,
	2023			2022			2021
Equity in (loss) gain of subsidiaries	$	(11,440,721	)	$	(2,919,423	)	$	266,775
General and administrative expenses		(82,620	)		(23,193	)		(32,273	)
Interest income		187,430			1,725			4,163
Net (Loss) Income	$	(11,335,911	)		(2,940,891	)		238,665

PARENT COMPANY STATEMENTS OF CASH FLOWS

	For the Years Ended December 31,
	2023			2022			2021
Cash Flows from Operating Activities:
Net Cash (Used in) Provided by Operating Activities	$	(193,778	)	$	139,309		$	3,737
Cash Flows from Investing Activities:
Investments in short-term investments		(5,241,677	)		-			-
Loans repaid from (made to) VIE and its subsidiaries		1,475,310			(1,638,455	)		(3,400,000	)
Net Cash Used in Investing Activities		(3,766,367	)		(1,638,455	)		(3,400,000	)
Cash Flows from Financing Activities:
Proceeds from issuance of common stocks in connection with direct offering, net off issuance cost		-			1,850,744			-
Net Cash Provided by Financing Activities		-			1,850,744			-
Net increase (decrease) in cash and cash equivalents		(3,960,145	)		351,598			(3,396,263	)
Cash and cash equivalents at beginning of year		4,110,216			3,758,618			7,154,881
Cash and cash equivalents at end of year	$	150,071		$	4,110,216		$	3,758,618