2024 Q1 Form 10-K Financial Statement

#000149315224011558 Filed on March 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.955M $9.990M
YoY Change 25.97% -6.18%
Cost Of Revenue $3.151M $10.35M
YoY Change 38.31% 13.08%
Gross Profit -$196.6K -$356.0K
YoY Change -392.94% -123.76%
Gross Profit Margin -6.65% -3.56%
Selling, General & Admin $400.4K $797.2K
YoY Change 65.59% -19.13%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $165.5K $599.4K
YoY Change 26.24% -9.28%
% of Gross Profit
Operating Expenses $400.4K $797.2K
YoY Change 65.59% -19.13%
Operating Profit -$597.0K -$1.153M
YoY Change 241.8% -324.92%
Interest Expense $122.5K $237.6K
YoY Change 204.85% 26.69%
% of Operating Profit
Other Income/Expense, Net -$128.1K -$228.9K
YoY Change 720.95% -189.51%
Pretax Income -$725.1K -$1.382M
YoY Change 281.11% -279.86%
Income Tax $16.07K
% Of Pretax Income
Net Earnings -$725.1K -$1.398M
YoY Change 263.79% -284.6%
Net Earnings / Revenue -24.54% -14.0%
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 41.11M shares 41.11M shares 41.01M shares
Diluted Shares Outstanding 41.11M shares 41.01M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.231M $125.0K
Short-Term Investments
Other Short-Term Assets $266.6K $237.3K
YoY Change -22.23% 1.3%
Inventory $740.8K $760.6K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.30M $8.775M
YoY Change 48.52% -10.93%
LONG-TERM ASSETS
Property, Plant & Equipment $8.743M $9.061M
YoY Change 13.2% 33.26%
Goodwill
YoY Change
Intangibles $1.956M $2.001M
YoY Change -6.94% -4.86%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $10.70M $11.06M
YoY Change 8.9% 24.26%
TOTAL ASSETS
Total Short-Term Assets $12.30M $8.775M
Total Long-Term Assets $10.70M $11.06M
Total Assets $22.99M $19.84M
YoY Change 27.02% 5.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue $348.1K $354.1K
YoY Change -3.71% 66.16%
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.01M $20.08M
YoY Change 37.48% 11.96%
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 $24.01M $20.08M
Total Long-Term Liabilities
Total Liabilities $24.01M $20.10M
YoY Change 37.48% 12.07%
SHAREHOLDERS EQUITY
Retained Earnings -$3.943M -$3.218M
YoY Change 95.29% 76.83%
Common Stock $41.11K $41.11K
YoY Change 0.32% 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.017M -$258.1K
YoY Change
Total Liabilities & Shareholders Equity $22.99M $19.84M
YoY Change 27.02% 5.77%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$725.1K -$1.398M
YoY Change 263.79% -284.6%
Depreciation, Depletion And Amortization $165.5K $599.4K
YoY Change 26.24% -9.28%
Cash From Operating Activities -$628.7K -$84.08K
YoY Change -41.68% -106.71%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.018M
YoY Change 16.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $399.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $785.4K $1.812M
YoY Change 104.34% -4.91%
NET CHANGE
Cash From Operating Activities -$628.7K -$84.08K
Cash From Investing Activities -$3.018M
Cash From Financing Activities $785.4K $1.812M
Net Change In Cash $155.8K -$1.322M
YoY Change -121.78% -304.26%
FREE CASH FLOW
Cash From Operating Activities -$628.7K -$84.08K
Capital Expenditures
Free Cash Flow
YoY Change

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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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
41687 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1363779 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
207078 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
94572 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
106101 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3861 usd
CY2023 RLEA Construction In Progress Additions
ConstructionInProgressAdditions
2917906 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3217901 usd
CY2023Q4 RLEA Working Capital Deficit
WorkingCapitalDeficit
-11300145 usd
CY2022 RLEA Value Added Tax Rate
ValueAddedTaxRate
0.13 pure
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zJl847P7tOr6" style="font: 10pt Times New Roman, Times, Serif; margin: 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_861_zQ4cf6ewI68">Use of Estimates</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zHmrqAmw7yAj" style="font: 10pt Times New Roman, Times, Serif; margin: 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_866_zvrjQHkamIs1">Concentration risk</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 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_904_ecustom--CashFSDInsuredAmount_iI_uRMB_c20231231_zqIKPLlX2gmc" 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_908_eus-gaap--CashFDICInsuredAmount_iI_c20231231_zXWdodlTICXi" 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 0 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 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, 2023 and 2022, $<span id="xdx_907_eus-gaap--CashUninsuredAmount_iI_dxL_c20231231_zhEsOIKJOD5h" title="Cash and restricted cash uninsured::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0539">Nil</span></span> and $<span id="xdx_905_eus-gaap--CashUninsuredAmount_iI_c20221231_zJz51SzmgHT9" title="Cash and restricted cash uninsured">1,240,272 </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 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 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 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zwyMhp2SdSC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022, 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 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zfuI9lag5cyb" 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, 2023</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, 2023</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, 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></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="width: 28%; text-align: left">Customer A</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9DnbrnYzqAg" style="width: 5%; text-align: right" title="Revenues">1,280,555</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_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zDZ8CyDJP3fg" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">13</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_980_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znAmvERDQaAa" style="width: 5%; text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0549">-</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_98F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zGyl9UqeFIn3" style="width: 5%; text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0551">-</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_znkA7FmJ6DEg" style="width: 5%; text-align: right" title="Revenues">5,259,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zMEJLb3rCROi" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">49</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zogDTGMayAkd" style="width: 5%; text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0557">-</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_988_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_z9U4ypgyPC2" style="width: 5%; text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0559">-</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer B</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--Revenues_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zSGOmk7706P" style="text-align: right" title="Revenues">8,593,998</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zic0xNlqQ2Mf" style="text-align: right" title="Concentrationr risk, percentage">86</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zNR6DZ3Y3Ok7" style="text-align: right" title="Concentrationr risk, percentage">5,209,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zBmdorACxzC1" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--Revenues_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zg62NvPWOfi8" style="text-align: right" title="Revenues">5,338,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUcBXalFZmmb" style="text-align: right" title="Concentrationr risk, percentage">50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AccountsReceivableNetCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zUOueSSnmES8" style="text-align: right" title="Accounts receivable">4,665,735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBMember_zdz3Mo8bti51" style="text-align: right" title="Concentrationr risk, percentage">100</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 0"><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 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended December 31, 2023 and 2022, 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 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, 2023</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, 2023</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, 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></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">$</td><td id="xdx_988_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zAAOsVbgFrQ2" style="width: 5%; text-align: right" title="Cost of goods">8,552,684</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_z2rSvPy2A8Nj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">95</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zFsw1Z6fLqd5" style="width: 5%; text-align: right" title="Accounts payable">2,871,033</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_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zhxWOvjlpCE1" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">40</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zYV1dBDEm5J4" style="width: 5%; text-align: right" title="Cost of goods">5,549,968</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zfwlXNJi6Ouj" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">67</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_zOjrAZWk1Uqe" style="width: 5%; text-align: right" title="Accounts payable">2,384,085</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--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorAMember_ziTzTr1Zxbag" style="width: 5%; text-align: right" title="Concentrationr risk, percentage">32</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_98D_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zjERnbR2R6k2" style="text-align: right" title="Cost of goods"><span style="-sec-ix-hidden: xdx2ixbrl0593">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zqRR7BpHSWw" style="text-align: right" title="Concentrationr risk, percentage"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0595">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zUi5Dyl9Wgmg" style="text-align: right" title="Accounts payable">4,364,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zWFa6wwZgH1k" style="text-align: right" title="Concentrationr risk, percentage">60</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z7RRHGDzW1Dc" 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_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zbRQ6j0rjkXc" style="text-align: right" title="Concentrationr risk, percentage">1</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_z50VaGITkde8" style="text-align: right" title="Accounts payable">5,135,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorBMember_zrcxfgRC33Q1" style="text-align: right" title="Concentrationr risk, percentage">68</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vendor C</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--CostOfGoodsAndServicesSold_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z0E4XFujSse6" style="text-align: right" title="Cost of goods">438,230</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zbAhtnV4gWE2" style="text-align: right" title="Concentrationr risk, percentage">5</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztlYBOY4DXde" style="text-align: right" title="Accounts payable"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0613">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_ztkMF5OdA2nb" style="text-align: right" title="Concentrationr risk, percentage"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0615">-</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--CostOfGoodsAndServicesSold_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zqxvpOu4VKni" style="text-align: right" title="Purchase">2,626,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zQ3rY2vAEUHd" 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 id="xdx_982_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_zUQsPt4taNz" style="text-align: right" title="Accounts payable"><span style="-sec-ix-hidden: xdx2ixbrl0621">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis__custom--VendorCMember_z7p8ArptOnX5" style="text-align: right" title="Concentrationr risk, percentage"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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_8A0_z1UTAXkkdmpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 RLEA Cash Fsd Insured Amount
CashFSDInsuredAmount
500000
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1240272 usd
CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
1312362 usd
CY2023 RLEA 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 RLEA Retainage Payable
RetainagePayable
38138 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 RLEA Value Added Tax Rate
ValueAddedTaxRate
0.13 pure
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
12761 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
8900 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
747849 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1329577 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
760610 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1338477 usd
CY2021 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
709479 usd
CY2022 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
545975 usd
CY2022 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
462368 usd
CY2022Q4 us-gaap Inventory Adjustments
InventoryAdjustments
9649 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
5469683 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
5633421 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5455619 usd
CY2023Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
4257 usd
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
3505 usd
CY2023Q4 RLEA Auto Vehicles Gross
AutoVehiclesGross
23645 usd
CY2022Q4 RLEA Auto Vehicles Gross
AutoVehiclesGross
19783 usd
CY2023Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
118673 usd
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
122124 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2010404 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1497885 usd
CY2023Q4 RLEA Property Plant And Equipment Gross Excluding Construction In Progress
PropertyPlantAndEquipmentGrossExcludingConstructionInProgress
9061473 usd
CY2022Q4 RLEA Property Plant And Equipment Gross Excluding Construction In Progress
PropertyPlantAndEquipmentGrossExcludingConstructionInProgress
4280948 usd
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
2518836 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9061473 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6799784 usd
CY2022Q3 us-gaap Cost Direct Labor
CostDirectLabor
4931105 usd
CY2022Q3 us-gaap Cost Direct Labor
CostDirectLabor
35000000
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
556530 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
614744 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2138833 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2201040 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
137720 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
97705 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2001113 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2103335 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.012 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.014 pure
CY2023 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. The sales commission incurred in each period is recorded as part of selling expense of the Company
CY2023Q4 RLEA Unpaid Registered Capital
UnpaidRegisteredCapital
17772925 usd
CY2023Q4 RLEA Unpaid Registered Capital
UnpaidRegisteredCapital
126
CY2019Q3 us-gaap Capital Units
CapitalUnits
20000000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
125000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2684029 usd
CY2021Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
46454 usd
CY2021Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
300000
CY2021Q2 RLEA 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
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
429000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
61638 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.25 pure
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16067 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11029 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
192518 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
237670 usd
CY2023 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 At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.040 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.040 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.012 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.300 pure
CY2023 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 Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.066 pure
CY2022Q3 us-gaap Cost Direct Labor
CostDirectLabor
4931105 usd
CY2022Q3 us-gaap Cost Direct Labor
CostDirectLabor
35000000

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