2023 Q1 Form 10-K Financial Statement

#000149315223010221 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.346M $2.778M $10.65M
YoY Change -37.2% -27.07%
Cost Of Revenue $2.278M $1.898M $9.150M
YoY Change -35.11% -42.03%
Gross Profit $67.12K $879.8K $1.498M
YoY Change -69.99% -226.6%
Gross Profit Margin 2.86% 31.67% 14.07%
Selling, General & Admin $241.8K $251.5K $985.7K
YoY Change -1.51% -34.34%
% of Gross Profit 360.21% 28.58% 65.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $131.1K $255.1K $660.8K
YoY Change -8.14% 9.88%
% of Gross Profit 195.35% 29.0% 44.1%
Operating Expenses $241.8K $251.5K $985.7K
YoY Change -1.51% -43.38%
Operating Profit -$174.7K $628.4K $512.7K
YoY Change 699.46% -117.53%
Interest Expense $40.20K -$34.20K $187.5K
YoY Change -14.47% 2.17%
% of Operating Profit -5.44% 36.57%
Other Income/Expense, Net -$15.61K -$8.080K $255.7K
YoY Change -66.68% -204.37%
Pretax Income -$190.3K $1.048M $768.4K
YoY Change 177.02% -124.24%
Income Tax $9.055K $3.360K $11.03K
% Of Pretax Income 0.32% 1.44%
Net Earnings -$199.3K $1.045M $757.4K
YoY Change 159.8% -123.9%
Net Earnings / Revenue -8.5% 37.62% 7.11%
Basic Earnings Per Share $0.00 $0.02
Diluted Earnings Per Share $0.00 $0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 40.98M shares 40.98M shares 40.98M shares
Diluted Shares Outstanding 40.98M shares 40.98M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.100K $51.42K $51.42K
YoY Change 0.51%
Cash & Equivalents $654.4K $2.163M $51.42K
Short-Term Investments
Other Short-Term Assets $342.8K $234.2K $3.796M
YoY Change -4.77% -0.01%
Inventory $1.679M $1.338M $1.338M
Prepaid Expenses
Receivables $3.344M $4.666M $4.666M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.279M $9.852M $9.852M
YoY Change 35.98% 35.98%
LONG-TERM ASSETS
Property, Plant & Equipment $7.723M $6.800M $6.800M
YoY Change 25.43% 25.43%
Goodwill
YoY Change
Intangibles $2.101M $2.103M
YoY Change -9.79%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $9.825M $8.903M $8.903M
YoY Change 14.84% 14.84%
TOTAL ASSETS
Total Short-Term Assets $8.279M $9.852M $9.852M
Total Long-Term Assets $9.825M $8.903M $8.903M
Total Assets $18.10M $18.75M $18.75M
YoY Change 25.05% 25.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.49M $10.72M $10.72M
YoY Change 19.63%
Accrued Expenses $38.14K $0.00
YoY Change -95.36% -100.0%
Deferred Revenue $361.5K $213.1K
YoY Change -62.88%
Short-Term Debt $2.866M $2.404M $3.779M
YoY Change -20.51% -2.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.47M $17.93M $17.93M
YoY Change 20.0% 20.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $17.47M $17.93M $17.93M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $17.47M $17.93M $17.93M
YoY Change 20.0% 20.0%
SHAREHOLDERS EQUITY
Retained Earnings -$2.019M -$1.820M
YoY Change -29.39%
Common Stock $40.98K $40.98K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $638.5K $823.9K $823.9K
YoY Change
Total Liabilities & Shareholders Equity $18.10M $18.75M $18.75M
YoY Change 25.05% 25.05%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$199.3K $1.045M $757.4K
YoY Change 159.8% -123.9%
Depreciation, Depletion And Amortization $131.1K $255.1K $660.8K
YoY Change -8.14% 9.88%
Cash From Operating Activities -$1.078M $921.6K $1.252M
YoY Change -1697.8% -42.6%
INVESTING ACTIVITIES
Capital Expenditures $24.02K $2.397M $2.505M
YoY Change -3.67%
Acquisitions
YoY Change
Other Investing Activities -$490.00 -$75.82K
YoY Change -41.16%
Cash From Investing Activities -$24.02K -$2.398M -$2.581M
YoY Change 50.58% -5.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $384.3K 1.868M $1.905M
YoY Change 606.49% 59.92%
NET CHANGE
Cash From Operating Activities -$1.078M 921.6K $1.252M
Cash From Investing Activities -$24.02K -2.398M -$2.581M
Cash From Financing Activities $384.3K 1.868M $1.905M
Net Change In Cash -$715.1K 392.1K $647.2K
YoY Change -783.57% -8.58%
FREE CASH FLOW
Cash From Operating Activities -$1.078M $921.6K $1.252M
Capital Expenditures $24.02K $2.397M $2.505M
Free Cash Flow -$1.102M -$1.476M -$1.252M
YoY Change 199.33%

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CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
12032 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
938790 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
954075 usd
CY2022 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
21057 usd
CY2021 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-101817 usd
CY2022 us-gaap Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
731649 usd
CY2021 us-gaap Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
656673 usd
CY2022 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2142552 usd
CY2021 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
48686 usd
CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
438112 usd
CY2021 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
2971740 usd
CY2021 us-gaap Increase Decrease In Due To Other Related Parties
IncreaseDecreaseInDueToOtherRelatedParties
-23312 usd
CY2022 us-gaap Increase Decrease In Payables To Customers
IncreaseDecreaseInPayablesToCustomers
-330004 usd
CY2021 us-gaap Increase Decrease In Payables To Customers
IncreaseDecreaseInPayablesToCustomers
566477 usd
CY2022 us-gaap Increase Decrease In Retainage Payable
IncreaseDecreaseInRetainagePayable
-698320 usd
CY2021 us-gaap Increase Decrease In Retainage Payable
IncreaseDecreaseInRetainagePayable
247429 usd
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
162307 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1252348 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2181849 usd
CY2021 us-gaap Payments To Acquire Other Receivables
PaymentsToAcquireOtherReceivables
128853 usd
CY2022 us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
75817 usd
CY2022 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2504738 usd
CY2021 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
2374795 usd
CY2021 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
225457 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2580555 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2729105 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1090000 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
2398588 usd
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
137817 usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
94468 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8508 usd
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
85453 usd
CY2022 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1981864 usd
CY2021 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
3511334 usd
CY2022 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2380856 usd
CY2021 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
3462415 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1905128 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1191283 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
70325 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1363779 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
716533 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
94572 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
218852 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3861 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
25089 usd
CY2021 us-gaap Stock Issued1
StockIssued1
1111395 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1819757 usd
CY2022Q4 RUBL Working Capital Deficit
WorkingCapitalDeficit
-8079248 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zRIrx11Stza1" 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><span style="text-decoration: underline"><span id="xdx_864_zj54xQkoIt61">Use of Estimates</span></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">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Signiant estimates are used in the collectability of accounts receivable, the useful lives and impairment of long-lived assets, the valuation of deferred tax assets, inventories reserve and provisions for income taxes, among others.</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"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zB9D8Nn1eXZ6" 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><span style="text-decoration: underline"><span id="xdx_86E_z9Mllc1evbce">Concentration risk</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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">The Company maintains cash with banks in the United States of America (“USA”) and PRC. Should any bank holding cash become insolvent, or if the Company is otherwise unable to withdraw funds, the Company would lose the cash with that bank; however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. In China, a depositor has up to RMB<span id="xdx_902_ecustom--CashFSDInsuredAmount_iI_uRMB_c20221231_zgvcVWvgdNG" title="FSD insured amonut">500,000</span> insured by the People’s Bank of China Financial Stability Bureau (“FSD”). In the United States, the standard insurance amount is $<span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_c20221231_zdwWOSvPgJ72" title="FDIC insured amount">250,000</span> per depositor in a bank insured by the Federal Deposit Insurance Corporation (“FDIC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; 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">Financial instruments that potentially subject the Company to significant concentrations of credit risk are cash and cash equivalents and accounts receivable. As of December 31, 2022 and 2021, $<span id="xdx_909_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20221231_zNspuMkapSl3" title="Cash and restricted cash">1,240,272</span> and $<span id="xdx_909_eus-gaap--RestrictedCashAndCashEquivalentsAtCarryingValue_iI_c20211231_zjkvjrTUuJph" title="Cash and restricted cash">557,469</span> of the Company’s cash and restricted cash held by financial institutions were uninsured, 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"> </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"><i>Major customers</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zDbMVyCUR8W2" 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">For the years ended December 31, 2022 and 2021, the Company’s revenues from two major customers accounted more than 10% of the total revenue were as following:</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"><span id="xdx_8B4_z74HbAs0jkh2" style="display: none">Schedule of Concentration Risk Percent</span> </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> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended <br/> December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of<br/> December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended<br/> December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of <br/> December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Receivable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer A</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--Revenues_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerAMember_zssOCMgXTtj" style="text-align: right" title="Revenues">5,259,447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zuHyojCr4qB3" style="text-align: right" title="Concentrationr risk, percentage">49</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerAMember_z6DFgrXKUEKk" style="text-align: right" title="Accounts receivable"><span style="-sec-ix-hidden: xdx2ixbrl0516">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zPUFW0DAFjmh" style="text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0518">-</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><p id="xdx_986_eus-gaap--Revenues_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerAMember_zpXQvGi2ikdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Revenues">2,980,431</p></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zTkgcFDkjCEc" style="text-align: right" title="Concentrationr risk, percentage">20</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--AccountsReceivableNetCurrent_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerAMember_zXdWM7eviFm2" style="text-align: right" title="Accounts receivable"><span style="-sec-ix-hidden: xdx2ixbrl0524">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_ziMTD9LgnLrf" style="text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0526">-</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 28%; text-align: left">Customer B</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--Revenues_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerBMember_zrIyIUEi7FT1" style="width: 5%; text-align: right" title="Revenues">5,338,728</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zsCrU9WsZLa2" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">50</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerBMember_z348hElTTpBb" style="width: 5%; text-align: right" title="Accounts receivable">4,665,735</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zf7g8XdUEAEj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">100</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerBMember_zgt97CMR4m42" style="width: 5%; text-align: right" title="Revenues">11,620,129</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zsHHa0vFSj9e" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">80</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AccountsReceivableNetCurrent_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerBMember_zWOvWZLEOzFc" style="width: 5%; text-align: right" title="Accounts receivable">2,918,850</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zgcgscFxmI6b" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">100</td><td style="width: 1%; 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"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer A: eGT New Energy Automotive Co., Ltd. (“eGT”), an unrelated party.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer B: Shanghai Xinsen Import &amp; Export Co., Ltd (“Shanghai Xinsen”), a related party that sells RLSP’s products to Shanghai Hongyang Sealing Co., Ltd. (“Shanghai Hongyang”) and Wuhu Huichi Auto Parts Co., Ltd. (“Wuhu Huichi”), two unrelated parties of RLSP and the Company, and certified first-tier suppliers of Auto Manufacturers.</span></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"> </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"><i>Major vendors</i></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"> </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">For the years ended December 31, 2022 and 2021, the Company made purchases from the major vendors accounted more than 10% of the total purchases were as following:</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"> </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> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended <br/> December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of <br/> December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended<br/> December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">As of <br/> December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Purchase</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accounts payable</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">% of Total Accounts Payable</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left">Vendor A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zvUAKDFFUpz2" style="width: 5%; text-align: right" title="Cost of goods">5,549,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zzgKN1HV5aod" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">67</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right"><span id="xdx_909_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_z00r0MiYIq45" title="Accounts payable">2,384,085</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zZrQsRscyRO5" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">32</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--CostOfGoodsAndServicesSold_c20210101__20211231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zIgufxZ8hfP3" style="width: 5%; text-align: right" title="Cost of goods">13,370,709</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zfhEu9LLg0yh" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">78</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span id="xdx_909_eus-gaap--AccountsPayableCurrent_iI_c20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_z3LPpuTe0qS3" title="Accounts payable">986,079</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zxCatxyLdzef" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">10</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vendor B</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zR9M2uiAsROf" style="text-align: right" title="Cost of goods">79,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z5MtiH4rVRhl" style="text-align: right" title="Concentrationr risk, percentage">1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zkaHXox0gXic" title="Accounts payable">5,135,351</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_ziPl7LtOY2yh" style="text-align: right" title="Concentrationr risk, percentage">68</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--CostOfGoodsAndServicesSold_c20210101__20211231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zdpRgU7GGUab" style="text-align: right" title="Cost of goods">2,290,571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z5D0ZdkGNCv4" style="text-align: right" title="Concentrationr risk, percentage">13</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--AccountsPayableCurrent_iI_c20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zdTauj9JWwu5" title="Accounts payable">7,545,740</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zRqOuJKpy1ya" style="text-align: right" title="Concentrationr risk, percentage">75</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vendor C</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zfcTSP9tyEgb" style="text-align: right" title="Cost of goods">2,626,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zWduM9WJsk4e" style="text-align: right" title="Concentrationr risk, percentage">32</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="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"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vendor A: Shanghai Haozong Rubber &amp; Plastic Technology Co., Ltd. (“Shanghai Haozong”), a related party. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vendor B: Shanghai Huaxin Economic and Trade Co., Ltd. (“Shanghai Huaxin”), a related party, purchase amounts and accounts payable balances include retainage payables. </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vendor C: Shanghai Yongliansen Import and Export Trading Company (“Yongliansen”), a related party.</span></td></tr> </table> <p id="xdx_8A2_zZm9ZHaGSNb5" 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"> </span></p>
CY2022Q4 RUBL Cash Fsd Insured Amount
CashFSDInsuredAmount
500000
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1240272 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
557469 usd
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
1312362 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
665377 usd
CY2022 RUBL Retainage Payable Description
RetainagePayableDescription
For equipment purchased from Shanghai Huaxin in the PRC, a related party, by RLSP in the PRC, the Company typically retains a portion of the purchase invoices, typically 3-5%, for 12 to 24 months to ensure the quality of equipment after installation during the qualifying warranty period.
CY2022Q4 RUBL Retainage Payable
RetainagePayable
38138 usd
CY2021Q4 RUBL Retainage Payable
RetainagePayable
821962 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.25 pure
CY2022 RUBL Value Added Tax Rate
ValueAddedTaxRate
0.13 pure
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
8900 usd
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
29246 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1329577 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
449432 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1338477 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
478678 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
532366 usd
CY2021 RUBL Gain On Scrapped Out Inventory
GainOnScrappedOutInventory
709479 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
5653204 usd
CY2021Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
5919317 usd
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
3505 usd
CY2021Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
25286 usd
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
122124 usd
CY2021Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
132604 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1497885 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
937027 usd
CY2022Q4 RUBL Plant And Equipment Gross
PlantAndEquipmentGross
4280948 usd
CY2021Q4 RUBL Plant And Equipment Gross
PlantAndEquipmentGross
5140181 usd
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
2518836 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
280914 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6799784 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5421095 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
614744 usd
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
554169 usd
CY2020Q4 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P50Y
CY2020Q4 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
2064554 usd
CY2020Q4 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
13729900
CY2020Q4 us-gaap Foreign Currency Exchange Rate Remeasurement1
ForeignCurrencyExchangeRateRemeasurement1
0.1504 pure
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2201040 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2331629 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2389920 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
97705 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
58291 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2103335 usd
CY2022 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
The Deposit bears no interest and due on demand. Due to less procurement of raw materials made from Yongliansen in 2022, RLSP requested Yongliansen to refund the Deposit, and Yongliansen agreed to fully refund RLSP by December 31, 2022.
CY2022 us-gaap Nature Of Common Ownership Or Management Control Relationships
NatureOfCommonOwnershipOrManagementControlRelationships
Effective on October 1, 2022, Ms. Hua reduced her ownership of Shanghai Xinsen from 90% to 15%, and so accordingly reduced her indirect ownership of Hangzhou Xinsen from 63% to 10.5%. Xinsen Group is a rubber product trading expert with 20 years of experience in the auto parts market, who charges 1% of the total sales amount before VAT tax as sales commission before September 30, 2022, and subsequently 0.25% effective from October 1, 2022 after the renegotiation between RLSP and Xinsen Group. Sales commission incurred in each period is recorded as part of selling expense of the Company.
CY2019Q3 RUBL Registered Capital
RegisteredCapital
20000000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2163316.71 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
50500 usd
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000 shares
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
40000000 shares
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
40000000 shares
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
55000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
2.5
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
381000 shares
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
381000 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
2.5
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
2.5
CY2021Q4 us-gaap Common Stock Share Subscribed But Unissued Subscriptions Receivable
CommonStockShareSubscribedButUnissuedSubscriptionsReceivable
1090000 usd
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
444558 shares
CY2021Q3 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
1111395 usd
CY2021Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
46454 usd
CY2021Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
300000
CY2021Q2 RUBL Loss Contingency Damages Sought Interest
LossContingencyDamagesSoughtInterest
0.24 pure
CY2021Q2 us-gaap Lease Deposit Liability
LeaseDepositLiability
58855 usd
CY2021Q2 us-gaap Lease Deposit Liability
LeaseDepositLiability
380000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.25 pure
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11029 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
237670 usd
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
229579 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.040 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.040 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Other
EffectiveIncomeTaxRateReconciliationTaxSettlementsOther
-0.300 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.066 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.250 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000 pure
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022Q4 us-gaap Assets
Assets
18754876 usd
CY2021Q4 us-gaap Assets
Assets
14997772 usd

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