| For the Years Ended December 31, | Changes | |||||||||||||||
| 2023 | 2022 | Amount | % | |||||||||||||
| Revenues | $ | 148,999,819 | $ | 145,256,256 | $ | 3,743,563 | 3 | % | ||||||||
| Cost of revenues | (111,990,554) | (112,718,709) | 728,155 | (1 | )% | |||||||||||
| 37,009,265 | 32,537,547 | 4,471,718 | 14 | % | ||||||||||||
| Gross Margin | 25 | % | 22 | % | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Selling and marketing expenses | (17,144,161) | (18,283,260) | 1,139,099 | (6 | )% | |||||||||||
| General and administrative expenses | (6,544,083) | (4,111,399) | (2,432,684) | 59 | % | |||||||||||
| Total operating expenses | (23,688,244) | (22,394,659) | (1,293,585) | 6 | % | |||||||||||
| Income from operations | 13,321,021 | 10,142,888 | 3,178,133 | 31 | % | |||||||||||
| Other income (expenses) | ||||||||||||||||
| Interest expenses, net | (842,246) | (612,554) | (229,692) | 37 | % | |||||||||||
| Other income | 55,442 | 351,347 | (295,905) | (84 | )% | |||||||||||
| Foreign currency exchange loss | (843,319) | (508,845) | (334,474) | 66 | % | |||||||||||
| Income before provision for income tax | 11,690,898 | 9,372,836 | 2,318,062 | 25 | % | |||||||||||
| Income tax expenses | (1,940,852) | (1,469,225) | (471,627) | 32 | % | |||||||||||
| Net income | $ | 9,750,046 | $ | 7,903,611 | $ | 1,846,435 | 23 | % | ||||||||
| For the Years Ended December 31, | Changes | |||||||||||||||
| 2022 | 2021 | Amount | % | |||||||||||||
| Revenues | $ | 145,256,256 | $ | 117,322,028 | $ | 27,934,228 | 24 | % | ||||||||
| Cost of revenues | (112,718,709) | (90,925,259) | (21,793,450) | 24 | % | |||||||||||
| 32,537,547 | 26,396,769 | 6,140,778 | 23 | % | ||||||||||||
| Gross margin | 22 | % | 22 | % | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Selling and marketing expenses | (18,283,260) | (12,606,810) | (5,676,450) | 45 | % | |||||||||||
| General and administrative expenses | (4,111,399) | (2,646,910) | (1,464,489) | 55 | % | |||||||||||
| Total operating expenses | (22,394,659) | (15,253,720) | (7,140,939) | 47 | % | |||||||||||
| Income from operations | 10,142,888 | 11,143,049 | (1,000,161) | (9 | )% | |||||||||||
| Other income (expenses) | ||||||||||||||||
| Interest expenses, net | (612,554) | (787,528) | 174,974 | (22 | )% | |||||||||||
| Other income | 351,347 | 15,057 | 336,290 | 2,233 | % | |||||||||||
| Foreign currency exchange loss | (508,845) | (314,183) | (194,662) | 62 | % | |||||||||||
| Income before provision for income tax | 9,372,836 | 10,056,395 | (683,559) | (7 | )% | |||||||||||
| Income tax expenses | (1,469,225) | (1,360,611) | (108,614) | 8 | % | |||||||||||
| Net income | $ | 7,903,611 | $ | 8,695,784 | $ | (792,173) | (9 | )% | ||||||||
| For the Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Current income tax expense | $ | 3,056,398 | $ | 2,078,737 | $ | 2,066,166 | ||||||
| Deferred income tax benefit | (1,115,546) | (609,512) | (705,555) | |||||||||
| $ | 1,940,852 | $ | 1,469,225 | $ | 1,360,611 | |||||||
| For the Years Ended December 31, | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| Revenues | $ | 148,999,819 | $ | 145,256,256 | $ | 117,322,028 | ||||||
| Cost of revenues | (111,990,554) | (112,718,709) | (90,925,259) | |||||||||
| 37,009,265 | 32,537,547 | 26,396,769 | ||||||||||
| Gross margin | 25 | % | 22 | % | 22 | % | ||||||
| Operating Expenses | ||||||||||||
| Selling and marketing expenses | (17,144,161) | (18,283,260) | (12,606,810) | |||||||||
| General and administrative expenses | (6,544,083) | (4,111,399) | (2,646,910) | |||||||||
| Total operating expenses | (23,688,244) | (22,394,659) | (15,253,720) | |||||||||
| Income from operations | 13,321,021 | 10,142,888 | 11,143,049 | |||||||||
| Other income (expenses) | ||||||||||||
| Interest expenses, net | (842,246) | (612,554) | (787,528) | |||||||||
| Other income | 55,442 | 351,347 | 15,057 | |||||||||
| Foreign currency exchange loss | (843,319) | (508,845) | (314,183) | |||||||||
| Income before provision for income tax | 11,690,898 | 9,372,836 | 10,056,395 | |||||||||
| Income tax expenses | (1,940,852) | (1,469,225) | (1,360,611) | |||||||||
| Net income | $ | 9,750,046 | $ | 7,903,611 | $ | 8,695,784 | ||||||
| December 31, 2023 | December 31, 2022 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 13,328,156 | $ | 5,773,380 | ||||
| Accounts receivable | 14,475,994 | 21,138,144 | ||||||
| Prepayments and other current assets | 3,286,579 | 3,113,139 | ||||||
| Deferred offering costs | — | 374,633 | ||||||
| Amount due from related parties | 18,311 | 3,053,451 | ||||||
| Inventories | 17,426,085 | 18,678,648 | ||||||
| Total Current Assets | 48,535,125 | 52,131,395 | ||||||
| Non-current Assets | ||||||||
| Property and equipment, net | 676,646 | 374,005 | ||||||
| Right of use assets, net | 1,680,547 | 175,004 | ||||||
| Deferred tax assets | 2,749,408 | 1,254,547 | ||||||
| Other non-current assets | 1,264,969 | 686,380 | ||||||
| Total Non-current Assets | 6,371,570 | 2,489,936 | ||||||
| Total Assets | $ | 54,906,695 | $ | 54,621,331 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Short-term loans | $ | 2,884,519 | $ | 15,685,674 | ||||
| Accounts payable | 3,647,682 | 841,647 | ||||||
| Advance from customers | 239,073 | 219,431 | ||||||
| Income tax payable | 4,887,126 | 2,315,764 | ||||||
| Lease liabilities | 761,904 | 299,461 | ||||||
| Other payable and accrued expenses | 2,680,306 | 1,978,440 | ||||||
| Amount due to related parties | 552,343 | 9,380,129 | ||||||
| Total Liabilities | 15,652,953 | 30,720,546 | ||||||
| Lease liabilities, noncurrent | 1,003,943 | 19,394 | ||||||
| Amount due to related parties, non-current | 26,414,083 | 18,350,020 | ||||||
| Deferred tax liabilities | 420,137 | — | ||||||
| Total Liabilities | 43,491,116 | 49,089,960 | ||||||
| Commitments and Contingencies | ||||||||
| Mezzanine Equity (Aggregate liquidation preference of $nil and $3,135,781 as of December 31, 2023 and 2022) | ||||||||
| Series A convertible redeemable preferred shares (par value $0.0001 per share, nil shares and 15,750 shares authorized, issued and outstanding as of December 31, 2023 and 2022, respectively) | — | 3,135,781 | ||||||
| Shareholders’ Equity | ||||||||
| Class A Ordinary Shares ($0.0001 par value, 100,000,000 shares authorized; 24,871,433 shares and 24,871,433 shares issued and outstanding at December 31, 2023 and 2022, respectively)* | 2,487 | 2,487 | ||||||
| Class B Ordinary Shares ($0.0001 par value, 500,000,000 shares authorized; 17,247,383 shares and 13,443,801 shares issued and outstanding at December 31, 2023 and 2022, respectively)* | 1,725 | 1,345 | ||||||
| Additional paid-in capital | 1,755,595 | 2,365,703 | ||||||
| Statutory reserve | 158,027 | 22,658 | ||||||
| Retained earnings | 9,462,217 | 7,540 | ||||||
| Accumulated other comprehensive income (loss) | 35,528 | (4,143) | ||||||
| Total Shareholders’ Equity | 11,415,579 | 2,395,590 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 54,906,695 | $ | 54,621,331 | ||||
