$AIXN
AiXin Life International, Inc.

2024 Q4 Form 10-Q Financial Statement

#000149315224052216 Filed on December 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $936.4K
YoY Change -12.23%
Cost Of Revenue $355.7K
YoY Change -62.94%
Gross Profit $580.7K
YoY Change 427.88%
Gross Profit Margin 62.01%
Selling, General & Admin $729.7K
YoY Change 2.69%
% of Gross Profit 125.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.21K
YoY Change -14.96%
% of Gross Profit 16.74%
Operating Expenses $729.7K
YoY Change -59.51%
Operating Profit -$602.6K
YoY Change -18.04%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $56.40K
YoY Change -81.05%
Pretax Income -$546.2K
YoY Change 24.8%
Income Tax $1.00
% Of Pretax Income
Net Earnings -$546.2K
YoY Change 24.66%
Net Earnings / Revenue -58.33%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.02
COMMON SHARES
Basic Shares Outstanding 25.00M shares 25.00M shares
Diluted Shares Outstanding 25.00M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $568.3K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $523.1K
Prepaid Expenses
Receivables $455.1K
Other Receivables
Total Short-Term Assets $1.972M
YoY Change -4.52%
LONG-TERM ASSETS
Property, Plant & Equipment $1.645M
YoY Change -0.86%
Goodwill
YoY Change
Intangibles $5.144K
YoY Change 81.13%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.677M
YoY Change 66.0%
TOTAL ASSETS
Total Short-Term Assets $1.972M
Total Long-Term Assets $3.677M
Total Assets $5.649M
YoY Change 31.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.857M
YoY Change 35.32%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.857M
Total Long-Term Liabilities
Total Liabilities $8.651M
YoY Change 65.57%
SHAREHOLDERS EQUITY
Retained Earnings -$18.55M
YoY Change 14.52%
Common Stock $250.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.003M
YoY Change
Total Liabilities & Shareholders Equity $5.649M
YoY Change 31.97%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$546.2K
YoY Change 24.66%
Depreciation, Depletion And Amortization $97.21K
YoY Change -14.96%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Type
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dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Entity Address Address Line1
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Hongxing International Business Building 2, 14th FL
dei Entity Address Address Line2
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No. 69 Qingyun South Ave.
dei Entity Address Address Line3
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Jinjiang District
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dei Entity Registrant Name
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AIXIN LIFE INTERNATIONAL, INC.
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CO
dei Entity Tax Identification Number
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84-1085935
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Chengdu City
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dei City Area Code
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dei Local Phone Number
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313-6732526
dei Security12b Title
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
24542 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-758385 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
92885 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
145300 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-97546 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1845 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-615901 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-615901 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
92885 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-438156 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
16086 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
-945086 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
-945086 usd
us-gaap Net Income Loss
NetIncomeLoss
-1326569 usd
us-gaap Net Income Loss
NetIncomeLoss
-1065486 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
298789 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
308114 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-1145 usd
AIXN Provision For Reversal Of Bad Debts
ProvisionForReversalOfBadDebts
8140 usd
AIXN Provision For Reversal Of Bad Debts
ProvisionForReversalOfBadDebts
-10250 usd
AIXN Reversal Of Provision For Inventory Reserve
ReversalOfProvisionForInventoryReserve
-3523 usd
AIXN Reversal Of Provision For Inventory Reserve
ReversalOfProvisionForInventoryReserve
8558 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
439723 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
618085 usd
us-gaap Share Based Compensation
ShareBasedCompensation
278655 usd
us-gaap Share Based Compensation
ShareBasedCompensation
278655 usd
AIXN Government Grant Income
GovernmentGrantIncome
124177 usd
AIXN Government Grant Income
GovernmentGrantIncome
284321 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1481 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
32283 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-313060 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
169443 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
11434 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
54053 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
18596 usd
us-gaap Increase Decrease In Due To Other Related Parties
IncreaseDecreaseInDueToOtherRelatedParties
116119 usd
us-gaap Increase Decrease In Due To Other Related Parties
IncreaseDecreaseInDueToOtherRelatedParties
133520 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
71359 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
186658 usd
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
83152 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
235498 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
233112 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-1751 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-162768 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
205852 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
347347 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
59984 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
12273 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-607312 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-500056 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
214480 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-136638 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-548130 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-219874 usd
us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
PaymentsForProceedsFromBusinessesAndInterestInAffiliates
3341 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
245009 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
212607 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
88 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2778 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2608 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-247699 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-218556 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
765118 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-79072 usd
AIXN Proceeds From Government Grant
ProceedsFromGovernmentGrant
124177 usd
AIXN Proceeds From Government Grant
ProceedsFromGovernmentGrant
284321 usd
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
142200 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
889295 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
347449 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7886 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-30584 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
101352 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-121565 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
466966 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
619900 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
568318 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
498335 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
527 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4398 usd
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 2 reverse stock split
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24999834 shares
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-546186 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-438156 usd
us-gaap Net Income Loss
NetIncomeLoss
-1326569 usd
us-gaap Net Income Loss
NetIncomeLoss
-1065486 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-548130 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-219874 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18546961 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
443758 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
568318 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zBQ1wYeFAdRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In preparing consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Significant estimates required by management, include the recoverability of long-lived assets, allowance for doubtful accounts, and the reserve for obsolete and slow-moving inventories. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p>
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
89935 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
80640 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
80640 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
272550 usd
AIXN Provision For Doubtful Accounts Except Recoveries
ProvisionForDoubtfulAccountsExceptRecoveries
8140 usd
AIXN Provision For Doubtful Accounts Except Recoveries
ProvisionForDoubtfulAccountsExceptRecoveries
62100 usd
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
72350 usd
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
1155 usd
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-14547 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
89935 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
247753 usd
us-gaap Inventory Write Down
InventoryWriteDown
-3523 usd
us-gaap Inventory Write Down
InventoryWriteDown
8558 usd
CY2024Q3 us-gaap Property Plant And Equipment Salvage Value Percentage
PropertyPlantAndEquipmentSalvageValuePercentage
0.05 pure
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p id="xdx_84E_eus-gaap--RevenueRecognitionDeferredRevenue_znwnv9PPbG9l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Unearned Revenue</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s unearned revenue primarily consists of advances received from customers for the purchase of products prior to the delivery of goods, and for the rental of hotel rooms prior to the delivery of service. The delivery of products and room rental services is based upon contract terms and customer demand, normally within one year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zS8dBNqbLgTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Concentration of Credit Risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The operations of the Company are in the PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, and by the general state of the PRC economy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company has cash on hand and demand deposits in accounts maintained with state-owned banks within the PRC. Cash in state-owned banks is covered by insurance up to RMB <span id="xdx_90B_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_uRMB_c20240930_zck2FWkv53B4" title="Cash insured amount">500,000</span> ($<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_uUSD_c20240930_zvNz3IfQMLOb" title="Cash insured amount">72,500</span>) per bank. As of September 30, 2024 and December 31, 2023, the Company has uninsured deposits in banks of $<span style="background-color: white"><span id="xdx_900_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20240930_zqFwlsAdmUTc" title="Uninsured deposits">407,521</span></span> and $<span id="xdx_90A_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20231231_z0kZTelV7TU3" title="Uninsured deposits">289,059</span> held in the PRC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company has not experienced any losses in such accounts and believes they are not exposed to any risks on its cash in these bank accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three months ended September 30, 2024, the Company had two customers that accounted for  <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z5pQp3ZoFDFa" title="Concentration risk percentage1">13</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zXiljCE5idE2" title="Concentration risk percentage1">11</span>% of its total revenue, respectively. Net sales for the customers amounted to $<span id="xdx_900_eus-gaap--CostOfRevenue_pid_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z4iKLAoMCqMg" title="Net sales">122,050</span> and $<span id="xdx_90F_eus-gaap--CostOfRevenue_pid_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zvK5KGDLZER8" title="Net sales">100,735</span> during the three months ended September 30, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the nine months ended September 30, 2024, the Company had one customer that accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z3xE0vHpjJL3" title="Concentration risk percentage1">17</span>% of its total revenue. Net sales for the customer amounted to $<span id="xdx_903_eus-gaap--CostOfRevenue_pid_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zhVeuzCLTOk1" title="Net sales">530,704</span> during the nine months ended September 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three and nine months ended September 30, 2023, the Company had no customer that accounted for over <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zIeu8UE3TbZ3" title="Concentration risk percentage1"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--NoCustomerMember_zmyUkvqucQci" title="Concentration risk percentage1">10</span></span>% of its total revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zIT7HVgjy1Ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three months ended September 30, 2024, the Company had three major suppliers that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B4_zzZJhopE9vBl" style="display: none">SCHEDULE OF CONCENTRATION OF RISK BY RISK FACTORS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net purchases for the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>three months ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>% of total</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>purchase</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">C</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--PurchaseCost_pp0p0_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_z0PNFnSYy1h9" style="text-align: right" title="Net purchases">219,595</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zYBZ1jpc5MDl" style="text-align: right" title="Percentage of total purchase">44</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; padding-bottom: 1pt">A</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_ecustom--PurchaseCost_pp0p0_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zRUNq6zADOOj" style="width: 16%; text-align: right" title="Net purchases">131,264</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zyC0BNTb0EBi" style="width: 16%; text-align: right" title="Percentage of total purchase">26</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">B*</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--PurchaseCost_pp0p0_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zYTvIZ3l2G61" style="text-align: right" title="Net purchases">60,401</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zVZT3klUEDmj" style="text-align: right" title="Percentage of total purchase">12</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the nine months ended September 30, 2024, the Company had three major suppliers that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net purchases for the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>nine months ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2024</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>% of total</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>purchase</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; padding-bottom: 1pt">A</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--PurchaseCost_pp0p0_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zk2Iv557Ratc" style="width: 16%; text-align: right" title="Net purchases">315,886</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierAMember_zvELmkjFWQli" style="width: 16%; text-align: right" title="Percentage of total purchase">23</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">C</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--PurchaseCost_pp0p0_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_z7BTHpiWGKa5" style="text-align: right" title="Net purchases">289,900</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zkOD7xEXmFxk" style="text-align: right" title="Percentage of total purchase">21</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">B*</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--PurchaseCost_pp0p0_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____z1NkVm61ggil" style="text-align: right" title="Net purchases">197,479</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierBMember_fKg_____zuW8Y8ZwJfCf" style="text-align: right" title="Percentage of total purchase">14</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the three months ended September 30, 2023, the Company had one major supplier that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net purchases for the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>three months ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2023</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>% of total</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>purchase</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; padding-bottom: 1pt">C</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--PurchaseCost_c20230701__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zWWL42zp5Uq9" style="width: 16%; text-align: right" title="Net purchases">108,776</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zazFEgjgZzTi" style="width: 16%; text-align: right" title="Percentage of total purchase">20</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During the nine months ended September 30, 2023, the Company had two major suppliers that accounted for over 10% of its total purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Supplier</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net purchases for the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>nine months ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September 30, 2023</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>% of total</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>purchase</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; padding-bottom: 1pt">C</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--PurchaseCost_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zsHFU8sVTNIb" style="width: 16%; text-align: right" title="Net purchases">216,710</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierCMember_zDkgvaantfwb" style="width: 16%; text-align: right" title="Percentage of total purchase">15</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">D</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--PurchaseCost_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierDMember_znT9Rxv0wdA1" style="text-align: right" title="Net purchases">162,980</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfSalesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierDMember_z8ECnhuOJgPc" style="text-align: right" title="Percentage of total purchase">12</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span id="xdx_F0C_zW2H4kJUYDGd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">*</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_zh5hmzeLDkCi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">CEO owns this entity with 100% ownership</span></td></tr> </table> <p id="xdx_8A1_zaH3uz85YwHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
500000
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
72500 usd
CY2024Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
407521 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
289059 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
936406 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1066919 usd
CY2024Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1538989 usd
CY2023Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1802174 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-602583 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-735255 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3120615 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3297689 usd
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
4613269 usd
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
4689682 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-1492654 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-1391993 usd
CY2024Q3 us-gaap Assets
Assets
5648576 usd
CY2023Q4 us-gaap Assets
Assets
4842358 usd
CY2024Q3 us-gaap Deposit Assets
DepositAssets
42514 usd
CY2023Q4 us-gaap Deposit Assets
DepositAssets
8978 usd
CY2024Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
235791 usd
CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
128378 usd
CY2024Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
7959 usd
CY2023Q4 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
8667 usd
CY2024Q3 us-gaap Other Assets
OtherAssets
39331 usd
CY2023Q4 us-gaap Other Assets
OtherAssets
24808 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
325595 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
170831 usd
CY2024Q3 us-gaap Supplies
Supplies
35466 usd
CY2023Q4 us-gaap Supplies
Supplies
152563 usd
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
228860 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
114005 usd
CY2024Q3 AIXN Drugs Pharmaceutical And Nutritional Products
DrugsPharmaceuticalAndNutritionalProducts
310160 usd
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PropertyPlantAndEquipmentGross
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Depreciation
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Depreciation
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Depreciation
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Depreciation
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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AmortizationOfIntangibleAssets
756 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
387 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
905 usd
CY2024Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
64476 usd
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SalesAndExciseTaxPayableCurrent
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CY2024Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
30389 usd
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AccruedIncomeTaxesCurrent
29998 usd
CY2024Q3 AIXN City Construction Tax Payable Current
CityConstructionTaxPayableCurrent
4838 usd
CY2023Q4 AIXN City Construction Tax Payable Current
CityConstructionTaxPayableCurrent
1423 usd
CY2024Q3 AIXN Education Tax Payable Current
EducationTaxPayableCurrent
3487 usd
CY2023Q4 AIXN Education Tax Payable Current
EducationTaxPayableCurrent
1024 usd
CY2024Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
8162 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
10365 usd
CY2024Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
111352 usd
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49249 usd
CY2024Q3 us-gaap Accrued Insurance Current
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161732 usd
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231983 usd
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617581 usd
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308768 usd
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1235265 usd
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1229775 usd
CY2024Q3 AIXN Payable For Equipment Purchase Current
PayableForEquipmentPurchaseCurrent
3411 usd
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30307 usd
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AccruedProfessionalFeesCurrent
312483 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
250505 usd
CY2024Q3 us-gaap Deposit Liability Current
DepositLiabilityCurrent
10989 usd
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DepositLiabilityCurrent
10986 usd
CY2024Q3 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
42935 usd
CY2023Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
100742 usd
CY2024Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2384396 usd
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2163066 usd
CY2021Q4 us-gaap Government Assistance Transaction Duration
GovernmentAssistanceTransactionDuration
P10Y
CY2021Q4 us-gaap Government Assistance Award Amount
GovernmentAssistanceAwardAmount
8000000
CY2021Q4 us-gaap Government Assistance Award Amount
GovernmentAssistanceAwardAmount
1194400 usd
CY2024Q3 us-gaap Government Assistance Liability Current
GovernmentAssistanceLiabilityCurrent
934066 usd
CY2023Q4 us-gaap Government Assistance Liability Current
GovernmentAssistanceLiabilityCurrent
923238 usd
CY2024Q3 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
85499 usd
CY2023Q4 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
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CY2024Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2024-12-31
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2022758 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1576814 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
136001 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
864519 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1794500 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
789489 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1930501 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1654008 usd
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
104372 usd
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200716 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
439723 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
618085 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
607312 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
500056 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M20D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M3D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0488 pure
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0475 pure
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
68999 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
233875 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
274518 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
236548 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
231561 usd
CY2024Q3 AIXN Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1379825 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2425326 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
494825 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1930501 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
136001 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1794500 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
24999834 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24999834 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24999834 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24999834 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24999834 shares
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
92885 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
92885 usd
us-gaap Share Based Compensation
ShareBasedCompensation
278655 usd
us-gaap Share Based Compensation
ShareBasedCompensation
278655 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
22472 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y25D
AIXN Net Income Transfer Percentage
NetIncomeTransferPercentage
0.10 pure
AIXN Capital Reserve Percentage
CapitalReservePercentage
0.50 pure
CY2024Q3 AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
CY2023Q3 AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
AIXN Statutory Reserve Fund
StatutoryReserveFund
0 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_805_eus-gaap--LossContingencyDisclosures_z5f4vkGIrdfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>17. <span id="xdx_822_zxVPxUq3xy6c">OPERATING CONTINGENCIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s sales, purchases and expenses are denominated in RMB and all of the Company’s assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation to affect the remittance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Litigation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company is, from time to time, involved in litigation incidental to the conduct of its business regarding merchandise sold, employment matters, and litigation regarding intellectual property rights.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In October 2020, Jian Yiao (the “Plaintiff”) filed a complaint against Chengdu Aixintang Pharmacy Co., Ltd. (“Aixintang Pharmacy”, or the “Defendant”) in Zhangjiagang People’s Court in Jiangsu Province. The complaint alleges that Jian Yiao is entitled to $<span id="xdx_90C_eus-gaap--LongTermPurchaseCommitmentAmount_c20201001__20201031_zN0r6yFvgVQi" title="Purchase commitment amount">392,305</span> (RMB <span id="xdx_904_eus-gaap--LongTermPurchaseCommitmentAmount_uRMB_c20201001__20201031_zQ0mMWxzsWrj" title="Purchase commitment amount">2,500,000</span>) from Aixintang Pharmacy for not fulfilling the contractual obligation of a purchase agreement entered in March 2020 (the “Purchase Agreement”). Aixintang Pharmacy claimed that the Purchase Agreement was falsely entered by an employee through forged documents, and that Aixintang Pharmacy did not enter the Purchase Agreement. The Court determined that Aixintang Pharmacy breached the Purchase Agreement by not delivering the products ordered and ordered Aixintang Pharmacy to pay $<span id="xdx_90F_eus-gaap--LitigationSettlementExpense_c20201001__20201031_zvUaWaAvlL7g" title="Litigation settlement expense">392,305</span> (RMB <span id="xdx_905_eus-gaap--LitigationSettlementExpense_uRMB_c20201001__20201031_zLhIRTMaY2ba" title="Litigation settlement expense">2,500,000</span>) to the Plaintiff. In December 2020, Aixintang Pharmacy filed a motion of appeal in the Jiangsu Suzhou Intermediate People’s Court against the determination reached from the first trial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In February 2021, the judge in the Jiangsu Suzhou Intermediate People’s Court denied the Defendant’s motion and upheld the judgment from the first trial. In March 2021, Aixintang Pharmacy filed another motion of re-trial to the Jiangsu High People’s Court on the basis that the Purchase Agreement was forged, the motion was accepted by Jiangsu High People’s Court in July 2021. In September 2022, the Court rejected the Defendant’s motion and upheld the judgment rendered in the second trial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On August 30, 2024, Zhangjiagang People’s Court in Jiangsu Province issued a Notice of Case Closure, stating the Judgement for this case was fully executed and the plaintiff has received the full execution amount as of August 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In November 2021, the Company and Mr. Quanzhong Lin agreed that Mr. Lin shall assume any losses arising from this legal proceeding. As such, the Company did not accrue contingent losses from this legal proceeding as of September 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company believes that the litigation will not have a material adverse effect on its consolidated financial position, results of operations or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2020Q4 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
392305 usd
CY2020Q4 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
2500000
CY2020Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
392305 usd
CY2020Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
2500000

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