$QSJC
Tancheng Group Co Ltd

2024 Q2 Form 10-Q Financial Statement

#000168316824003439 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $244.00 $157.6K $346.6K
YoY Change -99.97% -54.52%
Cost Of Revenue $2.101K $115.9K $310.2K
YoY Change -99.72% -62.62% 703.75%
Gross Profit -$1.857K $41.68K $36.41K
YoY Change -101.59% 14.45% 851.48%
Gross Profit Margin -761.07% 26.44% 10.51%
Selling, General & Admin $91.31K $149.6K $273.8K
YoY Change -28.83% -45.37% 1868.2%
% of Gross Profit 358.89% 751.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.641K $6.703K $0.00
YoY Change 43.4%
% of Gross Profit 16.08% 0.0%
Operating Expenses $91.31K $149.6K $273.8K
YoY Change -28.83% -45.37% 1868.2%
Operating Profit -$93.17K -$107.9K -$237.4K
YoY Change 696.84% -54.54% 1481.58%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $80.00
YoY Change
Pretax Income -$93.16K -$107.8K -$237.3K
YoY Change 726.28% -54.57% 1605.87%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$93.16K -$107.8K -$237.3K
YoY Change 726.28% -54.57% 1605.87%
Net Earnings / Revenue -38181.56% -68.39% -68.46%
Basic Earnings Per Share -$0.02 -$0.02 -$0.05
Diluted Earnings Per Share -$0.02 -$0.02 -$0.05
COMMON SHARES
Basic Shares Outstanding 4.382M shares 4.382M shares 4.382M shares
Diluted Shares Outstanding 4.382M shares 4.382M shares 4.382M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $24.53K $86.95K $274.4K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.231M $1.240M $735.9K
Prepaid Expenses
Receivables
Other Receivables $998.00 $716.00 $440.5K
Total Short-Term Assets $1.321M $3.044M $3.267M
YoY Change -66.83% -6.82% 742292.95%
LONG-TERM ASSETS
Property, Plant & Equipment $108.4K $115.8K
YoY Change -19.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $108.4K $115.8K $0.00
YoY Change -19.77%
TOTAL ASSETS
Total Short-Term Assets $1.321M $3.044M $3.267M
Total Long-Term Assets $108.4K $115.8K $0.00
Total Assets $1.429M $3.160M $3.267M
YoY Change -65.28% -3.27% 742292.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $27.37K
YoY Change -100.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.803M $4.447M $4.439M
YoY Change -46.6% 0.18% 4661.02%
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 $2.803M $4.447M $4.439M
Total Long-Term Liabilities
Total Liabilities $2.803M $4.447M $4.439M
YoY Change -46.6% 0.18% 4661.02%
SHAREHOLDERS EQUITY
Retained Earnings -$1.614M -$1.521M -$1.361M
YoY Change 17.64% 11.77%
Common Stock $4.382K $4.382K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.374M -$1.287M -$1.172M
YoY Change
Total Liabilities & Shareholders Equity $1.429M $3.160M $3.267M
YoY Change -65.28% -3.27% 742292.95%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$93.16K -$107.8K -$237.3K
YoY Change 726.28% -54.57% 1605.87%
Depreciation, Depletion And Amortization $6.641K $6.703K $0.00
YoY Change 43.4%
Cash From Operating Activities -$408.9K -$837.0K
YoY Change -51.15% 36611.75%
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 $88.62K $1.041M
YoY Change -91.48% 51929.3%
NET CHANGE
Cash From Operating Activities -$408.9K -$837.0K
Cash From Investing Activities
Cash From Financing Activities $88.62K $1.041M
Net Change In Cash -$325.2K $203.2K
YoY Change -260.06% -72664.29%
FREE CASH FLOW
Cash From Operating Activities -$408.9K -$837.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_847_eus-gaap--UseOfEstimates_zJNZFAtFuaXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(c) <span id="xdx_867_ztqDmvWysjU5">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and revenue and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company’s condensed consolidated financial statements include economic lives and impairment of property, plant and equipment and allowance for doubtful accounts. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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ConcentrationRiskCreditRisk
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zxaBscpfu8d1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(m) <span id="xdx_863_zaH3Nvi9QOQj">Concentration of Credit Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially expose the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and other receivables. As of March 31, 2024 and December 31, 2023, substantially all of the Company’s cash and cash equivalents were deposited with financial institutions with high-credit ratings and quality. During the three months ended March 31, 2024 and 2023, all revenues were generated from third parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of customer who accounted for 10% or more of the Company’s total revenue for the three months ended March 31, 2024 and 2023 are as follows:</p> <table cellpadding="0" cellspacing="0" id="xdx_89F_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zSZHjGSdlG8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Customer concentation)"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span id="xdx_8B9_zEBvpKNTU8L9" style="display: none">Schedule of concentration risk</span></td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the three months ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of total revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of total revenue</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: justify">Customer A</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_d0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerAMember_zNdQlYsIwMg3" style="width: 12%; text-align: right" title="Revenue">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span style="font-size: 10pt"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zrI5V6aukrck" title="Percentage of total revenue">–</span>%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerAMember_zuCuo8ArKzJj" style="width: 12%; text-align: right" title="Revenue">115,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zbihBlAZRVG9" title="Percentage of total revenue">33.4</span>%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_d0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerBMember_zOUJrc6ujOQe" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zeG7cWK4kLr3" title="Percentage of total revenue">–</span>%</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerBMember_zmyhnz3xHxvc" style="text-align: right">44,932</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zxk46AoeZClc" title="Percentage of total revenue">13.0</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Customer C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_d0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerCMember_zvGT9cGqQUvi" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zvRa99KrzQea" title="Percentage of total revenue">–</span>%</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerCMember_z1Oihy5QREll" style="text-align: right">43,413</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zM55zkAqq5Id" title="Percentage of total revenue">12.5</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer D</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerDMember_z8eIoGOwipEl" style="text-align: right">74,908</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerDMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zo248T6zYJ35" title="Percentage of total revenue">47.5</span>%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerDMember_zHcigJYd3kS5" style="text-align: right">41,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerDMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zfCFfAmFUWY4" title="Percentage of total revenue">12.1</span>%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Customer E</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerEMember_zbZodvhn6TC2" style="border-bottom: Black 1pt solid; text-align: right">25,969</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerEMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zE1xSSsTUAll" title="Percentage of total revenue">16.5</span>%</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_d0_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerEMember_zUKuzpOp4edk" style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt"><span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp0_c20230101__20230331__srt--MajorCustomersAxis__custom--CustomerEMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zuu4a6Acw345" title="Percentage of total revenue">–</span>%</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240101__20240331__srt--MajorCustomersAxis__custom--TotalCustomerMember_z1GfRn50KqOd" style="border-bottom: Black 2.5pt double; text-align: right">100,877</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--TotalCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zFuGSdnL8vjg" title="Percentage of total revenue">64.0</span>%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230331__srt--MajorCustomersAxis__custom--TotalCustomerMember_ziP12gzUhB11" style="border-bottom: Black 2.5pt double; text-align: right">246,077</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--TotalCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zOYEDYQlC4Kc" title="Percentage of total revenue">71.0</span>%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zOFDUXIAXhPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of supplier who accounted for 10% or more of the Company’s total purchase for the three months ended March 31, 2024 and 2023 are as follows:</p> <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--SchedulesOfConcentrationOfRiskByRiskFactor1TextBlock_zS5DIckoQZg9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Supplier concentration)"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt"><span id="xdx_8B3_zVmcjGuMsMA3" style="display: none">Schedule of concentration risk</span></td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the three months ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify; padding-bottom: 1pt"> </td><td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Amount</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>% of total purchase</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Amount</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>% of total purchase</b></span></td><td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Supplier A</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--CostOfGoodsAndServicesSold_pp0p0_c20240101__20240331__srt--MajorCustomersAxis__custom--SupplierAMember_znXwNtEAjv25" style="text-align: right" title="Purchases">122,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--SupplierAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_zoG542eCPbp8" title="Percentage of total purchases">100.0</span>%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--CostOfGoodsAndServicesSold_pp0p0_c20230101__20230331__srt--MajorCustomersAxis__custom--SupplierAMember_zPUkUQE9DKV5" style="text-align: right">364,918</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--SupplierAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember_zMaeHV2Gf0T7" title="Percentage of total purchases">100.0</span>%</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of supplier who accounted for 10% or more of the Company’s total accounts payable as of March 31, 2024 and 2023 are as follows:</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="14" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>As of March 31,</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>2024</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>2023</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: justify"> </td> <td style="width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>Amount</b></span></td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>% of total purchase</b></span></td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>Amount</b></span></td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>% of total purchase</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify"><span style="font-size: 10pt">Supplier A</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td id="xdx_988_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20240331__srt--MajorCustomersAxis__custom--SupplierAMember_zWeCoPHGq7u8" style="text-align: right" title="Accounts payable"><span style="font-size: 10pt">27,367</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__srt--MajorCustomersAxis__custom--SupplierAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember_zvhexqIIvmQa" title="Percentage of accounts payable">100.0</span>%</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td id="xdx_98A_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20230331__srt--MajorCustomersAxis__custom--SupplierAMember_zJBSlcG5t69j" style="text-align: right" title="Accounts payable"><span style="font-size: 10pt">153,572</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--SupplierAMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember_zJdniWoaq3Ze" title="Percentage of accounts payable">100.0</span>%</span></td> <td> </td></tr> </table> <p id="xdx_8AA_zkcUmge1GX6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_8AD_zbVQK5tjRsQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q1 us-gaap Inventory Net
InventoryNet
1239755 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
1252150 usd
CY2024Q1 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
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CY2023Q1 us-gaap Production Related Impairments Or Charges
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentGross
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CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2023Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2024Q1 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
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CY2023Q1 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
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CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 QSJC Vat Rate
VatRate
0.01 pure
CY2024Q1 QSJC Vat Rate
VatRate
0.13 pure
CY2024Q1 QSJC Amounts Due To Related Parties Current
AmountsDueToRelatedPartiesCurrent
4406351 usd
CY2023Q4 QSJC Amounts Due To Related Parties Current
AmountsDueToRelatedPartiesCurrent
4387838 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4381550 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4381550 shares
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2024Q1 QSJC Reserve Required Annual Rate
ReserveRequiredAnnualRate
0.10 pure
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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