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Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Schedule of related parties transactions
No.   Name of Related Parties   Relationship
1   Zhejiang Baiqianyin Network Technology Co., Ltd (“Zhejiang Baiqianyin”)   An entity which has a common director of the Board of Directors with the Group
2   Shanghai Shenghan   An entity which the Group holds 16.56% equity interests
3   Shanghai Aoshu Enterprise Management Partnership (Limited Partnership) (“Shanghai Aoshu”)   An entity which is the Group’s employee stock ownership platform, and has a common director of the Board of Directors with the Group
4   Shanghai Machinemind Intelligent Technology Co., Ltd.   An entity which the Company holds 18% equity interests
5   Jiaxing Sound Core Intelligent Technology Co., LTD   An entity which Shanghai Shenghan holds 20% equity interests
6   Hui Yuan   Chairman of the board, one of the major shareholders holding 14.73% equity interests of the Company
7   Weng Wei   CFO of the Company
8   Tianjin Haiyin Equity Investment Fund Partnership (Limited Partnership) (“Tianjin Haiyin”)   A significant shareholder holding 5.18% equity interests of the Company
9   Jiaxing Chiyu Investment Partnership (limited Partnership)   A significant shareholder holding 5.44% equity interests of the Company
10   Haiyin Capital Investment (International) Limited   A subsidiary of Tianjin Haiyin
11   Zhizhen Guorui   An entity which the Group holds 37% equity interests

 
Schedule of due from related parties
   As of December 31, 
   2021   2022 
Accounts receivable  $   $ 
Zhejiang Baiqianyin (a)   52,883    48,860 
           
Other receivables          
Zhejiang Baiqianyin (b)   316,981    297,657 
Shanghai Aoshu (c)   22,055    20,377 
Bad debt provisions   
-
    (20,377)
Total  $391,919   $346,517 

 

(a).In April, 2023, the Group collected accounts receivable from Zhejiang Baiqianyin;

 

(b).Other receivable from Zhejiang Baiqianyin consists of the interest-free borrowings for ordinary business. In April, 2023, the Group collected other receivables from Zhejiang Baiqianyin;

 

(c).Other receivable from Shanghai Aoshu was the payment to an employee on behalf of Shanghai Aoshu. For the year ended December 31, the Group made fully provisions of receivables from Shanghai Aoshu.

 

   As of December 31, 
   2021   2022 
Due to related parties-current          
Accounts payable          
Shanghai Shenghan  $470,765   $201,465 
Shanghai Machinemind Intelligent Technology Co., Ltd.   76,892    
-
 
Jiaxing Sound Core Intelligent Technology Co., LTD   98,076    32,622 
Zhizhen Guorui (Shanghai) Information Technology Development Co., Ltd.   
-
    97,868 
           
Interest-free loans (c)          
Jiaxing Chiyu Investment Partnership (limited Partnership)  $784,610   $434,959 
Haiyin Capital Investment (International) Limited   128,299    129,517 
Subtotal-due to related parties-current   1,558,642    896,431 
           
Due to related parties-non current          
Interest-free loans (c)          
Hui Yuan  $8,905,313   $8,581,743 
Subtotal-due to related parties-non current   8,905,313    8,581,743 
Total  $10,463,955   $9,478,174 

 

  For the years ended December 31, 
Nature  2020   2021   2022 
Software and service income            
Zhejiang Baiqianyin  $2,449,560   $286,875   $
-
 
　               
Technology service fee payable               
Shanghai Shenghan  $130,356   $465,058   $
-
 
Zhizhen Guorui (Shanghai) Information Technology Development Co., Ltd.   
-
    
-
    100,315 
                
Interest-free loans from related parties               
Zhejiang Baiqianyin  $1,448   $5,782,216   $1,783,326 
Hui Yuan   
-
    9,696,450    532,026 
Haiyin Capital Investment (International) Limited   
-
    126,744    - 
Jiaxing Chiyu Investment Partnership (limited Partnership)   
-
    775,097    
-
 
Tianjin Haiyin   
-
    310,038    
-
 
Weng Wei   
-
    74,409    
-
 
                
Interest-free loans repayment to related parties               
Zhejiang Baiqianyin  $
-
   $5,470,627   $1,788,230 
Jiaxing Chiyu Investment Partnership (limited Partnership)   
-
    
-
    297,221 
Hui Yuan   
-
    899,111    169,416 
Jiaxing Sound Core Intelligent Technology Co., LTD   
-
    
-
    59,444 
Shanghai Shenghan   
-
    139,517    
-
 
Weng Wei   
-
    74,409    
-
 
Tianjin Haiyin   
-
    310,038    
-
 
                
Return of inventories to a related party               
Shanghai Shenghan  $
-
   $
-
   $239,330 
                
Debt relief               
Shanghai Machinemind Intelligent Technology Co., Ltd.  $
-
   $
-
   $72,819