2024 Q1 Form 10-K Financial Statement
#000149315224011558 Filed on March 27, 2024
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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CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
757381 | usd |
CY2023 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
599436 | usd |
CY2022 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
660784 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
130624 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
677340 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
2068248 | usd |
CY2023 | RLEA |
Increase Decrease In Prepaid Supplies Related Pary
IncreaseDecreaseInPrepaidSuppliesRelatedPary
|
241111 | usd |
CY2022 | RLEA |
Increase Decrease In Prepaid Supplies Related Pary
IncreaseDecreaseInPrepaidSuppliesRelatedPary
|
-426155 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
|
-62558 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Supplies
IncreaseDecreaseInPrepaidSupplies
|
10173 | usd |
CY2023 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
41946 | usd |
CY2023 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-541672 | usd |
CY2022 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
938790 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
21057 | usd |
CY2023 | us-gaap |
Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
|
-1279128 | usd |
CY2022 | us-gaap |
Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
|
731649 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
2705565 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
2142552 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
-71998 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
438112 | usd |
CY2023 | us-gaap |
Increase Decrease In Payables To Customers
IncreaseDecreaseInPayablesToCustomers
|
147438 | usd |
CY2022 | us-gaap |
Increase Decrease In Payables To Customers
IncreaseDecreaseInPayablesToCustomers
|
-330004 | usd |
CY2023 | us-gaap |
Increase Decrease In Retainage Payable
IncreaseDecreaseInRetainagePayable
|
-37172 | usd |
CY2022 | us-gaap |
Increase Decrease In Retainage Payable
IncreaseDecreaseInRetainagePayable
|
-698320 | usd |
CY2023 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
-263284 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
|
162307 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-84078 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
1252348 | usd |
CY2022 | us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
75817 | usd |
CY2023 | us-gaap |
Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
|
3017818 | usd |
CY2022 | us-gaap |
Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
|
2504738 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3017818 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2580555 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
399000 | usd |
CY2023 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
318471 | usd |
CY2022 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
2398588 | usd |
CY2023 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
-28263 | usd |
CY2022 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
-94468 | usd |
CY2023 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
7150529 | usd |
CY2022 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
1981864 | usd |
CY2023 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
6028058 | usd |
CY2022 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
2380856 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1811679 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1905128 | usd |
CY2023 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-31875 | 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 |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1322092 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
647246 | 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 |
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 & 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 & 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 |