Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 21, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | JRSIS HEALTH CARE CORPORATION. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 5,836,659 | |
Amendment Flag | false | |
Entity Central Index Key | 0001597892 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-56013 | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 46-4562047 | |
Entity Address, Address Line One | 3/F Building A | |
Entity Address, Address Line Two | De Run YuanNo. 19 Chang Yi Road | |
Entity Address, Address Line Three | Chang Ming ShuiWu Gui Shan | |
Entity Address, City or Town | Zhong Shan City | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 528458 | |
City Area Code | +86 | |
Local Phone Number | 760-88963658 | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | |
Current Assets: | |||
Cash and cash equivalents | $ 28,220 | $ 58,616 | |
Accounts receivable, net | 13,791 | ||
Other receivables | 2,841 | 2,987 | |
Amount due from related parties | 854 | ||
Deferred expenses | 572,750 | 736,393 | |
Total current assets | 617,602 | 798,850 | |
Property and equipment, net | 33,051 | 38,989 | |
Right-of-use assets | 10,730 | 18,138 | |
Total assets | 661,383 | 855,977 | |
Current Liabilities: | |||
Accounts payable | 8,000 | 24,711 | |
Amount due to related parties | 49,491 | ||
Payroll payable | 1,172 | 1,812 | |
Lease liabilities - current | 10,730 | 16,708 | |
Total current liabilities | 69,393 | 43,231 | |
Lease liabilities - non-current | 1,430 | ||
Total liabilities | 69,393 | 44,661 | |
Shareholders’ equity | |||
Preferred stock, $0.0001 par value, 2,000,000 shares of Preferred shares authorized; nil issued and outstanding at June 30, 2023 and December 31, 2022 | [1] | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 5,836,659 issued and outstanding at June 30, 2023 and December 31, 2022 | [1] | 583 | 583 |
Additional paid-in capital | 24,510,284 | 24,510,284 | |
Accumulated deficit | (23,929,915) | (23,705,746) | |
Accumulated other comprehensive income | 11,038 | 6,195 | |
Total shareholders’ equity of the Company | 591,990 | 811,316 | |
Total liabilities and shareholders’ equity | $ 661,383 | $ 855,977 | |
[1]Adjusted for the 1-for-10 reverse stock split. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,836,659 | 5,836,659 |
Common stock, shares outstanding | 5,836,659 | 5,836,659 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenue: | |||||
Consultation | $ 43,317 | $ 43,317 | |||
Total revenue | 43,317 | 43,317 | |||
Operating costs and expenses: | |||||
Salaries and benefits | 3,176 | 4,421 | 7,978 | 4,421 | |
Stock-based compensation | 81,822 | 81,822 | 163,643 | 81,822 | |
Office supplies | 7,221 | 25,430 | 10,777 | 39,756 | |
Right-of-use assets amortization | 5,441 | 5,615 | 8,196 | 5,615 | |
Lease liabilities interest expense | 241 | 497 | 381 | 497 | |
Professional fee | 48,335 | 8,000 | 72,287 | 16,000 | |
Change in fair value of warrant liability | (7) | ||||
Depreciation | 2,086 | 1,505 | 4,224 | 1,505 | |
Total operating costs and expenses | 148,322 | 127,290 | 267,486 | 149,609 | |
Loss from operations before other income and income taxes | (105,005) | (127,290) | (224,169) | (149,609) | |
Other income | |||||
Loss from operations before income taxes | (105,005) | (127,290) | (224,169) | (149,609) | |
Income tax | |||||
Loss from continued operations | (105,005) | (127,290) | (224,169) | (149,609) | |
Net loss from discontinued operations | (36,054,805) | (33,393,670) | |||
Net loss | (105,005) | (36,182,095) | (224,169) | (33,543,279) | |
Comprehensive income: | |||||
Foreign currency translation adjustment from continued operations | 5,100 | 6,356 | 4,843 | 17,557 | |
Foreign currency translation adjustment from discontinued operations | 104,913 | 301,922 | |||
Comprehensive loss | $ (99,905) | $ (36,070,826) | $ (219,326) | $ (33,223,800) | |
Net loss from continuing operations per share of common stock | |||||
Basic earnings per share (in Dollars per share) | [1] | $ (0.018) | $ (0.029) | $ (0.038) | $ (0.048) |
Diluted earnings per share (in Dollars per share) | [1] | (0.018) | (0.029) | (0.038) | (0.048) |
Net loss from discontinuing operations per share of common stock | |||||
Basic earnings per share (in Dollars per share) | [1] | (8.218) | (10.686) | ||
Diluted earnings per share (in Dollars per share) | [1] | (8.218) | (10.686) | ||
Net loss per share of common stock | |||||
Basic earnings per share (in Dollars per share) | [1] | (0.018) | (8.247) | (0.038) | (10.734) |
Diluted earnings per share (in Dollars per share) | [1] | $ (0.018) | $ (8.247) | $ (0.038) | $ (10.734) |
Weighted average number of shares outstanding (Basic) (in Shares) | [1] | 5,836,659 | 4,387,248 | 5,836,659 | 3,125,053 |
Weighted average number of shares outstanding (Diluted) (in Shares) | [1] | 5,836,659 | 4,387,248 | 5,836,659 | 3,125,053 |
[1]Adjusted for the 1-for-10 reverse stock split. |
Consolidated Statement of Share
Consolidated Statement of Sharesholders' Equity - USD ($) | Total | Common stock | Accumulated Deficits | Accumulated other comprehensive income | Additional paid-in capital | Non- controlling Interest | |
Balance at Dec. 31, 2021 | $ 33,102,180 | $ 186 | $ (1,877,296) | $ 545,449 | $ 23,399,563 | $ 11,034,278 | |
Balance (in Shares) at Dec. 31, 2021 | [1] | 1,862,859 | |||||
Net income (loss) | 2,638,816 | 1,847,171 | 791,645 | ||||
Foreign currency translation adjustment | 208,210 | 149,107 | 59,103 | ||||
Balance at Mar. 31, 2022 | 35,949,206 | $ 186 | (30,125) | 694,556 | 23,399,563 | 11,885,026 | |
Balance (in Shares) at Mar. 31, 2022 | [1] | 1,862,859 | |||||
Discontinued Operations adjustment | 12,579,582 | (694,556) | (11,885,026) | ||||
Loss from discontinuing operations | (34,984,724) | (35,949,892) | 965,168 | ||||
Shares issued for officer compensation | 1,056,510 | $ 391 | 1,056,119 | ||||
Shares issued for officer compensation (in Shares) | [1] | 3,913,000 | |||||
Shares issued for private placement | 60,000 | $ 60 | 59,940 | ||||
Shares issued for private placement (in Shares) | [1] | 600,000 | |||||
Shares repurchase and cancelled | (970,560) | $ (53) | (970,468) | ||||
Shares repurchase and cancelled (in Shares) | [1] | (539,200) | |||||
Net income (loss) | (127,290) | (127,290) | |||||
Foreign currency translation adjustment | 6,356 | 6,356 | |||||
Balance at Jun. 30, 2022 | 989,498 | $ 583 | (23,527,725) | 6,356 | 24,510,284 | ||
Balance (in Shares) at Jun. 30, 2022 | [1] | 5,836,659 | |||||
Balance at Dec. 31, 2022 | 811,316 | $ 583 | (23,705,746) | 6,195 | 24,510,284 | ||
Balance (in Shares) at Dec. 31, 2022 | [1] | 5,836,659 | |||||
Net income (loss) | (119,164) | (119,164) | |||||
Foreign currency translation adjustment | (257) | (257) | |||||
Balance at Mar. 31, 2023 | 691,895 | $ 583 | (23,824,910) | 5,938 | 24,510,284 | ||
Balance (in Shares) at Mar. 31, 2023 | [1] | 5,836,659 | |||||
Net income (loss) | (105,005) | (105,005) | |||||
Foreign currency translation adjustment | 5,100 | 5,100 | |||||
Balance at Jun. 30, 2023 | $ 591,990 | $ 583 | $ (23,929,915) | $ 11,038 | $ 24,510,284 | ||
Balance (in Shares) at Jun. 30, 2023 | [1] | 5,836,659 | |||||
[1]Adjusted for the 1-for-10 reverse stock split. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows From Operating Activities | ||
Net loss | $ (224,169) | $ (33,543,279) |
Less: Net loss from discontinued operations | (33,393,670) | |
Net loss from continued operations | (224,169) | (149,609) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 4,224 | 1,505 |
Right-of-use assets amortization | 8,196 | |
Lease liabilities interest expense | 381 | |
Change in fair value of warranty liability | (7) | |
Stock-based compensation | 163,643 | 81,822 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (13,791) | |
Other receivables | 146 | (3,219) |
Amount due from related parties | 854 | |
Accounts payable | (16,711) | (58,000) |
Amount due to related parties | 49,491 | |
Payroll payable | (640) | |
Deposits received | 1,583 | |
Net cash used in operating activities from continued operations | (28,376) | (125,925) |
Net cash provided by operating activities from discontinued operations | 3,157,978 | |
Net cash provided by (used in) operating activities | (28,376) | 3,032,053 |
Cash Flows From Investing Activities | ||
Purchases of property and equipment | (44,518) | |
Net cash used in investing activities from continued operations | (44,518) | |
Net cash used in investing activities from discontinued operations | (2,783,041) | |
Net cash used in investing activities | (2,827,559) | |
Cash Flows From Financing Activities | ||
Shareholder contribution to a subsidiary | 69,260 | |
Proceeds from issuance of common stock in private placement | 60,000 | |
Extinguishment of warranty liability | 7 | |
Net cash provided by financing activities from continued operations | 129,267 | |
Net cash used in financing activities from discontinued operations | (867,508) | |
Net cash used in financing activities | (738,241) | |
Effect of exchange rate fluctuation on cash and cash equivalents | (2,020) | (284,565) |
Net decrease in cash and cash equivalents | (30,396) | (818,312) |
Cash and cash equivalents, beginning of period | 58,616 | 855,971 |
Cash and cash equivalents, ending of period | 28,220 | 37,659 |
Analysis of cash and cash equivalents | ||
Included in cash and cash equivalents per consolidated balance sheets | 28,220 | 37,659 |
Included in cash and cash equivalents of discontinued operations | ||
Cash and cash equivalents, end of period | 28,220 | 37,659 |
Continuing operations: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
Discontinued operations: | ||
Cash paid for income taxes | (13,086) | |
Cash paid for interest | (406,544) | |
Supplemental disclosure of non-cash activities | ||
Shares issued for officer compensation | (163,643) | (1,056,510) |
Shares repurchase | $ (970,560) |
Description of Business and Org
Description of Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
Description of Business and Organization [Abstract] | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE 1. DESCRIPTION OF BUSINESS AND ORGANIZATION JRSIS Health Care Corporation (the “Company” or “JRSS”) was incorporated on November 20, 2013 under the laws of the State of Florida. In December 2013 JRSS acquired 100% of the equity in JRSIS Health Care Limited (“JHCL”), which is a Limited Liability Company registered in British Virgin Island (“BVI”) on February 25, 2013. JHCL owns 100% of the equity in Runteng Medical Group Co., Ltd (“Runteng”), a limited liability company registered in Hong Kong on September 17, 2012. Until March 31, 2022, Runteng owned 70% of the equity in Harbin Jiarun Hospital Co., Ltd (“Jiarun”), a for-profit hospital incorporated in Harbin City of Heilongjiang, China in February 2006. The remaining 30% of the equity in Jiarun was owned by Junsheng Zhang, who is the Chairman of the Board of JRSIS Health Care Corporation. On April 12, 2022, Runteng organized and acquired 100% of the equity in Laidian Technology (Zhongshan) Co., Ltd (“Laidian”), a wholly foreign-owned enterprise (“WFOE”) subsidiary. The Company organized Laidian to engage in the business of providing charging services to electric vehicles operating in Zhongshan City of Guangdong, China. Spin-Off of Harbin Jiarun Hospital Co., Ltd. On April 28, 2022 JRSIS Health Care Corporation completed the spin-off of its subsidiary Harbin Jiarun Hospital Co., Ltd. as JRSIS’s subsidiary Runteng Medical Group Co., Ltd. transferred its 70% equity interest in Jiarun to Zhang Junsheng (the “Spin-Off”). In exchange for the 70% interest in Jiarun, Zhang Junsheng transferred to Runteng 539,200 shares of JRSIS common stock. After the Spin-Off, JRSIS does not beneficially own any equity interest in Jiarun and will no longer consolidate Jiarun financial results with the financial results of JRSIS as on April 1, 2022. According to spin-off agreement on April 28, 2022, the effective date of spin-off was April 1, 2022, Commencing on the second quarter of fiscal year 2022, Jiarun’s historical financial results for periods prior to April 1, 2022 has been reclassified and reflected in JRSIS’s consolidated financial statements as a discontinued operation for comparative purposes. Reverse Stock Split On May 1, 2023, the Company’s Board of Directors and the holder of a majority of the voting power in the Company approved a 1-for-10 reverse stock split of the Company’s common stock (the “Reverse Stock Split”) which was implemented on June 29, 2023. After the Reverse Stock Split, each ten (10) shares of the Corporation’s common stock issued and outstanding shall automatically be combined into one (1) share of the Corporation’s common stock, par value $0.0001 per share, without any further action by the Corporation or the holder thereof (the “Reverse Stock Split”). No fractional shares of common stock shall be issued in connection with the Reverse Stock Split. Rather, fractional shares created as a result of the Reverse Stock Split shall be rounded up to the next largest whole number of shares. For further information regarding this Reverse Stock Split, see "NOTE 12. COMMON STOCK". |
Summaries of Significant Accoun
Summaries of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Summaries of Significant Accounting Policies [Abstract] | |
SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of presentation The consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”). B. Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. C. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for receivables and recoverability of carrying amount and the estimated useful lives of long-lived assets. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. D. Functional currency and foreign currency translation JRSS and JHCL’s functional currency is the United States dollar (“US$”). Runteng’s functional currency is the Hong Kong dollar (“HK$”). The functional currency of Laidian and Jiarun is the Renminbi (“RMB”). The Company’s reporting currency is US$. Assets and liabilities of Runteng, Laidian and Jiarun are translated at the current exchange rate at the balance sheet dates, revenues and expenses are translated at the average exchange rates during the reporting periods, and equity accounts are translated at historical rates. Translation adjustments are reported in other comprehensive income. The exchange rates used for foreign currency translation are as follows: Six Months Ended 2023 2022 (USD to RMB/ ( USD to RMB/ Assets and liabilities period end exchange rate 7.2513 / 7.8363 6.6977 / 7.8467 Revenue and expenses period average 6.9256 / 7.8394 6.4787 / 7.8257 E. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The majority of sales are either cash receipt in advance or cash receipt upon delivery. As of June 30, 2023, one customer accounted for 100% of net accounts receivable, and as of December 31, 2022, no customer accounted for more than 5% of net accounts receivable. For those credit sales, the Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. For the six months ended June 30, 2023, one customer accounted for 100% of total revenue. For the six months ended June 30, 2022, no customer accounted for more than 10% of net revenue. F. Cash and cash equivalents Cash and cash equivalents include all cash, deposits in banks and other liquid investments with initial maturities of three months or less. G. Property and equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to operations when incurred, while additions and betterments are capitalized. Depreciation is recorded on a straight-line basis reflective of the useful lives of the assets. When assets are retired or disposed, the asset’s original cost and related accumulated depreciation are eliminated from accounts and any gain or loss is reflected in income. The estimated useful lives for property and equipment categories are as follows: Transportation instrument 5 years Office equipment 5 years H. Leases In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842), which increases transparency and comparability among organizations by recognizing right-of-use (“ROU”) lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU maintains a distinction between finance leases and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to remain similar to the previous accounting treatment. A lessee is permitted to make an accounting policy election by class of underlying asset to exclude from balance sheet recognition any lease assets and lease liabilities with a term of 12 months or less, and instead to recognize lease expense on a straight-line basis over the lease term. For both financing and operating leases, the ROU asset and lease liability is initially measured at the present value of the lease payments in the consolidated balance sheet. In July 2018, the FASB issued ASU 2018-11 which provides entities with the option to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, if necessary. As discussed in Note 8, we adopted ASU 2016-02–Leases (Topic 842) effective January 1, 2019 utilizing the transition option provided by ASU 2018-11. I. Fair Value Measurement The Company applies the provisions of ASC Subtopic 820-10, Fair Value Measurements, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that is observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Cash and cash equivalents, other receivables, deferred expenses, accounts payable, amount due to related parties, other payable and payroll payable are reflected in the accompanying consolidated financial statements at amounts that approximate fair value because of the short-term nature of these instruments. The fair value of the Company’s lease liabilities also approximates carrying value as they bear interest at current market rates. J. Segment and geographic information An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC (“Accounting Standard Codification”) 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM has been identified as the chief executive officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has determined that there is only one reportable operating segment since all of the services provided are viewed as an integrated business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group’s CODM. K. Revenue recognition The Company recognizes revenue when the contract and performance obligations are identified with a customer, the transaction price are determined and allocated to the performance obligations in the contract for which the amount of revenue can be reliably measured. The Company will recognize revenue when the entity satisfies a performance obligation, it is probable that economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities. L. Shares Issued for Officer’s Compensation The Company accounts for stock-based compensation in accordance with ASC 718-10 “Compensation-Stock Compensation” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options, restricted stock units, and stock appreciation rights are based on estimated fair values. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. The Company accounts for non-employee stock-based awards at fair value in accordance with the measurement and recognition criteria of ASC 505-50 “Equity-Based Payments to Non-Employees. Share-based payment awards granted to a customer shall be measured and classified according to the terms of award. A share-based payment transaction shall be measured based on the fair value. On May 5, 2022, the Company issued 3,913,000 shares of its common stock as officer compensation to Zhong Zhuowei upon the initiation of operations of Laidian. These shares had a negotiated value of $1,056,510, of which $74,652 was obligation for Laidian’s paid in capital, remaining $981,858 was the expense of the Company for 3 years since April of 2022. For the six months ended June 30, 2023, the Company recorded $163,643 compensation expenses. M. Income taxes The Company has adopted FASB ASC Topic 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In July 2006, the FASB issued FIN 48(ASC 740-10), Accounting for Uncertainty in Income Taxes-An Interpretation of FASB Statement No. 109 (ASC 740), which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48 (ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance. As a result of the implementation of FIN 48 (ASC 740-10), the Company made a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or shareholder’s equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company’s unaudited consolidated financial statements. Enterprise income tax is determined under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC, income tax is payable by enterprises at a rate of 25% of their taxable income. N. Earnings per share Basic earnings per common share is computed by using net income divided by the weighted average number of shares of common stock outstanding for the periods presented. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding for the periods presented. The dilutive earnings per share will not be computed if the effect would be anti-dilutive. O. Reclassification The comparative figures before April 1, 2022 have been reclassified to conform to current year presentation to reflect the disposal of a component of business derived from the recognition of a spin-off transaction on April 28, 2022. P. Recently adopted accounting pronouncements The FASB has issued Accounting Standards Update (ASU) No. 2019-01, Leases (Topic 842): Codification Improvements. The new ASU aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 3. DISCONTINUED OPERATIONS At the beginning of 2022, the board of directors of the Company committed to a plan to dispose of Jiarun. On April 28, 2022 the subsidiary of JRSS, Runteng Medical Group Co., Ltd., entered into an Agreement Regarding a Transfer of Harbin Jiarun Hospital Co., Ltd.’s Equity with Zhang Junsheng, who was the Chairman of JRSS until April 28, 2022. Pursuant to the Transfer Agreement, Runteng transferred to Mr. Zhang equity in Harbin Jiarun Hospital Co., Ltd. representing 70% of the total equity in Jiarun Hospital and Mr. Zhang transferred to Runteng 539,200 shares of the Registrant’s common stock. After the Spin-Off, JRSIS did not beneficially own any equity interest in Jiarun and will no longer consolidate Jiarun’s financial results with financial results of JRSS. Commencing on the second quarter of fiscal year 2022, Jiarun’s historical financial results for periods prior to April 1, 2022 was reclassified and reflected in JRSS’s consolidated financial statements as a discontinued operation. Since this transaction required certain authoritative approval before effective, the publication of these transactions were delay so as to obtain all parties consent and advance authoritative approval. The following table presents the components of discontinued operations in relation to Jiarun Hospital reported in the consolidated statements of operations: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Sales - - - 15,619,411 Operating costs and expenses - - - 12,023,149 Earnings from operations before other income and income taxes - - - 3,596,262 Other income(loss) - (36,054,805 ) - (36,061,556 ) Loss from operations before income taxes - (36,054,805 ) - (32,465,294 ) Income tax - - - 928,376 Net loss from discontinued operations - (36,054,805 ) - (33,393,670 ) |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, Net [Abstract] | |
ACCOUNTS RECEIVABLE, NET | NOTE 4. ACCOUNTS RECEIVABLE, NET June 30, December 31, 2023 2022 (Unaudited) Accounts receivable $ 13,791 $ - Less: allowance for doubtful debts - - $ 13,791 $ - Balance of accounts receivable as of June 30, 2023 was mainly due from customer Shanghai Jieshi of $13,791 for the consulting service provided during the second quarter of 2023, which was settled at July 2023. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Property and Equipment, Net [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 5. PROPERTY AND EQUIPMENT, NET At June 30, 2023 and December 31, 2022, property and equipment, net, consisted of: June 30, December 31, 2023 2022 (Unaudited) Transportation equipment $ 41,730 $ 43,873 Office equipment and others 734 771 Total property and equipment at cost 42,464 44,644 Accumulated depreciation (9,413 ) (5,655 ) Total property and equipment, net $ 33,051 $ 38,989 The Company recorded depreciation expense of $4,224 and $1,505 for the six months ended June 30, 2023 and 2022, respectively. |
Right-of-Use Assets and Lease L
Right-of-Use Assets and Lease Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | NOTE 6. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“new lease standard”). The new lease standard was adopted using the optional transition method approach that allows for the cumulative effect adjustment to be recorded without restating prior periods. The Company has elected the practical expedient package related to the identification, classification and accounting for initial direct costs whereby prior conclusions do not have to be reassessed for leases that commenced before the effective date. As the Company will not reassess such conclusions, the Company has not adopted the practical expedient to use hindsight to determine the likelihood of whether a lease will be extended or terminated or whether a purchase option will be exercised. Operating lease In March 2022, Laidian leased office space under non-cancellable operating lease agreements. Under terms of the lease agreement, from April 2022, Laidian is committed to make lease payments of approximately $1,528 per month for 23 months. The Company’s adoption of the new lease standard included new processes and controls regarding asset financing transactions, financial reporting and a system-related implementation required for the new lease standard. The Company’s accounting for finance leases (formerly referred to as capital leases prior to the adoption of the new lease standard) remained substantially unchanged. The impact of the adoption of the new lease standard included the recognition of right-of-use (“ROU”) assets and lease liabilities. The adoption of the new lease standard resulted in additional net lease assets and net lease liabilities of $ 10,730 and $ 10,730, respectively, as of June 30, 2023. As of June 30, 2023, the Company has the following amounts recorded on the Company’s unaudited condensed consolidated balance sheet: June 30, (Unaudited) Assets Right-of-use assets $ 10,730 Total $ 10,730 Liabilities Lease liabilities- Current 10,730 Lease liabilities- Non-current - Total $ 10,730 Future annual minimum lease payments, for non-cancellable operating leases are as follows: Year ending June 30, Amount 2024 10,730 Total $ 10,730 The company has recorded operating lease expense of $5,682 and $6,112 for three months ended June 30, 2023 and 2022, and recorded operating lease expense of $8,577 and $6,122 for six months ended June 30, 2023 and 2022, respectively. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [Abstract] | |
REVENUE | NOTE 7. REVENUE Six Months Ended 2023 2022 Consultation $ 43,317 $ - Total Revenue $ 43,317 $ - The Company’s revenue for the six months ended June 30, 2023 derived from its provision to a customer of consulting services as well as plans and designs for charging piles for Shanghai Jieshi. |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Expense [Abstract] | |
INCOME TAX EXPENSE | NOTE 8. INCOME TAX EXPENSE The Company uses the asset-liability method of accounting for income taxes prescribed by ASC 740 Income Taxes. The Company and its subsidiaries each file their taxes individually. United States JRSS is subject to the United States of America tax at a tax rate of 21%. No provision for the US federal income taxes has been made as the Company had no US taxable income for the periods presented, and its earnings are planned to be reinvested indefinitely into the operations of the Company in the PRC. The following table shows the components of the allowance for US income tax recorded for the six months ended June 30, 2023: Amounts Loss before income tax $ (146,932 ) Tax rate at 21% (30,856 ) Allowance on tax losses 30,856 Income tax expense $ - BVI JHCL was incorporated in the BVI and, under the current laws of the BVI, it is not subject to income tax. Hong Kong Runteng was incorporated in Hong Kong and is subject to Hong Kong profits tax. Runteng is subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong. The applicable statutory tax rate is 16.5%. The following table shows the components of the allowance for Hong Kong income tax recorded for the six months ended June 30, 2023: Amounts Loss before income tax $ - Tax rate at 16.5% - Disallowed tax losses - Income tax expense $ - PRC Corporate Income Tax (CIT) is determined under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC. Income tax is payable by enterprises at a rate of 25% of their taxable income. The following table shows the components of the allowance for PRC income tax recorded for the six months ended June 30, 2023: Amounts Loss before income tax $ (77,237 ) Tax rate at 25% (19,309 ) Allowance on tax losses 19,309 Income tax expense $ - |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9. RELATED PARTY TRANSACTIONS The following is the list of the related parties with which the Company had transactions: Amount due (to)/ from related parties Amount due (to)/ from related parties consisted of the following as of the periods indicated: Name of related parties June 30, December 31, (Unaudited) Zhuowei Zhong $ (49,491 ) $ 854 Amounts due to Zhuowei Zhong as at June 30, 2023, the Chairman of the Company, represented the amounts paid by Mr. Zhong for the daily operation of the company, and the amounts due from Zhuowei Zhong as at December 31, 2022 represented excess reimbursement from the company. Related parties’ transactions Related parties’ transactions consisted of the following for the periods indicated: Six Months Ended June 30, 2023 2022 (Unaudited) (Unaudited) Stock-based compensation paid to: Zhong Zhuowei (#1) $ 163,643 $ 81,822 (#1)Zhong Zhuowei is major shareholder holding 80.7% and 0% of the Company’s issued and outstanding common stock as of March 31, 2023 and 2022, respectively. On May 5, 2022, the Company issued 3,913,000 shares of its common stock to Zhong Zhuowei, pursuant to “agreement on the establishment of Laidian”, as compensation to serve as management to setup Laidian. As Mr. Zhong had previously acquired 800,000 shares in private transactions, he owned 4,713,000 shares (80.7%) of the Company’s common stock as on May 5, 2022. On same day, the Company issued 3,913,000 shares of its common stock to Zhong Zhuowei in compensation for his undertaking to provide management services and financing in connection with the initiation of operations of Laidian. These shares had a negotiated value of $1,056,510. $74,652 of that sum was treated as reimbursement for Mr. Zhong’s contribution of Laidian’s paid in capital. The remaining $981,858 was classified as share-based compensation and capitalized as a deferred expense to be amortized over the three |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED EARNINGS PER SHARE | NOTE 10. BASIC AND DILUTED EARNINGS PER SHARE Basic earnings per share is computed using the weighted average number of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common stock and, if dilutive, potential common stock outstanding during the period. Potential common stock comprises shares issuable upon the exercise of share-based awards, using the treasury stock method. The reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income (loss) from operations is shown as follows: Six Months Ended 2023 2022 (Unaudited) (Unaudited) Numerator: Net loss available to common stockholders $ (224,169 ) $ (33,543,279 ) Net loss from continued operations (224,169 ) (149,609 ) Net loss from discontinued operations - (33,393,670 ) Denominator: Basic weighted average number of shares outstanding* 5,836,659 3,125,053 Diluted weighted average number of shares outstanding* 5,836,659 3,125,053 Net income (loss) per share: Net income (loss) per share of common stock Basic earnings per share* $ (0.038 ) $ (10.734 ) Diluted earnings per share* $ (0.038 ) $ (10.734 ) Net loss from continuing operations per share of common stock Basic earnings per share* $ (0.038 ) $ (0.048 ) Diluted earnings per share* $ (0.038 ) $ (0.048 ) Net income from discontinuing operations per share of common stock Basic earnings per share* $ - $ (10.686 ) Diluted earnings per share* $ - $ (10.686 ) * Adjusted for the 1-for-10 reverse stock split The dilutive earnings per share will not be computed if the effect would be anti-dilutive. |
Contingencies and Commitment
Contingencies and Commitment | 6 Months Ended |
Jun. 30, 2023 | |
Contingencies and Commitment [Abstract] | |
CONTINGENCIES AND COMMITMENT | NOTE 11. CONTINGENCIES AND COMMITMENT Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. There was no contingency of this type as of June 30, 2023 and December 31, 2022. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. There was no contingency of this type as of June 30, 2023 and December 31, 2022. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Common Stock [Abstract] | |
COMMON STOCK | NOTE 12. COMMON STOCK On March 17, 2022, the Company entered into an agreement on the establishment of Laidian with Zhong Zhuowei. The agreement contained a covenant by Zhong Zhuowei to fund the operations of Laidian, which is 100% owned by Runteng, in consideration of Mr. Zhong’s financial commitment and commitment to provide management services, the Company agreed to issue 3,913,000 shares of its common stock to Zhong Zhuowei upon the initiation of operations of Laidian. On May 5, 2022, the Company issued 3,913,000 shares of its common stock to Zhong Zhuowei. As Mr. Zhong had previously acquired 800,000 shares in private transactions, he owned 4,713,000 shares (80.7%) of the Company’s common stock as on May 5, 2022. On May 17, 2022, the Company issued a total of 600,000 share of common stock for US$60,000 at US$0.01 per share to six non-US shareholders. On April 28, 2022, Runteng entered into an agreement regarding a transfer of Jiarun’s equity with Zhang Junsheng. Pursuant to the transfer agreement, Runteng transferred to Mr. Zhang equity interest in Jiarun, representing 70% of equity interest in Jiarun and Mr. Zhang transferred to Runteng 539,200 shares of the Company’s common stock. On May 27, 2022, the Company cancelled the 539,200 shares of the Company’s common stock. Since this transaction required certain authoritative approval before effective, the publication of these transactions was delayed so as to obtain all parties consent and advance authoritative approval. As of May 27, 2022, the issued and outstanding share number of the Company was 5,836,657, the balance of the number of shares held by Mr. Zhang and Mr. Zhong were nil (0%) and 4,713,000 (80.7%), respectively. On May 1, 2023, the Company’s Board of Directors and the holder of a majority of the voting power in the Company approved a 1-for-10 reverse stock split of the Company’s common stock (the “Reverse Stock Split”) which was implemented on June 29, 2023. After the Reverse Stock Split, each ten (10) shares of the Corporation’s common stock issued and outstanding shall automatically be combined into one (1) share of the Corporation’s common stock, par value $0.001 per share. No fractional shares of common stock shall be issued in connection with the Reverse Stock Split. Rather, fractional shares created as a result of the Reverse Stock Split shall be rounded up to the next largest whole number of shares. There were 5,836,659 common stock issued and outstanding at June 30, 2023 and December 31, 2022. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2023 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 13. GOING CONCERN As reflected in the accompanying consolidated financial statements, the Company had a recurring loss of $224,169 and $23,929,915 negative retained earnings or accumulated deficit as of June 30, 2023. These factors raised substantial doubt about its ability to continue as a going concern. In view of the matter described above, recoverability of a major portion of the recorded asset amounts shown in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to raise additional capital, obtain financing and succeed in its future operations. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. To continue as a going concern, the Company is actively pursuing additional funding and strategic partners to enable it to implement its business plan. In addition, the Company is also working to devote more efforts to improve its operation and generate more profits. Besides, the major shareholder will continuously provide financial support to the Company. Management believes that these actions will allow the Company to continue its operations through the next fiscal year. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14. SUBSEQUENT EVENTS The Management of the Company has determined that there were no material subsequent events required to be disclosed or because of which adjustments are needed. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Summaries of Significant Accounting Policies [Abstract] | |
Basis of presentation | A. Basis of presentation The consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (“U.S. GAAP”). |
Principles of consolidation | B. Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Use of estimates | C. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for receivables and recoverability of carrying amount and the estimated useful lives of long-lived assets. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates. |
Functional currency and foreign currency translation | D. Functional currency and foreign currency translation JRSS and JHCL’s functional currency is the United States dollar (“US$”). Runteng’s functional currency is the Hong Kong dollar (“HK$”). The functional currency of Laidian and Jiarun is the Renminbi (“RMB”). The Company’s reporting currency is US$. Assets and liabilities of Runteng, Laidian and Jiarun are translated at the current exchange rate at the balance sheet dates, revenues and expenses are translated at the average exchange rates during the reporting periods, and equity accounts are translated at historical rates. Translation adjustments are reported in other comprehensive income. The exchange rates used for foreign currency translation are as follows: Six Months Ended 2023 2022 (USD to RMB/ ( USD to RMB/ Assets and liabilities period end exchange rate 7.2513 / 7.8363 6.6977 / 7.8467 Revenue and expenses period average 6.9256 / 7.8394 6.4787 / 7.8257 |
Concentration of Credit Risk | E. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The majority of sales are either cash receipt in advance or cash receipt upon delivery. As of June 30, 2023, one customer accounted for 100% of net accounts receivable, and as of December 31, 2022, no customer accounted for more than 5% of net accounts receivable. For those credit sales, the Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. For the six months ended June 30, 2023, one customer accounted for 100% of total revenue. For the six months ended June 30, 2022, no customer accounted for more than 10% of net revenue. |
Cash and cash equivalents | F. Cash and cash equivalents Cash and cash equivalents include all cash, deposits in banks and other liquid investments with initial maturities of three months or less. |
Property and equipment | G. Property and equipment Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged to operations when incurred, while additions and betterments are capitalized. Depreciation is recorded on a straight-line basis reflective of the useful lives of the assets. When assets are retired or disposed, the asset’s original cost and related accumulated depreciation are eliminated from accounts and any gain or loss is reflected in income. The estimated useful lives for property and equipment categories are as follows: Transportation instrument 5 years Office equipment 5 years |
Leases | H. Leases In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842), which increases transparency and comparability among organizations by recognizing right-of-use (“ROU”) lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU maintains a distinction between finance leases and operating leases, which is substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to remain similar to the previous accounting treatment. A lessee is permitted to make an accounting policy election by class of underlying asset to exclude from balance sheet recognition any lease assets and lease liabilities with a term of 12 months or less, and instead to recognize lease expense on a straight-line basis over the lease term. For both financing and operating leases, the ROU asset and lease liability is initially measured at the present value of the lease payments in the consolidated balance sheet. In July 2018, the FASB issued ASU 2018-11 which provides entities with the option to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, if necessary. As discussed in Note 8, we adopted ASU 2016-02–Leases (Topic 842) effective January 1, 2019 utilizing the transition option provided by ASU 2018-11. |
Fair Value Measurement | I. Fair Value Measurement The Company applies the provisions of ASC Subtopic 820-10, Fair Value Measurements, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. Fair value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted to be recorded, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that is observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Cash and cash equivalents, other receivables, deferred expenses, accounts payable, amount due to related parties, other payable and payroll payable are reflected in the accompanying consolidated financial statements at amounts that approximate fair value because of the short-term nature of these instruments. The fair value of the Company’s lease liabilities also approximates carrying value as they bear interest at current market rates. |
Segment and geographic information | J. Segment and geographic information An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC (“Accounting Standard Codification”) 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Group’s reportable segments. The Group’s CODM has been identified as the chief executive officer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has determined that there is only one reportable operating segment since all of the services provided are viewed as an integrated business process and allocation of the resources and assessment of the performance are not separately evaluated by the Group’s CODM. |
Revenue recognition | K. Revenue recognition The Company recognizes revenue when the contract and performance obligations are identified with a customer, the transaction price are determined and allocated to the performance obligations in the contract for which the amount of revenue can be reliably measured. The Company will recognize revenue when the entity satisfies a performance obligation, it is probable that economic benefits will flow to the entity, and specific criteria have been met for each of the Company’s activities. |
Shares Issued for Officer’s Compensation | L. Shares Issued for Officer’s Compensation The Company accounts for stock-based compensation in accordance with ASC 718-10 “Compensation-Stock Compensation” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options, restricted stock units, and stock appreciation rights are based on estimated fair values. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. The Company accounts for non-employee stock-based awards at fair value in accordance with the measurement and recognition criteria of ASC 505-50 “Equity-Based Payments to Non-Employees. Share-based payment awards granted to a customer shall be measured and classified according to the terms of award. A share-based payment transaction shall be measured based on the fair value. On May 5, 2022, the Company issued 3,913,000 shares of its common stock as officer compensation to Zhong Zhuowei upon the initiation of operations of Laidian. These shares had a negotiated value of $1,056,510, of which $74,652 was obligation for Laidian’s paid in capital, remaining $981,858 was the expense of the Company for 3 years since April of 2022. For the six months ended June 30, 2023, the Company recorded $163,643 compensation expenses. |
Income taxes | M. Income taxes The Company has adopted FASB ASC Topic 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In July 2006, the FASB issued FIN 48(ASC 740-10), Accounting for Uncertainty in Income Taxes-An Interpretation of FASB Statement No. 109 (ASC 740), which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48 (ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance. As a result of the implementation of FIN 48 (ASC 740-10), the Company made a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or shareholder’s equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company’s unaudited consolidated financial statements. Enterprise income tax is determined under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC, income tax is payable by enterprises at a rate of 25% of their taxable income. |
Earnings per share | N. Earnings per share Basic earnings per common share is computed by using net income divided by the weighted average number of shares of common stock outstanding for the periods presented. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding for the periods presented. The dilutive earnings per share will not be computed if the effect would be anti-dilutive. |
Reclassification | O. Reclassification The comparative figures before April 1, 2022 have been reclassified to conform to current year presentation to reflect the disposal of a component of business derived from the recognition of a spin-off transaction on April 28, 2022. |
Recently adopted accounting pronouncements | P. Recently adopted accounting pronouncements The FASB has issued Accounting Standards Update (ASU) No. 2019-01, Leases (Topic 842): Codification Improvements. The new ASU aligns the guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers in Topic 842 with that of existing guidance. As a result, the fair value of the underlying asset at lease commencement is its cost, reflecting any volume or trade discounts that may apply. However, if there has been a significant lapse of time between when the underlying asset is acquired and when the lease commences, the definition of fair value (in Topic 820, Fair Value Measurement) should be applied. The ASU also requires lessors within the scope of Topic 942, Financial Services—Depository and Lending, to present all “principal payments received under leases” within investing activities. Finally, the ASU exempts both lessees and lessors from having to provide certain interim disclosures in the fiscal year in which a company adopts the new leases standard. We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows. |
Summaries of Significant Acco_2
Summaries of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summaries of Significant Accounting Policies [Abstract] | |
Schedule of Foreign Currency Translation | The exchange rates used for foreign currency translation are as follows: Six Months Ended 2023 2022 (USD to RMB/ ( USD to RMB/ Assets and liabilities period end exchange rate 7.2513 / 7.8363 6.6977 / 7.8467 Revenue and expenses period average 6.9256 / 7.8394 6.4787 / 7.8257 |
Schedule of Estimated Useful Lives for Property and Equipment Categories | The estimated useful lives for property and equipment categories are as follows: Transportation instrument 5 years Office equipment 5 years |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations [Abstract] | |
Schedule of Discontinued Operations in Relation to Jiarun Hospital Reported in the Consolidated Statements of Operations | The following table presents the components of discontinued operations in relation to Jiarun Hospital reported in the consolidated statements of operations: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net Sales - - - 15,619,411 Operating costs and expenses - - - 12,023,149 Earnings from operations before other income and income taxes - - - 3,596,262 Other income(loss) - (36,054,805 ) - (36,061,556 ) Loss from operations before income taxes - (36,054,805 ) - (32,465,294 ) Income tax - - - 928,376 Net loss from discontinued operations - (36,054,805 ) - (33,393,670 ) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, Net [Abstract] | |
Schedule of Accounts Receivable | June 30, December 31, 2023 2022 (Unaudited) Accounts receivable $ 13,791 $ - Less: allowance for doubtful debts - - $ 13,791 $ - |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property and Equipment, Net [Abstract] | |
Schedule of Property and Equipment, Net | At June 30, 2023 and December 31, 2022, property and equipment, net, consisted of: June 30, December 31, 2023 2022 (Unaudited) Transportation equipment $ 41,730 $ 43,873 Office equipment and others 734 771 Total property and equipment at cost 42,464 44,644 Accumulated depreciation (9,413 ) (5,655 ) Total property and equipment, net $ 33,051 $ 38,989 |
Right-of-Use Assets and Lease_2
Right-of-Use Assets and Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |
Schedule of Unaudited Condensed Consolidated Balance Sheet | As of June 30, 2023, the Company has the following amounts recorded on the Company’s unaudited condensed consolidated balance sheet: June 30, (Unaudited) Assets Right-of-use assets $ 10,730 Total $ 10,730 Liabilities Lease liabilities- Current 10,730 Lease liabilities- Non-current - Total $ 10,730 |
Schedule of Future Annual Minimum Lease Payments, for Non-Cancellable Operating Leases | Future annual minimum lease payments, for non-cancellable operating leases are as follows: Year ending June 30, Amount 2024 10,730 Total $ 10,730 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [Abstract] | |
Schedule of Revenue | Six Months Ended 2023 2022 Consultation $ 43,317 $ - Total Revenue $ 43,317 $ - |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Expense [Abstract] | |
Schedule of components of the allowance for US income tax | The following table shows the components of the allowance for US income tax recorded for the six months ended June 30, 2023: Amounts Loss before income tax $ (146,932 ) Tax rate at 21% (30,856 ) Allowance on tax losses 30,856 Income tax expense $ - The following table shows the components of the allowance for Hong Kong income tax recorded for the six months ended June 30, 2023: Amounts Loss before income tax $ - Tax rate at 16.5% - Disallowed tax losses - Income tax expense $ - Amounts Loss before income tax $ (77,237 ) Tax rate at 25% (19,309 ) Allowance on tax losses 19,309 Income tax expense $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Amount Due from Related Parties | Amount due (to)/ from related parties consisted of the following as of the periods indicated: Name of related parties June 30, December 31, (Unaudited) Zhuowei Zhong $ (49,491 ) $ 854 |
Schedule of Related Party Transaction | Related parties’ transactions consisted of the following for the periods indicated: Six Months Ended June 30, 2023 2022 (Unaudited) (Unaudited) Stock-based compensation paid to: Zhong Zhuowei (#1) $ 163,643 $ 81,822 (#1)Zhong Zhuowei is major shareholder holding 80.7% and 0% of the Company’s issued and outstanding common stock as of March 31, 2023 and 2022, respectively. On May 5, 2022, the Company issued 3,913,000 shares of its common stock to Zhong Zhuowei, pursuant to “agreement on the establishment of Laidian”, as compensation to serve as management to setup Laidian. As Mr. Zhong had previously acquired 800,000 shares in private transactions, he owned 4,713,000 shares (80.7%) of the Company’s common stock as on May 5, 2022. |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Basic earnings per share is computed using the weighted average number of common stock outstanding during the period. Diluted earnings per share is computed using the weighted average number of common stock and, if dilutive, potential common stock outstanding during the period. Potential common stock comprises shares issuable upon the exercise of share-based awards, using the treasury stock method. The reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income (loss) from operations is shown as follows: Six Months Ended 2023 2022 (Unaudited) (Unaudited) Numerator: Net loss available to common stockholders $ (224,169 ) $ (33,543,279 ) Net loss from continued operations (224,169 ) (149,609 ) Net loss from discontinued operations - (33,393,670 ) Denominator: Basic weighted average number of shares outstanding* 5,836,659 3,125,053 Diluted weighted average number of shares outstanding* 5,836,659 3,125,053 Net income (loss) per share: Net income (loss) per share of common stock Basic earnings per share* $ (0.038 ) $ (10.734 ) Diluted earnings per share* $ (0.038 ) $ (10.734 ) Net loss from continuing operations per share of common stock Basic earnings per share* $ (0.038 ) $ (0.048 ) Diluted earnings per share* $ (0.038 ) $ (0.048 ) Net income from discontinuing operations per share of common stock Basic earnings per share* $ - $ (10.686 ) Diluted earnings per share* $ - $ (10.686 ) * Adjusted for the 1-for-10 reverse stock split |
Description of Business and O_2
Description of Business and Organization (Details) - $ / shares | Apr. 28, 2022 | Jun. 30, 2023 | Jun. 26, 2023 | May 01, 2023 | Dec. 31, 2022 | May 05, 2022 | Apr. 12, 2022 | Dec. 31, 2013 | Sep. 17, 2012 |
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 70% | ||||||||
Common stock (in Shares) | 539,200 | ||||||||
Common stock shares issued (in Shares) | 1 | 3,913,000 | |||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.001 | $ 0.0001 | ||||||
Common Stock [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Common stock, par value (in Dollars per share) | $ 0.0001 | ||||||||
JRSIS Health Care Limited [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 100% | ||||||||
Runteng Medical Group Co., Ltd [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 100% | ||||||||
Harbin Jiarun Hospital Co., Ltd [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 70% | ||||||||
Junsheng Zhang [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 30% | ||||||||
Laidian Technology (Zhongshan) Co., Ltd [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 100% | ||||||||
Jiarun to Zhang Junsheng [Member] | |||||||||
Description of Business and Organization (Details) [Line Items] | |||||||||
Percentage of equity acquired | 70% |
Summaries of Significant Acco_3
Summaries of Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 01, 2023 | May 05, 2022 | |
Summaries of Significant Accounting Policies (Details) [Line Items] | |||||
Concentration of credit risk, percentage | 100% | ||||
Operating segment | 1 | ||||
Shares issued (in Shares) | 1 | 3,913,000 | |||
Negotiated value (in Dollars) | $ 1,056,510 | ||||
Paid in capital (in Dollars) | 74,652 | ||||
Share-based compensation (in Dollars) | $ 981,858 | ||||
Expense term year | 3 years | ||||
Compensation expenses (in Dollars) | $ 163,643 | $ 81,822 | |||
Income tax payable rate | 25% | ||||
Accounts Receivable [Member] | |||||
Summaries of Significant Accounting Policies (Details) [Line Items] | |||||
Concentration of credit risk, percentage | 5% | ||||
Revenue [Member] | |||||
Summaries of Significant Accounting Policies (Details) [Line Items] | |||||
Total Revenue | 100% | 10% | |||
Common Stock [Member] | |||||
Summaries of Significant Accounting Policies (Details) [Line Items] | |||||
Shares issued (in Shares) | 3,913,000 |
Summaries of Significant Acco_4
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Assets and liabilities [Member] | ||
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation [Line Items] | ||
Description of foreign currency translation | period end exchange rate | |
RMB [Member] | Minimum [Member] | Assets and liabilities [Member] | ||
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 7.2513 | 6.6977 |
HKD [Member] | Maximum [Member] | Assets and liabilities [Member] | ||
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 7.8363 | 7.8467 |
Revenue and expenses [Member] | ||
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation [Line Items] | ||
Description of foreign currency translation | period average | |
Revenue and expenses [Member] | RMB [Member] | Minimum [Member] | ||
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 6.9256 | 6.4787 |
Revenue and expenses [Member] | HKD [Member] | Maximum [Member] | ||
Summaries of Significant Accounting Policies (Details) - Schedule of Foreign Currency Translation [Line Items] | ||
Foreign currency translation | 7.8394 | 7.8257 |
Summaries of Significant Acco_5
Summaries of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives for Property and Equipment Categories | Jun. 30, 2023 |
Transportation instrument [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful lives for property and equipment | 5 years |
Office equipment [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Estimated useful lives for property and equipment | 5 years |
Discontinued Operations (Detail
Discontinued Operations (Details) | 6 Months Ended |
Jun. 30, 2023 shares | |
Discontinued Operations [Abstract] | |
Total equity, percentage | 70% |
Registrant’s common stock | 539,200 |
Discontinued Operations (Deta_2
Discontinued Operations (Details) - Schedule of Discontinued Operations in Relation to Jiarun Hospital Reported in the Consolidated Statements of Operations - Discontinued Operations [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Discontinued Operations (Details) - Schedule of Discontinued Operations in Relation to Jiarun Hospital Reported in the Consolidated Statements of Operations [Line Items] | ||||
Net Sales | $ 15,619,411 | |||
Operating costs and expenses | 12,023,149 | |||
Earnings from operations before other income and income taxes | 3,596,262 | |||
Other income(loss) | (36,054,805) | (36,061,556) | ||
Loss from operations before income taxes | (36,054,805) | (32,465,294) | ||
Income tax | 928,376 | |||
Net loss from discontinued operations | $ (36,054,805) | $ (33,393,670) |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Details) | Jun. 30, 2023 USD ($) |
Accounts Receivable, Net [Abstract] | |
Accounts receivable | $ 13,791 |
Accounts Receivable, Net (Det_2
Accounts Receivable, Net (Details) - Schedule of Accounts Receivable - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Net [Abstract] | ||
Accounts receivable | $ 13,791 | |
Less: allowance for doubtful debts | ||
Total | $ 13,791 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 4,224 | $ 1,505 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment at cost | $ 42,464 | $ 44,644 |
Accumulated depreciation | (9,413) | (5,655) |
Total property and equipment, net | 33,051 | 38,989 |
Transportation equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment at cost | 41,730 | 43,873 |
Office equipment and others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment at cost | $ 734 | $ 771 |
Right-of-Use Assets and Lease_3
Right-of-Use Assets and Lease Liabilities (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Right-of-Use Assets and Lease Liabilities [Abstract] | |||||
Operating lease expense | $ 1,528 | ||||
Net lease assets | $ 10,730 | $ 10,730 | |||
Net lease liabilities | 10,730 | 10,730 | |||
Operating lease expense | $ 5,682 | $ 6,112 | |||
Discontinued operations | $ 8,577 | $ 6,122 |
Right-of-Use Assets and Lease_4
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Unaudited Condensed Consolidated Balance Sheet - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | ||
Right-of-use assets | $ 10,730 | |
Total | 10,730 | |
Liabilities | ||
Lease liabilities- Current | 10,730 | $ 16,708 |
Lease liabilities- Non-current | ||
Total | $ 10,730 |
Right-of-Use Assets and Lease_5
Right-of-Use Assets and Lease Liabilities (Details) - Schedule of Future Annual Minimum Lease Payments, for Non-Cancellable Operating Leases | Jun. 30, 2023 USD ($) |
Schedule of Future Annual Minimum Lease Payments, for Non-Cancellable Operating Leases [Abstract] | |
2024 | $ 10,730 |
Total | $ 10,730 |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Revenue - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Revenue [Abstract] | ||||
Consultation | $ 43,317 | $ 43,317 | ||
Total Revenue | $ 43,317 | $ 43,317 |
Income Tax Expense (Details)
Income Tax Expense (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Expense (Details) [Line Items] | |
Income tax enterprises rate | 25% |
United States of America [Member] | |
Income Tax Expense (Details) [Line Items] | |
Percentage of tax rate | 21% |
Hong Kong [Member] | |
Income Tax Expense (Details) [Line Items] | |
Percentage of tax rate | 16.50% |
Income Tax Expense (Details) -
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
US [Member] | |
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax [Line Items] | |
Loss before income tax | $ (146,932) |
Tax rate | (30,856) |
Allowance on tax losses | 30,856 |
Income tax expense | |
Hong Kong [Member] | |
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax [Line Items] | |
Loss before income tax | |
Tax rate | |
Disallowed tax losses | |
Income tax expense | |
PRC [Member] | |
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax [Line Items] | |
Loss before income tax | (77,237) |
Tax rate | (19,309) |
Allowance on tax losses | 19,309 |
Income tax expense |
Income Tax Expense (Details) _2
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax (Parentheticals) | 6 Months Ended |
Jun. 30, 2023 | |
US [Member] | |
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax (Parentheticals) [Line Items] | |
Percentage of tax rate | 21% |
Hong Kong [Member] | |
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax (Parentheticals) [Line Items] | |
Percentage of tax rate | 16.50% |
PRC [Member] | |
Income Tax Expense (Details) - Schedule of components of the allowance for US income tax (Parentheticals) [Line Items] | |
Percentage of tax rate | 25% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | |||||
Mar. 31, 2023 | May 05, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 26, 2023 | |
Related Party Transactions (Details) [Line Items] | ||||||
Common stock, shares issued (in Shares) | 3,913,000 | 1 | ||||
Shares in private transactions (in Shares) | 800,000 | |||||
Owned shares (in Shares) | 4,713,000 | |||||
Shares issued (in Shares) | 800,000 | |||||
Negotiated value | $ 1,056,510 | |||||
Paid in capital | 74,652 | |||||
Share-based compensation | $ 981,858 | |||||
Expense term year | 3 years | |||||
Compensation expenses | $ 163,643 | $ 81,822 | ||||
Zhong Zhuowei [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Common stock issued and outstanding, percentage | 80.70% | 0% | ||||
Shares issued (in Shares) | 3,913,000 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Amount Due from Related Parties - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Zhuowei Zhong [Member] | ||
Related Party Transactions (Details) - Schedule of Amount Due from Related Parties [Line Items] | ||
Due (to) from related parties | $ (49,491) | $ 854 |
Related Party Transactions (D_3
Related Party Transactions (Details) - Schedule of Related Party Transaction - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Zhong Zhuowei [Member] | |||
Schedule of related party transaction [Abstract] | |||
Related party transactions | [1] | $ 163,643 | $ 81,822 |
[1]Zhong Zhuowei is major shareholder holding 80.7% and 0% of the Company’s issued and outstanding common stock as of March 31, 2023 and 2022, respectively. On May 5, 2022, the Company issued 3,913,000 shares of its common stock to Zhong Zhuowei, pursuant to “agreement on the establishment of Laidian”, as compensation to serve as management to setup Laidian. As Mr. Zhong had previously acquired 800,000 shares in private transactions, he owned 4,713,000 shares (80.7%) of the Company’s common stock as on May 5, 2022 |
Basic and Diluted Earnings Pe_3
Basic and Diluted Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - Basic And Diluted Earnings Per Share - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Numerator: | |||
Net loss available to common stockholders (in Dollars) | $ (224,169) | $ (33,543,279) | |
Net loss from continued operations (in Dollars) | (224,169) | (149,609) | |
Net loss from discontinued operations (in Dollars) | $ (33,393,670) | ||
Denominator: | |||
Basic weighted average number of shares outstanding (in Shares) | [1] | 5,836,659 | 3,125,053 |
Diluted weighted average number of shares outstanding (in Shares) | [1] | 5,836,659 | 3,125,053 |
Net income (loss) per share of common stock | |||
Basic earnings per share | $ (0.038) | $ (10.734) | |
Diluted earnings per share | (0.038) | (10.734) | |
Net loss from continuing operations per share of common stock | |||
Basic earnings per share | [1] | (0.038) | (0.048) |
Diluted earnings per share | [1] | (0.038) | (0.048) |
Net income from discontinuing operations per share of common stock | |||
Basic earnings per share | [1] | (10.686) | |
Diluted earnings per share | [1] | $ (10.686) | |
[1]Adjusted for the 1-for-10 reverse stock split |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | ||||||
May 05, 2022 | Mar. 17, 2022 | Jun. 26, 2023 | Apr. 28, 2022 | Jun. 30, 2023 | May 01, 2023 | Dec. 31, 2022 | |
Common Stock (Details) [Line Items] | |||||||
Owned percentage | 100% | ||||||
Shares issued | 3,913,000 | 1 | |||||
Acquired shares | 800,000 | ||||||
Owned shares | 4,713,000 | ||||||
Common stock percentage | 80.70% | ||||||
Total shares issued | 600,000 | ||||||
Common stock (in Dollars) | $ 60,000 | ||||||
Price per share (in Dollars per share) | $ 0.01 | ||||||
Transfer agreement description | Runteng entered into an agreement regarding a transfer of Jiarun’s equity with Zhang Junsheng. Pursuant to the transfer agreement, Runteng transferred to Mr. Zhang equity interest in Jiarun, representing 70% of equity interest in Jiarun and Mr. Zhang transferred to Runteng 539,200 shares of the Company’s common stock. On May 27, 2022, the Company cancelled the 539,200 shares of the Company’s common stock. Since this transaction required certain authoritative approval before effective, the publication of these transactions was delayed so as to obtain all parties consent and advance authoritative approval. As of May 27, 2022, the issued and outstanding share number of the Company was 5,836,657, the balance of the number of shares held by Mr. Zhang and Mr. Zhong were nil (0%) and 4,713,000 (80.7%), respectively. | ||||||
Reverse stock split | 10 | ||||||
Share of common stock | 3,913,000 | 1 | |||||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 5,836,659 | 5,836,659 | |||||
Common stock, shares outstanding | 5,836,659 | 5,836,659 | |||||
Zhong Zhuowei [Member] | |||||||
Common Stock (Details) [Line Items] | |||||||
Shares issued | 3,913,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Substantial loss | $ 224,169 | |
Retained earnings | $ (23,929,915) | $ (23,705,746) |