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MingZhu Logistics Holdings Ltd. – ‘20-F’ for 12/31/22 – ‘XML’

On:  Tuesday, 5/16/23, at 5:01pm ET   ·   For:  12/31/22   ·   Accession #:  1213900-23-40523   ·   File #:  1-39564

Previous ‘20-F’:  ‘20-F/A’ on 3/22/23 for 12/31/21   ·   Latest ‘20-F’:  This Filing   ·   8 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/16/23  MingZhu Logistics Holdings Ltd.   20-F       12/31/22  132:13M                                    EdgarAgents LLC/FA

Annual or Annual-Transition Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual Report                                       HTML   2.52M 
 2: EX-2.4      Description of Securities                           HTML     51K 
 3: EX-8.1      List of Subsidiaries of the Registrant              HTML     41K 
 8: EX-10.10    Proxy Agreement, Dated December 20, 2022, by and    HTML    175K 
                Among Xinjiang Feipeng Logistics Co., Ltd.,                      
                Shareholders of Xinjiang Feipeng Logistics Co.,                  
                Ltd. and Shenzhen Feipeng Zongheng Supply Chain                  
                Management Co., Ltd                                              
 9: EX-10.11    Letter of Confirmation and Undertaking, Dated       HTML     52K 
                December 20, 2022, by Shareholders of Xinjiang                   
                Feipeng Logistics Co., Ltd                                       
10: EX-10.12    Master Exclusive Service Agreement, Dated January   HTML    128K 
                22, 2022, by and Between Hainan Zhisheng                         
                Automobile Services Co., Ltd. and Zhejiang                       
                Caiyunlian Technology Co., Ltd                                   
11: EX-10.13    Business Cooperation Agreement, Dated January 22,   HTML    131K 
                2022, by and Among Hainan Zhisheng Automobile                    
                Services Co., Ltd., Shareholders of Hainan                       
                Zhisheng Automobile Services Co., Ltd. and                       
                Zhejiang Caiyunlian Technology Co., Ltd                          
12: EX-10.14    Equity Interest Pledge Agreement, Dated January     HTML    146K 
                22, 2022, by and Between Hainan Zhisheng                         
                Automobile Services Co., Ltd., Zhejiang Caiyunlian               
                Technology Co., Ltd, and Pledgors Named Therein                  
13: EX-10.15    Exclusive Option Agreement, Dated January 22,       HTML    195K 
                2022, by and Among Hainan Zhisheng Automobile                    
                Services Co., Ltd., Shareholders of Hainan                       
                Zhisheng Automobile Services Co., Ltd. and                       
                Zhejiang Caiyunlian Technology Co., Ltd                          
14: EX-10.16    Proxy Agreement, Dated January 22, 2022, by and     HTML    152K 
                Among Hainan Zhisheng Automobile Services Co.,                   
                Ltd., Shareholders of Hainan Zhisheng Automobile                 
                Services Co., Ltd. and Zhejiang Caiyunlian                       
                Technology Co., Ltd                                              
15: EX-10.17    Letter of Confirmation and Undertaking, Dated       HTML     50K 
                January 22, 2022, by Shareholders of Hainan                      
                Zhisheng Automobile Services Co., Ltd                            
16: EX-10.18    Consent Letter, Dated January 22, 2022, by Spouse   HTML     68K 
                of Shareholder of Hainan Zhisheng Automobile                     
                Services Co., Ltd                                                
 4: EX-10.6     Master Exclusive Service Agreement, Dated December  HTML    126K 
                20, 2022, by and Between Xinjiang Feipeng                        
                Logistics Co., Ltd. and Shenzhen Feipeng Zongheng                
                Supply Chain Management Co., Ltd                                 
 5: EX-10.7     Business Cooperation Agreement, Dated December 20,  HTML    136K 
                2022, by and Among Xinjiang Feipeng Logistics Co.,               
                Ltd., Shareholders of Xinjiang Feipeng Logistics                 
                Co., Ltd., Shenzhen Feipeng Zongheng Supply Chain                
                Management Co., Ltd. and Shareholders Named                      
                Therein                                                          
 6: EX-10.8     Equity Interest Pledge Agreement, Dated December    HTML    151K 
                20, 2022, by and Between Xinjiang Feipeng                        
                Logistics Co., Ltd., Shenzhen Feipeng Zongheng                   
                Supply Chain Management Co., Ltd. and Pledgors                   
                Named Therein                                                    
 7: EX-10.9     Exclusive Option Agreement, Dated December 20,      HTML    221K 
                2022, by and Among Xinjiang Feipeng Logistics Co.,               
                Ltd., Shareholders of Xinjiang Feipeng Logistics                 
                Co., Ltd. and Shenzhen Feipeng Zongheng Supply                   
                Chain Management Co., Ltd                                        
19: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     38K 
20: EX-13.2     Annual or Quarterly Report to Security Holders      HTML     38K 
17: EX-12.1     Statement re: the Computation of Ratios             HTML     42K 
18: EX-12.2     Statement re: the Computation of Ratios             HTML     42K 
26: R1          Document And Entity Information                     HTML    116K 
27: R2          Consolidated Balance Sheets                         HTML    164K 
28: R3          Consolidated Balance Sheets (Parentheticals)        HTML     46K 
29: R4          Consolidated Statements of (Loss) Income and        HTML    126K 
                Comprehensive (Loss) Income                                      
30: R5          Consolidated Statements of Changes in               HTML     85K 
                Shareholders? Equity                                             
31: R6          Consolidated Statements of Cash Flows               HTML    159K 
32: R7          Nature of Business and Organization                 HTML     68K 
33: R8          Restatement of Previously Issued Financial          HTML     46K 
                Statements                                                       
34: R9          Summary of Significant Accounting Policies          HTML    119K 
35: R10         Cash and Cash Equivalents                           HTML     44K 
36: R11         Accounts receivable, net                            HTML     47K 
37: R12         Prepayments                                         HTML     44K 
38: R13         Other Receivables                                   HTML     44K 
39: R14         Loans receivable                                    HTML     40K 
40: R15         Property and Equipment, Net                         HTML     47K 
41: R16         Deposits                                            HTML     41K 
42: R17         Goodwill                                            HTML     45K 
43: R18         Acquisition                                         HTML     62K 
44: R19         Other Payables and Accrued Liabilities              HTML     45K 
45: R20         Credit Facilities                                   HTML     80K 
46: R21         Variable Interest Entity                            HTML    119K 
47: R22         Leases                                              HTML     56K 
48: R23         Related Party Balances and Transactions             HTML     73K 
49: R24         Employee Benefits Government Plan                   HTML     40K 
50: R25         Income Taxes                                        HTML     64K 
51: R26         Shareholders' Equity                                HTML     55K 
52: R27         Commitments and Contingencies                       HTML     44K 
53: R28         Segment information                                 HTML     53K 
54: R29         Subsequent Events                                   HTML     40K 
55: R30         Reclassification                                    HTML     41K 
56: R31         Condensed Financial Information of the Parent       HTML     77K 
                Company (Unaudited)                                              
57: R32         Accounting Policies, by Policy (Policies)           HTML    191K 
58: R33         Nature of Business and Organization (Tables)        HTML     51K 
59: R34         Restatement of Previously Issued Financial          HTML     44K 
                Statements (Tables)                                              
60: R35         Summary of Significant Accounting Policies          HTML     66K 
                (Tables)                                                         
61: R36         Cash and Cash Equivalents (Tables)                  HTML     42K 
62: R37         Accounts receivable, net (Tables)                   HTML     48K 
63: R38         Prepayments (Tables)                                HTML     45K 
64: R39         Other Receivables (Tables)                          HTML     44K 
65: R40         Property and Equipment, Net (Tables)                HTML     44K 
66: R41         Goodwill (Tables)                                   HTML     47K 
67: R42         Acquisition (Tables)                                HTML     55K 
68: R43         Other Payables and Accrued Liabilities (Tables)     HTML     44K 
69: R44         Credit Facilities (Tables)                          HTML     86K 
70: R45         Variable Interest Entity (Tables)                   HTML     63K 
71: R46         Leases (Tables)                                     HTML     55K 
72: R47         Related Party Balances and Transactions (Tables)    HTML     73K 
73: R48         Income Taxes (Tables)                               HTML     61K 
74: R49         Segment information (Tables)                        HTML     46K 
75: R50         Condensed Financial Information of the Parent       HTML     80K 
                Company (Unaudited) (Tables)                                     
76: R51         Nature of Business and Organization (Details)       HTML    193K 
77: R52         Nature of Business and Organization (Details) -     HTML     76K 
                Schedule of fair values of net assets acquired and               
                liabilities assumed                                              
78: R53         Nature of Business and Organization (Details) -     HTML     40K 
                Schedule of fair values of net assets acquired and               
                liabilities assumed (Parentheticals)                             
79: R54         Restatement of Previously Issued Financial          HTML     41K 
                Statements (Details)                                             
80: R55         Restatement of Previously Issued Financial          HTML     66K 
                Statements (Details) - Schedule of restatement on                
                the consolidated balance sheets                                  
81: R56         Summary of Significant Accounting Policies          HTML    127K 
                (Details)                                                        
82: R57         Summary of Significant Accounting Policies          HTML     94K 
                (Details) - Schedule of consolidated financial                   
                statements                                                       
83: R58         Summary of Significant Accounting Policies          HTML     52K 
                (Details) - Schedule of estimated useful lives of                
                assets                                                           
84: R59         Summary of Significant Accounting Policies          HTML     54K 
                (Details) - Schedule of disaggregated information                
                of revenues                                                      
85: R60         Cash and Cash Equivalents (Details)                 HTML     43K 
86: R61         Cash and Cash Equivalents (Details) - Schedule of   HTML     49K 
                cash and cash equivalents                                        
87: R62         Accounts receivable, net (Details) - Schedule of    HTML     46K 
                accounts receivable, net                                         
88: R63         Accounts receivable, net (Details) - Schedule of    HTML     47K 
                allowance for doubtful accounts                                  
89: R64         Prepayments (Details) - Schedule of prepayments     HTML     57K 
90: R65         Other Receivables (Details) - Schedule of other     HTML     49K 
                receivables                                                      
91: R66         Loans receivable (Details)                          HTML     39K 
92: R67         Property and Equipment, Net (Details)               HTML     55K 
93: R68         Property and Equipment, Net (Details) - Schedule    HTML     54K 
                of property and equipment net                                    
94: R69         Deposits (Details)                                  HTML     39K 
95: R70         Goodwill (Details)                                  HTML     45K 
96: R71         Goodwill (Details) - Schedule of goodwill by        HTML     55K 
                reportable segment                                               
97: R72         Acquisition (Details)                               HTML     98K 
98: R73         Acquisition (Details) - Schedule of fair values of  HTML     89K 
                net assets acquired and liabilities assumed                      
99: R74         Acquisition (Details) - Schedule of fair values of  HTML     46K 
                net assets acquired and liabilities assumed                      
                (Parentheticals)                                                 
100: R75         Acquisition (Details) - Schedule the revenue and    HTML     45K  
                net income                                                       
101: R76         Other Payables and Accrued Liabilities (Details) -  HTML     53K  
                Schedule of other payables and accrued liabilities               
102: R77         Credit Facilities (Details)                         HTML     64K  
103: R78         Credit Facilities (Details) - Schedule of           HTML    116K  
                short-term bank borrowings                                       
104: R79         Credit Facilities (Details) - Schedule of           HTML     67K  
                outstanding balances of long-term bank borrowings                
105: R80         Credit Facilities (Details) - Schedule of           HTML     42K  
                long-term bank borrowings                                        
106: R81         Credit Facilities (Details) - Schedule of           HTML     47K  
                outstanding balances and maturities                              
107: R82         Variable Interest Entity (Details)                  HTML     39K  
108: R83         Variable Interest Entity (Details) - Schedule of    HTML    175K  
                carrying amounts of the assets, liabilities and                  
                the results of operations of the VIEs and VIEs                   
109: R84         Leases (Details)                                    HTML     47K  
110: R85         Leases (Details) - Schedule of capital lease        HTML     70K  
                commitments for revenue equipment                                
111: R86         Leases (Details) - Schedule of future minimum       HTML     47K  
                lease payments under the non-cancellable operating               
                lease                                                            
112: R87         Related Party Balances and Transactions (Details)   HTML     60K  
                - Schedule of due from related parties                           
113: R88         Related Party Balances and Transactions (Details)   HTML     62K  
                - Schedule of due to related parties                             
114: R89         Related Party Balances and Transactions (Details)   HTML    107K  
                - Schedule of collateral and guarantee made by                   
                related parties                                                  
115: R90         Income Taxes (Details)                              HTML     52K  
116: R91         Income Taxes (Details) - Schedule of components of  HTML     50K  
                income tax expenses                                              
117: R92         Income Taxes (Details) - Schedule of deferred tax   HTML     56K  
                assets                                                           
118: R93         Income Taxes (Details) - Schedule of                HTML     53K  
                reconciliation of effective income tax rate                      
119: R94         Income Taxes (Details) - Schedule of taxes payable  HTML     49K  
120: R95         Shareholders' Equity (Details)                      HTML    154K  
121: R96         Commitments and Contingencies (Details)             HTML     43K  
122: R97         Segment information (Details)                       HTML     46K  
123: R98         Segment information (Details) - Schedule of         HTML     53K  
                segment information                                              
124: R99         Condensed Financial Information of the Parent       HTML    109K  
                Company (Unaudited) (Details) - Schedule of parent               
                company balance sheets                                           
125: R100        Condensed Financial Information of the Parent       HTML     48K  
                Company (Unaudited) (Details) - Schedule of parent               
                company balance sheets (Parentheticals)                          
126: R101        Condensed Financial Information of the Parent       HTML     85K  
                Company (Unaudited) (Details) - Schedule of parent               
                company statement of income (Loss) and                           
                Comprehensive Income (Loss)                                      
127: R102        Condensed Financial Information of the Parent       HTML     78K  
                Company (Unaudited) (Details) - Schedule of parent               
                company statement of cash flows                                  
130: XML         IDEA XML File -- Filing Summary                      XML    243K  
128: XML         XBRL Instance -- f20f2022_mingzhulogis_htm           XML   2.12M  
129: EXCEL       IDEA Workbook of Financial Reports                  XLSX    247K  
22: EX-101.CAL  XBRL Calculations -- ygmz-20221231_cal               XML    155K 
23: EX-101.DEF  XBRL Definitions -- ygmz-20221231_def                XML   1.30M 
24: EX-101.LAB  XBRL Labels -- ygmz-20221231_lab                     XML   2.38M 
25: EX-101.PRE  XBRL Presentations -- ygmz-20221231_pre              XML   1.30M 
21: EX-101.SCH  XBRL Schema -- ygmz-20221231                         XSD    443K 
131: JSON        XBRL Instance as JSON Data -- MetaLinks              592±   896K  
132: ZIP         XBRL Zipped Folder -- 0001213900-23-040523-xbrl      Zip    983K

‘XML’   —   XBRL Instance — f20f2022_mingzhulogis_htm

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<dei:EntityAddressPostalZipCode contextRef="c0"> 518081 </dei:EntityAddressPostalZipCode>
<dei:ContactPersonnelName contextRef="c1"> Puglisi & Associates </dei:ContactPersonnelName>
<dei:EntityAddressAddressLine1 contextRef="c1"> 850 Library Avenue </dei:EntityAddressAddressLine1>
<dei:EntityAddressAddressLine2 contextRef="c1"> Suite 204 </dei:EntityAddressAddressLine2>
<dei:EntityAddressCityOrTown contextRef="c1"> Newark </dei:EntityAddressCityOrTown>
<dei:EntityAddressStateOrProvince contextRef="c1"> DE </dei:EntityAddressStateOrProvince>
<dei:CityAreaCode contextRef="c1"> (302) </dei:CityAreaCode>
<dei:LocalPhoneNumber contextRef="c1"> 738-6680 </dei:LocalPhoneNumber>
<dei:Security12bTitle contextRef="c0"> Ordinary shares, par value US$0.001 per share </dei:Security12bTitle>
<dei:TradingSymbol contextRef="c0"> YGMZ </dei:TradingSymbol>
<dei:SecurityExchangeName contextRef="c0"> NASDAQ </dei:SecurityExchangeName>
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<dei:EntityFilerCategory contextRef="c0"> Non-accelerated Filer </dei:EntityFilerCategory>
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<dei:AuditorName contextRef="c0"> Audit Alliance LLP </dei:AuditorName>
<dei:AuditorLocation contextRef="c0"> Singapore </dei:AuditorLocation>
<dei:AuditorFirmId contextRef="c0"> 3481 </dei:AuditorFirmId>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 – Nature of business and organization</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MingZhu Logistics Holdings Limited (“MingZhu Cayman”) is a holding company incorporated in the Cayman Islands on January 2, 2018 under the laws of the Cayman Islands. The Company are engaged in various businesses through our subsidiaries and controlled entities in China.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Reorganization</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reorganization of the Company’s legal structure was completed on April 13, 2018. The reorganization involved the incorporation of MingZhu Cayman, and its wholly-owned subsidiaries, MingZhu BVI, and MingZhu HK; and the transfer of all equity ownership of Shenzhen Yangang Mingzhu Freight Industry Co., Ltd (“MingZhu”) to MingZhu HK from the former shareholders of MingZhu. In consideration of the transfer, the Company issued 1,000 shares of the Company with par value $0.001 (HKD 0.01) per share to the former shareholders of MingZhu.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 13, 2018, the former shareholders transferred their 100% ownership interest in MingZhu to MingZhu HK, which is 100% owned by MingZhu Cayman through MingZhu BVI. After the reorganization, MingZhu Cayman owns 100% equity interests of MingZhu BVI, MingZhu HK and MingZhu. The controlling shareholder of MingZhu Cayman is same as of MingZhu prior to the reorganization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MingZhu was incorporated on July 10, 2002 in Shenzhen, Guangdong under the laws of the PRC. Shenzhen Pengcheng Shengshi Logistics Co., Ltd. (“MingZhu Pengcheng”), a company providing trucking services, was incorporated on April 7, 2010 in Shenzhen, Guangdong under the laws of the PRC. Prior to the reorganization, MingZhu and MingZhu Pengcheng were under common control. On November 10, 2017, for the purpose of reorganization so that the business of the Company could be rearranged to be under a common holding company, the entire equity interest of MingZhu Pengcheng was transferred to MingZhu.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These two transactions were between entities under common control, and therefore accounted for in a manner similar to the pooling of interest method. Under the pooling-of-interests method, combination between two businesses under common control is accounted for at carrying amounts with retrospective adjustment of prior period financial statements, and the equity accounts of the combining entities are combined and the difference between the consideration paid and the net assets acquired is reflected as an equity transaction (i.e., distribution to parent company). As opposed to the purchase method of accounting, no intangible assets are recognized in the transaction, and no goodwill is recognized as a result of the combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 5, 2018, MingZhu HK established its wholly-owned subsidiary, Shenzhen Yangang Mingzhu Supply Chain Management Co., Ltd (“MingZhu Management”), a PRC company. MingZhu Management engages in providing transportation and supply chain management services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the effect of resolutions passed by board of directors on February 12, 2020, the authorized number of ordinary shares increased from 38,000,000 to 50,000,000 with a par value of $0.001 instead of HKD 0.01 and the issued number of ordinary shares increased from 1,000 to 9,250,000 with a par value of $0.001 instead of HKD 0.01. With the effect of resolution passed by board of directors on May 21, 2020, the issued number of ordinary shares decreased from 9,250,000 to 9,000,000. As of the date hereof, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 9,000,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 21, 2020, the Company completed the initial public offering (“IPO”) of 3,000,000 ordinary shares at a public offering price of US$4.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2020, the underwriter and sole book-runner of our underwritten IPO, exercised the partial over-allotment option and purchased an additional 350,000 ordinary shares of the Company at the IPO price of US$4.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 4, 2020, the underwriter and sole book-runner of our underwritten IPO, further exercised the partial over-allotment option and purchased an additional 4,040 ordinary shares of the Company at the IPO price of US$4.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2021, the Company closed its direct public offering of 3,333,335 units of its securities (each, a “Unit”), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.75 ordinary share. The Company sold the Units at a price of $6.00 per Unit. The Company received gross proceeds from the Offering, before deducting estimated offering expenses payable by the Company, of approximately $18,000,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2021, the underwriter and sole book-runner of our underwritten IPO, exercised its partial warrant and purchased a total of 214,286 ordinary shares of the Company with no cash in consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 14, 2021, the underwriter and sole book-runner of our underwritten IPO, exercised its partial warrant and purchased a total of 43,616 ordinary shares of the Company with no cash in consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 29, 2021 (“Acquisition Date”), the Company entered into a Share Purchase Agreement (the “SPA”) to acquire 100% of the equity interest of Cheyi (BVI) Limited (the “Cheyi BVI”) which operates its business through its subsidiary Zhejiang Cheyi Network Technology Co., Ltd. (the “Cheyi Network”), an integrated online car-hailing and driver management services company. Pursuant to the agreement, the total consideration for the acquisition of 100% equity ownership of Cheyi BVI is an aggregate of U.S. $23,470,712, consisting of the issuance by the Company to the shareholders of Cheyi BVI an aggregate of 3,189,000 fully paid Company’s ordinary shares (being U.S. $6,760,680 of $2.12 per share) and payment of $2,000,000 at closing, and Year-2021 earnout payment of U.S. $8,826,019 and Year-2022 earnout payment of U.S. $5,884,013 if the Cheyi BVI’s audited net income for its fiscal year 2021 and 2022 is no less than U.S. $3,000,000 respectively. The two earnout payments are due 13 months upon the delivery of Cheyi BVI’s audited financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transaction was accounted for in accordance with the provisions of ASC 805-10, Business Combinations. The values assigned in these financial statements represent management’s best estimate of fair values as of the Acquisition Date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by ASC 805-20, Business Combinations – Identifiable Assets and Liabilities, and Any Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. According to ASC 820, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets as the most reliable fair value measurement, and the lowest priority to unobservable inputs. According to ASC 820-10-35-41, the valuation of shares issued in the acquisitions and purchase consideration is recognized on the quoted trading price of the Company’s ordinary shares on the date of acquisitions. The quoted closing prices for the Company’s ordinary shares on NASDAQ on the dates of the acquisitions of Cheyi BVI was $2.12 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Recognized amounts of identifiable assets acquired and liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; padding-left: 9pt">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,761,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,647,679</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(803,784</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,631,610</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,859,485</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Capital lease and financing obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Total identifiable net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,836,077</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Add: Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,157,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,477,065 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,993,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 14, 2022, the Company entered into a Share Purchase Agreement with Yinhua which develops and operates a comprehensive auto related service platform to serve auto insurance companies, and each of the shareholders of the Yinhua.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under terms of the share purchase agreement, we shall pay $10,076,600 in exchange for 100% equity of Yinhua. Of the total consideration to be paid, $7,078,100 shall be paid in form of 3,826,000 newly issued ordinary shares of the Company, representing $1.85 per ordinary share of the Company, and $1,000,000 upon closing. In addition, a cash earnout of $1,998,500 shall be paid if Yinhua achieves a net income target threshold of $1.3 million during the calendar year of 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Founded in 2018, Yinhua provides diversified, differentiated and customized value-added auto related services to auto insurance companies, where the services include road security services, car maintenance services, car inspection services and other services. Yinhua develops and operates a comprehensive auto related service platform for auto insurance companies combining intelligent human-vehicle interaction functions with car owner programs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 18, 2022, the parties completed the transaction. Upon the closing of the transaction, the Company acquired 100% shares outstanding of the Yinhua, and the Company issued 3,826,000 ordinary shares and paid $1,000,000 to the sellers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by ASC 805-20, Business Combinations – Identifiable Assets and Liabilities, and Any Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. According to ASC 820, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets as the most reliable fair value measurement, and the lowest priority to unobservable inputs. According to ASC 820-10-35-41, the valuation of shares issued in the acquisitions and purchase consideration is recognized on the quoted trading price of the Company’s ordinary shares on the date of acquisitions. The quoted closing prices for the Company’s ordinary shares on NASDAQ on the dates of the acquisitions of Yinhua was $1.85 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,519,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,050,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(193,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,685,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,126,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,585,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,364,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,126,777 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,949,823</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the Company entered into a Share Purchase Agreement with Feipeng BVI which provides regional trucking services, and each of the shareholders of the Feipeng BVI, pursuant to which, among other things and subject to the terms and conditions contained therein, the Company acquired 100% of Feipeng BVI for approximately $14,540,436, of which US $9,550,000 will be paid in cash upon closing in form of cash. Feipeng BVI shall receive a certain number of shares valued at $4,990,436 if it achieves a targeted net income of US$2.4 million during the calendar year 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the Company entered into a Share Purchase Agreement with Feipeng BVI which provides regional trucking services, and each of the shareholders of the Feipeng BVI, pursuant to which, among other things and subject to the terms and conditions contained therein, the Company acquired 100% of Feipeng BVI for approximately $14,540,436, of which US $9,550,000 will be paid in cash upon closing in form of cash. Feipeng BVI shall receive a certain number of shares valued at $4,990,436 if it achieves a targeted net income of US$2.4 million during the calendar year 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the parties completed the transaction. Upon the closing of the transaction, we acquired 100% of the outstanding shares of the Feipeng BVI, and we paid $9,550,000 in cash to the sellers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,746,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,944</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,446</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,393</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,546,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,884,823</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,383,077</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,719</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,589</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total identifiable net liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,110,416</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,715,130</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,935,722 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,604,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company has included the operating results of Feipeng BVI in its consolidated financial statements since the Acquisition Date. $<span style="-sec-ix-hidden: hidden-fact-75">nil</span> in net sales and $<span style="-sec-ix-hidden: hidden-fact-76">nil</span> in net income of Feipeng BVI were included in the consolidated financial statements for the years ended December 31, 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 22,960,277. </p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Recognized amounts of identifiable assets acquired and liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; padding-left: 9pt">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,761,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,647,679</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(803,784</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,631,610</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,859,485</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Capital lease and financing obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Total identifiable net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,836,077</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Add: Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,157,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,477,065 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,993,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,519,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,050,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(193,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,685,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,126,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,585,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,364,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,126,777 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,949,823</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,746,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,944</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,446</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,393</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,546,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,884,823</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,383,077</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,719</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,589</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total identifiable net liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,110,416</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,715,130</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,935,722 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,604,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 2 - Restatement of Previously Issued Financial Statements</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to filing of its Form 20-F, the Company identified errors in its historical financial statements related to the accounting for the acquisition of Cheyi. The Company used negotiated and agreed price of the Company’s ordinary shares, which is $4.00 per shares, for the recognition of the valuation of shares issued in the acquisition and purchase consideration. However, the Company should have used the quoted trading price of the Company’s ordinary shares on the date of acquisitions for the valuation of shares issued in the acquisition and purchase consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tables below summarize the effects of the restatement on the consolidated balance sheets as of December 31, 2021. There was no impact from this restatement on the years ended prior to December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><b>As of December 31, 2021</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>As Previously<br/> Reported</b></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>Restatement<br/> Adjustment</b></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>As Restated</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><b>Balance Sheet</b></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 21.3pt; text-indent: -12pt">Goodwill</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">20,152,890</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">(5,995,320</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">14,157,570</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 21.25pt">Total non-current asset</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">42,740,835</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">36,745,515</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total assets</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">82,349,986</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">76,354,666</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 12pt; text-indent: -12pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 21.3pt; text-indent: -12pt">Additional paid-in capital</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,792,071</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">35,796,751</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 12pt; text-indent: -12pt">Total shareholders’ equity</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">47,668,934</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,673,614</td> <td> </td></tr> </table>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><b>As of December 31, 2021</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>As Previously<br/> Reported</b></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>Restatement<br/> Adjustment</b></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><b>As Restated</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><b>Balance Sheet</b></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; padding-left: 21.3pt; text-indent: -12pt">Goodwill</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">20,152,890</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">(5,995,320</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">14,157,570</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 21.25pt">Total non-current asset</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">42,740,835</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">36,745,515</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total assets</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">82,349,986</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">76,354,666</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 12pt; text-indent: -12pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 21.3pt; text-indent: -12pt">Additional paid-in capital</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,792,071</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">35,796,751</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 12pt; text-indent: -12pt">Total shareholders’ equity</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">47,668,934</td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">(5,995,320</td> <td>)</td> <td> </td> <td style="border-bottom: black 1.5pt solid">$</td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,673,614</td> <td> </td></tr> </table>
</ygmz:ScheduleOfCondensedFinancialStatementTableTextBlock>
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<us-gaap:Goodwill contextRef="c97" decimals="0" unitRef="usd"> 14157570 </us-gaap:Goodwill>
<us-gaap:OtherAssetsNoncurrent contextRef="c95" decimals="0" unitRef="usd"> 42740835 </us-gaap:OtherAssetsNoncurrent>
<us-gaap:OtherAssetsNoncurrent contextRef="c96" decimals="0" unitRef="usd"> -5995320 </us-gaap:OtherAssetsNoncurrent>
<us-gaap:OtherAssetsNoncurrent contextRef="c97" decimals="0" unitRef="usd"> 36745515 </us-gaap:OtherAssetsNoncurrent>
<us-gaap:Assets contextRef="c95" decimals="0" unitRef="usd"> 82349986 </us-gaap:Assets>
<us-gaap:Assets contextRef="c96" decimals="0" unitRef="usd"> -5995320 </us-gaap:Assets>
<us-gaap:Assets contextRef="c97" decimals="0" unitRef="usd"> 76354666 </us-gaap:Assets>
<us-gaap:AdditionalPaidInCapital contextRef="c95" decimals="0" unitRef="usd"> 41792071 </us-gaap:AdditionalPaidInCapital>
<us-gaap:AdditionalPaidInCapital contextRef="c96" decimals="0" unitRef="usd"> -5995320 </us-gaap:AdditionalPaidInCapital>
<us-gaap:AdditionalPaidInCapital contextRef="c97" decimals="0" unitRef="usd"> 35796751 </us-gaap:AdditionalPaidInCapital>
<us-gaap:StockholdersEquity contextRef="c95" decimals="0" unitRef="usd"> 47668934 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity contextRef="c96" decimals="0" unitRef="usd"> -5995320 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity contextRef="c97" decimals="0" unitRef="usd"> 41673614 </us-gaap:StockholdersEquity>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 3 – Summary of significant accounting policies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Basis of presentation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Principles of consolidation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIE and VIE’s subsidiaries for which the Company is exercises control and, when applicable, entities for which the Company has a controlling financial interest or the ultimate primary beneficiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All transactions and balances between the Company, its subsidiaries, VIE and VIE’s subsidiaries have been eliminated upon consolidation. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid; padding-left: 9pt; text-indent: -9pt"><b>Name</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid"><b>Background</b></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><b>Ownership</b></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap; width: 35%; padding-left: 9pt; text-indent: -9pt">MingZhu Investment Limited (“MingZhu BVI”)</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="white-space: nowrap; width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on January 15, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 34%">100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">YGMZ (Hong Kong) Limited (“MingZhu HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hong Kong company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on February 2, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu BVI</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Yangang Mingzhu Freight Industry Co., Ltd (“MingZhu” or “Mingzhu”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on July 10, 2002</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providing trucking services</p></td> <td> </td> <td>100% directly owned by MingZhu HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Yangang Mingzhu Supply Chain Management Co., Ltd (“MingZhu Management”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 5, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transportation and supply chain management services</p></td> <td> </td> <td>100% directly owned by MingZhu HK</td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Pengcheng Shengshi Logistics Co., Ltd (“MingZhu Pengcheng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on April 7, 2010</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providing trucking services</p></td> <td> </td> <td>100% directly owned by MingZhu</td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt; width: 35%">Cheyi (BVI) Limited (“Cheyi BVI”)</td> <td style="width: 1%"> </td> <td style="width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 29, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="width: 1%"> </td> <td style="width: 34%">100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">Cheyi (Hong Kong) Limited (“Cheyi HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hong Kong company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on October 22, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Cheyi BVI</td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; width: 35%">Ningbo Cheyi Corporate Information Consulting Co., Ltd. (“Ningbo Cheyi” or Cheyi WFOE)</td> <td style="width: 1%"> </td> <td style="width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on November 2, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="width: 1%"> </td> <td style="width: 34%">100% directly owned by Cheyi HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Zhejiang Cheyi Network Technology Co., Ltd. (“Cheyi Network”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on December 10, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An integrated online car-hailing and driver management services company</p></td> <td> </td> <td>100% owned by Ningbo Cheyi via contractual arrangements</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Yinhua (BVI) Limited (“Yinhua”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on November 12, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Yinhua (HK) Limited (“Yinhua HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td>A Hong Kong company<br/> Incorporated on December 1, 2021<br/> A holding company</td> <td> </td> <td>100% directly owned by Yinhua</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Zhejiang Caiyunlian Technology Co. Ltd. (“Yinhua WFOE”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on January 7, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Yinhua HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Hainan Zhisheng Automobile Services Co., Ltd. (“Zhisheng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 13, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A comprehensive auto related service platform to serve auto insurance companies</p></td> <td> </td> <td>100% owned by Yinhua WFOE via contractual arrangements</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Feipeng Global Limited (“Feipeng BVI”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on March 17, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Feipeng Enterprises (HK) Limited (“Feipeng HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td>A Hong Kong company<br/> Incorporated on April 27, 2022<br/> A holding company</td> <td> </td> <td>100% directly owned by Feipeng BVI</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Feipeng Zongheng Supply Chain Management Co., Ltd. (“Feipeng WFOE”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 13, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Feipeng HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Xinjiang Feipeng Logistics Co., Ltd. (“Feipeng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on July 3, 2014</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A regional trucking services provider</p></td> <td> </td> <td>100% owned by Feipeng WFOE via contractual arrangements</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, the fair value of the reporting unit for the goodwill impairment test, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition, deferred taxes and uncertain tax position. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Foreign currency translation and transaction</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currencies of the Company are the local currency of the country in which the subsidiaries operate. The reporting currency of the Company is the United States Dollars (“U.S. dollar”). The results of operations and the consolidated statements of cash flows denominated in foreign currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currencies is translated at the historical rates of exchange at the time of capital contributions. Because cash flows are translated based on the average translation rates, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in consolidated statements of changes in shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency in the consolidated statement of income and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currency of entities incorporated in Cayman and BVI is U.S. dollar. The functional currency of entities incorporated in Hong Kong is the Hong Kong dollar (“HKD”). The Company’s subsidiaries with operations in PRC uses the local currency, Renminbi (“RMB”), as their functional currencies. An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of presenting the financial statements of subsidiaries using RMB as functional currency, the Company’s assets and liabilities are expressed in U.S. dollar at the exchange rate on the balance sheet date, which is 6.8972, 6.3726 and 6.5250 as of December 31, 2022, 2021 and 2020, respectively; shareholders’ equity accounts are translated at historical rates, and income and expense items are translated at the average exchange rate during the period, which is 6.7290, 6.4508 and 6.9042 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of presenting the financial statements of the subsidiary using HKD as functional currency, the Company’s assets and liabilities are expressed in U.S. dollar at the exchange rate on the balance sheet date, which is 7.8015, 7.7996 and 7.7894 as of December 31, 2022, 2021 and 2020, respectively; shareholders’ equity accounts are translated at historical rates, and income and expense items are translated at the average exchange rate during the period, which is 7.8306, 7.7727 and 7.8351 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cash and cash equivalents</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash comprises of cash at banks and on hand, which includes deposits with original maturities of three months or less with commercial banks in PRC. As of December 31, 2022 and 2021, cash were held in accounts at financial institutions located in the PRC‚ which is not freely convertible into foreign currencies. In addition, these balances are not covered by insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their creditworthiness. The Company and its subsidiaries have not experienced any losses in such accounts and do not believe the cash is exposed to any significant risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Restricted cash</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. Earlier adoption is permitted. The amendments in this Update should be applied using a retrospective transition method to each period presented. On January 1, 2018, the Company adopted this guidance on a retrospective basis and have applied the changes to the consolidated statement of cash flows starting from the year ended December 31, 2016.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, there were restricted cash balance of $<span style="-sec-ix-hidden: hidden-fact-81">nil</span> and $<span style="-sec-ix-hidden: hidden-fact-82">nil</span>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Accounts Receivable and allowance for doubtful accounts</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivables are stated and carried at original invoiced amount. Accounts are considered overdue after 90 days. In establishing the required allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, the economic environment, industry trend analysis, and the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after all means of collection have been exhausted and that the likelihood of collection is not probable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Operating supplies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating supplies consist primarily of tires for servicing the Company’s revenue equipment. Operating supplies are recorded at the lower of cost (on a first-in, first-out basis) or net realizable value. Tires purchased as part of revenue equipment are capitalized as part of the cost of the equipment. Replacement tires are charged to expense when placed in service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Prepayments and Deposits</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prepayments are cash deposited or advanced to suppliers for purchasing goods or services that have not been received or provided and deposits made to the Company’s customers and landlord. This amount is refundable and bears no interest. Prepayment and deposit are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Other receivables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables primarily include short-term interest-free advances made to third parties, rental receivables and receivables for disposal of equipment. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Property and equipment, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost net of accumulated depreciation and impairment. Depreciation is provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service, after considering the estimated residual value which is 5% of costs. Estimated useful lives are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 88%; font-weight: bold; padding-bottom: 1.5pt">Classification</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><b>Estimated<br/> Useful Life</b></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">3-5 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Revenue equipment– trucking*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">5 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Revenue equipment – car-hailing and driver management services **</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">6 years</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">*</td> <td style="text-align: justify">Revenue equipment – trucking are trucks and trailers only used for providing trucking services.</td></tr> <tr style="vertical-align: top"> <td>**</td> <td style="text-align: justify">Revenue equipment –car-hailing and driver management services are passenger cars only used for providing car-hailing and driver management services.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of income and comprehensive income. Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell and lease back certain of our revenue equipment for obtaining working capital. As a result of our continued involvement, for accounting purposes in accordance with ASC 606-10-55-68, these sale and leaseback transactions are considered a financing rather than a sale. Therefore, for purposes of our Consolidated Balance Sheets, as of December 31, 2022 and 2021, $757,088 and $2,267,248 was recorded to “Current portion of capital lease and financing obligations”, respectively; $1,158,642 and $200,712 was recorded to “Long-term portion of capital lease and financing obligations”, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for all significant leases as either operating or capital. At lease inception, if the lease meets any of the following four criteria, the Company will classify it as a capital lease: (a) transfer of ownership to lessee at the end of the lease term, (b) bargain purchase option, (c) lease term is equal to 75% or more of the estimated economic life of the leased property, or (d) the present value of the minimum lease payments is 90% or more of the fair value of the leased asset. Otherwise, the lease will be treated as an operating lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Impairment of long-lived assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-lived assets, including property and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. For the years ended December 31, 2022, 2021 and 2020, no impairment of long-lived assets was recognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Fair Value Measurement</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels of the fair value hierarchy are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rates that are currently available to the Company for issuance of long-term debt and capital lease with similar terms and remaining maturities are used to estimate the fair value of the Company’s long-term debt. The fair value of the Company’s long-term debt approximated the carrying value at December 31, 2022 and 2021, as the weighted average interest rate on these long-term debt approximates the market rate for similar debt.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Share subscription receivables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share subscription receivables represent unpaid capital contribution from the Company’s shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Claims accruals</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to cargo loss and auto liability, the Company maintains insurance coverage to protect it from certain business risks. Claims accruals represent the uninsured portion of pending claims including estimates of adverse development of known claims, plus an estimated liability for incurred but not reported claims. Upon settling claims and expenses associated with claims where it has third party coverage, the Company is generally required to initially fund payment to the claimant and seek reimbursement from the insurer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall be responsible for any loss or damages to the goods entrusted to it or any loss or damage or personal injury happened in the course of the Company’s provision of relevant trucking services. As at the date of this report the Company maintained an adequate insurance coverage in relation to the trucking services to be delivered to its customers and third-party liability. The Company has also maintained sufficient workers’ compensation for its employees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Revenue Recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, revenues are mainly generated from provision of trucking services, car-hailing and driver management services and car owner services. All revenues are accounted for under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for such products or services. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenues under ASC 606</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The core principle of the ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company elected the modified retrospective method which required a cumulative adjustment to retained earnings instead of retrospectively adjusting prior periods. The adoption of ASC 606 did not have material impact on the Company’s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management have determined that revenue recognition over the transit period provides a reasonable estimate of the provision of services to our customers as our obligation is performed over the transit period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We utilize independent contractors in the performance of certain services. While various ownership arrangements may exist for the equipment utilized to perform these services, revenue is generated from the same base of customers. We evaluate whether our performance obligation is a promise to transfer services to the customer (as the principal) or to arrange for services to be provided by another party (as the agent) using a control model. Our evaluation determined that we are in control of establishing the transaction price, managing all aspects of the services process and taking the risk of failure of provision of services. Based on our evaluation of the control model, we determined that all of our major businesses act as the principal rather than the agent within their revenue arrangements and such revenues are reported on a gross basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applies the practical expedient in ASC 606 that permits the Company not to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied as of the end of the period as the Company’s contracts have an expected length of one year or less. The Company also applies the practical expedient in ASC 606 that permits the recognition of incremental costs of obtaining contracts as an expense when incurred if the amortization period of such costs is one year or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s performance obligations represent the transaction price allocated to future reporting periods for services started but not completed at the reporting date. This includes the unbilled amounts and accrued costs for services provision in transit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disaggregated information of revenues by types are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Trucking services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">36,461,921</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,358,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,793,951</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,558,733</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,053,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total revenues</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">114,073,803</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,358,914</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,793,951</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The revenue derived from car owner services are primarily provided by the Yinhua and its subsidiaries, which is acquired by the Company on March 14, 2022. In accordance with the ASC-805, the Company only is able to account the revenue generated by Yinhua and its subsidiaries after the acquisition is completed. The Company had carefully evaluated the amount of such revenue generated by Yinhua and its subsidiaries with reasonable estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the Company acquired Feipeng BVI and its subsidiaries which provide regional trucking services. The revenue generated by Feipeng BVI and its subsidiaries for the year ended December 31, 2022 is immaterial and hence no revenue is accounted in the consolidated financial statements for the year ended December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Transportation costs</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transportation costs primarily consist of fuel expenses, highway bridge expenses, insurance expenses, drivers’ wages, maintenance and repairs expenses, subcontractor fees, depreciation expenses and other expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Costs of car-hailing and driver management services</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs of car-hailing and driver management services mainly include depreciation expenses, repair and maintenance expenses, labor wages and insurance expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Costs of car owner services</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs of car owner services mainly include technical services expenses and subcontractor fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Sales and marketing expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing expenses primarily include advertising costs. Advertising costs are expensed as incurred and amounted to $784,653, $367,633 and $50,083 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Employee benefit</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued. Total expenses for the plans were $847,666, $31,145 and $29,100 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Value added taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to value added tax (“VAT”). Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. The Company is entitled to a refund for VAT already paid on goods and services purchased. The VAT balance is recorded in tax payables on the audited consolidated balance sheets. Revenues are presented net of applicable VAT.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Income taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Comprehensive income (loss) </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive (loss) income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Earnings per share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2022, 2021 and 2020, the diluted EPS was 0.09, -0.06 and 0.08, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Statutory Reserves</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulate loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Commitments and Contingencies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Segment Reporting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Before the completion of acquisition of Cheyi BVI, Yinhua and Feipeng BVI</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s chief operating decision maker (“CODM”) has been identified as its CEO, who reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company’s long-lived assets are substantially all located in the PRC and all of the Company’s revenues are derived from the PRC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>After the completion of acquisition of Cheyi BVI, Yinhua and Feipeng BVI </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s CODM has been identified as its CEO, who reviews the financial results when making decisions about allocating resources and assessing performance of the trucking business, car-hailing and driver management services business and car owner services business separately and therefore, the Company has three reportable segments. The Company’s long-lived assets are substantially all located in the PRC and all of the Company’s revenues are derived from the PRC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Recent issued Accounting Pronouncements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the guidance in ASC Topic 840, Leases. ASU 2016-02 requires, among other changes to the lease accounting guidance, lessees to recognize most leases on-balance sheet via a right-of-use asset and lease liability, and additional qualitative and quantitative disclosures. In July 2018, ASU No. 2018-10, Codification Improvements to Topic 842, Leases, was issued to provide more detailed guidance and additional clarification for implementing ASU No. 2016-02. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an optional transition method in addition to the existing modified retrospective transition method by allowing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. Furthermore, in June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which defers the effective date of ASU No. 2016-02 for certain entities. This update is effective for the Group for annual reporting periods beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. The Group does not plan to early adopt this guidance and is evaluating the impact of the new standard. Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2022. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements and related disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. In November 2019, the FASB issued ASU 2019-10 which defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements and related disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated financial position, statements of operations and cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Concentrations of Risks</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(a)</td> <td style="text-align: justify; font-size: 10pt">Foreign currency risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect the Company’s financial results reported in the U.S. dollar terms without giving effect to any underlying changes in the Company’s business or results of operations. Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, the Company is exposed to foreign exchange risk as revenues and results of operations may be affected by fluctuations in the exchange rate between the U.S. dollar and RMB. If the RMB depreciates against the U.S. dollar, the value of RMB revenues, earnings and assets as expressed in U.S. dollar financial statements will decline. The Company has not entered into any hedging transactions in an effort to reduce its exposure to foreign exchange risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(b)</td> <td style="text-align: justify; font-size: 10pt">Concentration of Credit risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash, cash equivalents and restricted cash. As of December 31, 2022, and 2021, substantially most of the Company’s cash were held by major financial institutions located in the PRC, which management believes are of high credit quality.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers. The Company establishes an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(c)</td> <td style="text-align: justify; font-size: 10pt">Customer concentration risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, one customer accounted for 15.6% of the Company’s total revenues. For the year ended December 31, 2021, two customers accounted for 23.0% and 13.7% of the Company’s total revenues. For the year ended December 31, 2020, two customers accounted for 48.6% and 17.2% of the Company’s total revenues. No other customer accounts for more than 10% of the Company’s revenue for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, two customers accounted for 15.2% and 10.4% of the total balance of accounts receivable. As of December 31, 2021, three customers accounted for 24.2%, 16.2% and 11.7% of the total balance of accounts receivable. No other customer accounts for more than 10% of the Company’s accounts receivable as of December 31, 2022 and 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(d)</td> <td style="text-align: justify; font-size: 10pt">Vendor concentration risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, one vendor accounted for 11.1% of the Company’s total costs. For the year ended December 31, 2021, three subcontractors accounted for 33.4%, 18.8% and 10.3% of the Company’s total subcontracting costs. For the year ended December 31, 2020, three subcontractors accounted for 39.6%, 26.1% and 17.6%. No other subcontractor accounts for more than 10% of the Company’s total subcontracting costs for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, one vendor accounted for 18.6% of the total balance of accounts and notes payable. As of December 31, 2021, one subcontractor accounted for 18.4% of the total balance of accounts payable. No other subcontractor accounts for more than 10% of the Company’s accounts and notes payable as of December 31, 2022 and 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Goodwill impairment</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company performs impairment tests on goodwill on an annual basis in accordance with US GAAP, or more frequently if events or changes in circumstances indicate that those assets might be impaired. Goodwill is tested for impairment at a reporting unit level, which is at the same level or one level below an operating segment. A goodwill impairment loss is recognized when the carrying amount of the reporting unit is greater than its fair value. The goodwill impairment loss is calculated as the excess of the carrying amount of the goodwill over its implied fair value. During the year ended December 31, 2022 there was no goodwill impairment identified.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill arising from the acquisition of Cheyi BVI, Yinhua and Feipeng BVI. As Feipeng BVI was acquired in December, 2022, the goodwill arising from acquisition of Feipeng BVI was not assessed for impairment test. During the year ended December 31, 2022, no indicator of impairment was identified with respect to the Cheyi BVI and Yinhua, which was acquired in December 2021 and March 2022, after the management adjusted the projected results of Cheyi BVI and Yinhua due to the impact of the COVID-19 pandemic.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Basis of presentation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Principles of consolidation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIE and VIE’s subsidiaries for which the Company is exercises control and, when applicable, entities for which the Company has a controlling financial interest or the ultimate primary beneficiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All transactions and balances between the Company, its subsidiaries, VIE and VIE’s subsidiaries have been eliminated upon consolidation. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements reflect the activities of the Company and each of the following entities:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid; padding-left: 9pt; text-indent: -9pt"><b>Name</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid"><b>Background</b></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><b>Ownership</b></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap; width: 35%; padding-left: 9pt; text-indent: -9pt">MingZhu Investment Limited (“MingZhu BVI”)</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="white-space: nowrap; width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on January 15, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 34%">100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">YGMZ (Hong Kong) Limited (“MingZhu HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hong Kong company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on February 2, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu BVI</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Yangang Mingzhu Freight Industry Co., Ltd (“MingZhu” or “Mingzhu”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on July 10, 2002</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providing trucking services</p></td> <td> </td> <td>100% directly owned by MingZhu HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Yangang Mingzhu Supply Chain Management Co., Ltd (“MingZhu Management”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 5, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transportation and supply chain management services</p></td> <td> </td> <td>100% directly owned by MingZhu HK</td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Pengcheng Shengshi Logistics Co., Ltd (“MingZhu Pengcheng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on April 7, 2010</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providing trucking services</p></td> <td> </td> <td>100% directly owned by MingZhu</td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt; width: 35%">Cheyi (BVI) Limited (“Cheyi BVI”)</td> <td style="width: 1%"> </td> <td style="width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 29, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="width: 1%"> </td> <td style="width: 34%">100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">Cheyi (Hong Kong) Limited (“Cheyi HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hong Kong company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on October 22, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Cheyi BVI</td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; width: 35%">Ningbo Cheyi Corporate Information Consulting Co., Ltd. (“Ningbo Cheyi” or Cheyi WFOE)</td> <td style="width: 1%"> </td> <td style="width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on November 2, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="width: 1%"> </td> <td style="width: 34%">100% directly owned by Cheyi HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Zhejiang Cheyi Network Technology Co., Ltd. (“Cheyi Network”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on December 10, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An integrated online car-hailing and driver management services company</p></td> <td> </td> <td>100% owned by Ningbo Cheyi via contractual arrangements</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Yinhua (BVI) Limited (“Yinhua”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on November 12, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Yinhua (HK) Limited (“Yinhua HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td>A Hong Kong company<br/> Incorporated on December 1, 2021<br/> A holding company</td> <td> </td> <td>100% directly owned by Yinhua</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Zhejiang Caiyunlian Technology Co. Ltd. (“Yinhua WFOE”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on January 7, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Yinhua HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Hainan Zhisheng Automobile Services Co., Ltd. (“Zhisheng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 13, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A comprehensive auto related service platform to serve auto insurance companies</p></td> <td> </td> <td>100% owned by Yinhua WFOE via contractual arrangements</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Feipeng Global Limited (“Feipeng BVI”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on March 17, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Feipeng Enterprises (HK) Limited (“Feipeng HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td>A Hong Kong company<br/> Incorporated on April 27, 2022<br/> A holding company</td> <td> </td> <td>100% directly owned by Feipeng BVI</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Feipeng Zongheng Supply Chain Management Co., Ltd. (“Feipeng WFOE”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 13, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Feipeng HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Xinjiang Feipeng Logistics Co., Ltd. (“Feipeng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on July 3, 2014</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A regional trucking services provider</p></td> <td> </td> <td>100% owned by Feipeng WFOE via contractual arrangements</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ConsolidationPolicyTextBlock>
<ygmz:CondensedFinancialsStatementsTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid; padding-left: 9pt; text-indent: -9pt"><b>Name</b></td> <td> </td> <td colspan="3" style="border-bottom: black 1.5pt solid"><b>Background</b></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><b>Ownership</b></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="white-space: nowrap; width: 35%; padding-left: 9pt; text-indent: -9pt">MingZhu Investment Limited (“MingZhu BVI”)</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="white-space: nowrap; width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on January 15, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 34%">100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">YGMZ (Hong Kong) Limited (“MingZhu HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hong Kong company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on February 2, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu BVI</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Yangang Mingzhu Freight Industry Co., Ltd (“MingZhu” or “Mingzhu”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on July 10, 2002</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providing trucking services</p></td> <td> </td> <td>100% directly owned by MingZhu HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Yangang Mingzhu Supply Chain Management Co., Ltd (“MingZhu Management”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 5, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transportation and supply chain management services</p></td> <td> </td> <td>100% directly owned by MingZhu HK</td></tr> <tr> <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Pengcheng Shengshi Logistics Co., Ltd (“MingZhu Pengcheng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on April 7, 2010</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Providing trucking services</p></td> <td> </td> <td>100% directly owned by MingZhu</td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt; width: 35%">Cheyi (BVI) Limited (“Cheyi BVI”)</td> <td style="width: 1%"> </td> <td style="width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 29, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="width: 1%"> </td> <td style="width: 34%">100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top; "> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt">Cheyi (Hong Kong) Limited (“Cheyi HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Hong Kong company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on October 22, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Cheyi BVI</td></tr> </table><p style="margin: 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt; width: 35%">Ningbo Cheyi Corporate Information Consulting Co., Ltd. (“Ningbo Cheyi” or Cheyi WFOE)</td> <td style="width: 1%"> </td> <td style="width: 3%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td style="width: 1%"> </td> <td style="width: 25%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on November 2, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td style="width: 1%"> </td> <td style="width: 34%">100% directly owned by Cheyi HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Zhejiang Cheyi Network Technology Co., Ltd. (“Cheyi Network”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on December 10, 2015</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An integrated online car-hailing and driver management services company</p></td> <td> </td> <td>100% owned by Ningbo Cheyi via contractual arrangements</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Yinhua (BVI) Limited (“Yinhua”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on November 12, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Yinhua (HK) Limited (“Yinhua HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td>A Hong Kong company<br/> Incorporated on December 1, 2021<br/> A holding company</td> <td> </td> <td>100% directly owned by Yinhua</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Zhejiang Caiyunlian Technology Co. Ltd. (“Yinhua WFOE”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on January 7, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Yinhua HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Hainan Zhisheng Automobile Services Co., Ltd. (“Zhisheng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 13, 2018</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A comprehensive auto related service platform to serve auto insurance companies</p></td> <td> </td> <td>100% owned by Yinhua WFOE via contractual arrangements</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Feipeng Global Limited (“Feipeng BVI”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A British Virgin Islands company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on March 17, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by MingZhu Cayman</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Feipeng Enterprises (HK) Limited (“Feipeng HK”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td>A Hong Kong company<br/> Incorporated on April 27, 2022<br/> A holding company</td> <td> </td> <td>100% directly owned by Feipeng BVI</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Shenzhen Feipeng Zongheng Supply Chain Management Co., Ltd. (“Feipeng WFOE”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on September 13, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holding company</p></td> <td> </td> <td>100% directly owned by Feipeng HK</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 9pt; text-indent: -9pt"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding-left: 9pt; text-indent: -9pt">Xinjiang Feipeng Logistics Co., Ltd. (“Feipeng”)</td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">●</p></td> <td> </td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A PRC limited liability company</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incorporated on July 3, 2014</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A regional trucking services provider</p></td> <td> </td> <td>100% owned by Feipeng WFOE via contractual arrangements</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:CondensedFinancialsStatementsTextBlock>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c126"> MingZhu Investment Limited (“MingZhu BVI”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c126"> A British Virgin Islands company Incorporated on January 15, 2018 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c126"> 100% directly owned by MingZhu Cayman </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c127"> YGMZ (Hong Kong) Limited (“MingZhu HK”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c127"> A Hong Kong company Incorporated on February 2, 2018 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c127"> 100% directly owned by MingZhu BVI </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c128"> Shenzhen Yangang Mingzhu Freight Industry Co., Ltd (“MingZhu” or “Mingzhu”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c128"> A PRC limited liability company Incorporated on July 10, 2002 Providing trucking services </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c128"> 100% directly owned by MingZhu HK </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c129"> Shenzhen Yangang Mingzhu Supply Chain Management Co., Ltd (“MingZhu Management”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c129"> A PRC limited liability company Incorporated on September 5, 2018 Transportation and supply chain management services </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c129"> 100% directly owned by MingZhu HK </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c130"> Shenzhen Pengcheng Shengshi Logistics Co., Ltd (“MingZhu Pengcheng”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c130"> A PRC limited liability company Incorporated on April 7, 2010 Providing trucking services </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c130"> 100% directly owned by MingZhu </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c131"> Cheyi (BVI) Limited (“Cheyi BVI”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c131"> A British Virgin Islands company Incorporated on September 29, 2021 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c131"> 100% directly owned by MingZhu Cayman </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c132"> Cheyi (Hong Kong) Limited (“Cheyi HK”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c132"> A Hong Kong company Incorporated on October 22, 2021 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c132"> 100% directly owned by Cheyi BVI </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c133"> Ningbo Cheyi Corporate Information Consulting Co., Ltd. (“Ningbo Cheyi” or Cheyi WFOE) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c133"> A PRC limited liability company Incorporated on November 2, 2021 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c133"> 100% directly owned by Cheyi HK </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c134"> Zhejiang Cheyi Network Technology Co., Ltd. (“Cheyi Network”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c134"> A PRC limited liability company Incorporated on December 10, 2015 An integrated online car-hailing and driver management services company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c134"> 100% owned by Ningbo Cheyi via contractual arrangements </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c135"> Yinhua (BVI) Limited (“Yinhua”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c135"> A British Virgin Islands company Incorporated on November 12, 2021 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c135"> 100% directly owned by MingZhu Cayman </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c136"> Yinhua (HK) Limited (“Yinhua HK”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c136"> A Hong Kong company Incorporated on December 1, 2021 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c136"> 100% directly owned by Yinhua </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c137"> Zhejiang Caiyunlian Technology Co. Ltd. (“Yinhua WFOE”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c137"> A PRC limited liability company Incorporated on January 7, 2021 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c137"> 100% directly owned by Yinhua HK </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c138"> Hainan Zhisheng Automobile Services Co., Ltd. (“Zhisheng”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c138"> A PRC limited liability company Incorporated on September 13, 2018 A comprehensive auto related service platform to serve auto insurance companies </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c138"> 100% owned by Yinhua WFOE via contractual arrangements </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c139"> Feipeng Global Limited (“Feipeng BVI”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c139"> A British Virgin Islands company Incorporated on March 17, 2022 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c139"> 100% directly owned by MingZhu Cayman </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c140"> Feipeng Enterprises (HK) Limited (“Feipeng HK”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c140"> A Hong Kong company Incorporated on April 27, 2022 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c140"> 100% directly owned by Feipeng BVI </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c141"> Shenzhen Feipeng Zongheng Supply Chain Management Co., Ltd. (“Feipeng WFOE”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c141"> A PRC limited liability company Incorporated on September 13, 2022 A holding company </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c141"> 100% directly owned by Feipeng HK </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:VariableInterestEntityDescriptionOfEntity contextRef="c142"> Xinjiang Feipeng Logistics Co., Ltd. (“Feipeng”) </us-gaap:VariableInterestEntityDescriptionOfEntity>
<us-gaap:VariableInterestEntityTypeOfEntity contextRef="c142"> A PRC limited liability company Incorporated on July 3, 2014 A regional trucking services provider </us-gaap:VariableInterestEntityTypeOfEntity>
<us-gaap:VariableInterestEntityVIEPurposeOfVIE contextRef="c142"> 100% owned by Feipeng WFOE via contractual arrangements </us-gaap:VariableInterestEntityVIEPurposeOfVIE>
<us-gaap:UseOfEstimates contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of property and equipment, impairment of long-lived assets, the fair value of the reporting unit for the goodwill impairment test, allowance for doubtful accounts, provision for contingent liabilities, revenue recognition, deferred taxes and uncertain tax position. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:UseOfEstimates>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Foreign currency translation and transaction</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currencies of the Company are the local currency of the country in which the subsidiaries operate. The reporting currency of the Company is the United States Dollars (“U.S. dollar”). The results of operations and the consolidated statements of cash flows denominated in foreign currencies are translated at the average rates of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currencies is translated at the historical rates of exchange at the time of capital contributions. Because cash flows are translated based on the average translation rates, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income included in consolidated statements of changes in shareholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency in the consolidated statement of income and comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional currency of entities incorporated in Cayman and BVI is U.S. dollar. The functional currency of entities incorporated in Hong Kong is the Hong Kong dollar (“HKD”). The Company’s subsidiaries with operations in PRC uses the local currency, Renminbi (“RMB”), as their functional currencies. An entity’s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of presenting the financial statements of subsidiaries using RMB as functional currency, the Company’s assets and liabilities are expressed in U.S. dollar at the exchange rate on the balance sheet date, which is 6.8972, 6.3726 and 6.5250 as of December 31, 2022, 2021 and 2020, respectively; shareholders’ equity accounts are translated at historical rates, and income and expense items are translated at the average exchange rate during the period, which is 6.7290, 6.4508 and 6.9042 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of presenting the financial statements of the subsidiary using HKD as functional currency, the Company’s assets and liabilities are expressed in U.S. dollar at the exchange rate on the balance sheet date, which is 7.8015, 7.7996 and 7.7894 as of December 31, 2022, 2021 and 2020, respectively; shareholders’ equity accounts are translated at historical rates, and income and expense items are translated at the average exchange rate during the period, which is 7.8306, 7.7727 and 7.8351 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<ygmz:ExchangeRate contextRef="c3" decimals="4" unitRef="cnyPershares"> 6.8972 </ygmz:ExchangeRate>
<ygmz:ExchangeRate contextRef="c4" decimals="4" unitRef="cnyPershares"> 6.3726 </ygmz:ExchangeRate>
<ygmz:ExchangeRate contextRef="c26" decimals="4" unitRef="cnyPershares"> 6.525 </ygmz:ExchangeRate>
<ygmz:AverageExchangeRate contextRef="c3" decimals="4" unitRef="cnyPershares"> 6.729 </ygmz:AverageExchangeRate>
<ygmz:AverageExchangeRate contextRef="c4" decimals="4" unitRef="cnyPershares"> 6.4508 </ygmz:AverageExchangeRate>
<ygmz:AverageExchangeRate contextRef="c26" decimals="4" unitRef="cnyPershares"> 6.9042 </ygmz:AverageExchangeRate>
<ygmz:ExchangeRate contextRef="c3" decimals="4" unitRef="hkdPershares"> 7.8015 </ygmz:ExchangeRate>
<ygmz:ExchangeRate contextRef="c4" decimals="4" unitRef="hkdPershares"> 7.7996 </ygmz:ExchangeRate>
<ygmz:ExchangeRate contextRef="c26" decimals="4" unitRef="hkdPershares"> 7.7894 </ygmz:ExchangeRate>
<ygmz:AverageExchangeRate contextRef="c3" decimals="4" unitRef="hkdPershares"> 7.8306 </ygmz:AverageExchangeRate>
<ygmz:AverageExchangeRate contextRef="c4" decimals="4" unitRef="hkdPershares"> 7.7727 </ygmz:AverageExchangeRate>
<ygmz:AverageExchangeRate contextRef="c26" decimals="4" unitRef="hkdPershares"> 7.8351 </ygmz:AverageExchangeRate>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cash and cash equivalents</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash comprises of cash at banks and on hand, which includes deposits with original maturities of three months or less with commercial banks in PRC. As of December 31, 2022 and 2021, cash were held in accounts at financial institutions located in the PRC‚ which is not freely convertible into foreign currencies. In addition, these balances are not covered by insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their creditworthiness. The Company and its subsidiaries have not experienced any losses in such accounts and do not believe the cash is exposed to any significant risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Restricted cash</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (230): Restricted Cash. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. Earlier adoption is permitted. The amendments in this Update should be applied using a retrospective transition method to each period presented. On January 1, 2018, the Company adopted this guidance on a retrospective basis and have applied the changes to the consolidated statement of cash flows starting from the year ended December 31, 2016.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, there were restricted cash balance of $<span style="-sec-ix-hidden: hidden-fact-81">nil</span> and $<span style="-sec-ix-hidden: hidden-fact-82">nil</span>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Accounts Receivable and allowance for doubtful accounts</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivables are stated and carried at original invoiced amount. Accounts are considered overdue after 90 days. In establishing the required allowance for doubtful accounts, management considers historical collection experience, aging of the receivables, the economic environment, industry trend analysis, and the credit history and financial conditions of the customers. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after all means of collection have been exhausted and that the likelihood of collection is not probable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:TradeAndOtherAccountsReceivablePolicy>
<ygmz:OperatingSuppliesPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Operating supplies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating supplies consist primarily of tires for servicing the Company’s revenue equipment. Operating supplies are recorded at the lower of cost (on a first-in, first-out basis) or net realizable value. Tires purchased as part of revenue equipment are capitalized as part of the cost of the equipment. Replacement tires are charged to expense when placed in service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:OperatingSuppliesPolicyTextBlock>
<ygmz:PrepaymentsAndDepositsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Prepayments and Deposits</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prepayments are cash deposited or advanced to suppliers for purchasing goods or services that have not been received or provided and deposits made to the Company’s customers and landlord. This amount is refundable and bears no interest. Prepayment and deposit are classified as either current or non-current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:PrepaymentsAndDepositsPolicyTextBlock>
<us-gaap:TradeAndOtherAccountsReceivableUnbilledReceivablesPolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Other receivables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables primarily include short-term interest-free advances made to third parties, rental receivables and receivables for disposal of equipment. Management regularly reviews the aging of receivables and changes in payment trends and records allowances when management believes collection of amounts due are at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:TradeAndOtherAccountsReceivableUnbilledReceivablesPolicy>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Property and equipment, net</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost net of accumulated depreciation and impairment. Depreciation is provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service, after considering the estimated residual value which is 5% of costs. Estimated useful lives are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 88%; font-weight: bold; padding-bottom: 1.5pt">Classification</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><b>Estimated<br/> Useful Life</b></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">3-5 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Revenue equipment– trucking*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">5 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Revenue equipment – car-hailing and driver management services **</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">6 years</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">*</td> <td style="text-align: justify">Revenue equipment – trucking are trucks and trailers only used for providing trucking services.</td></tr> <tr style="vertical-align: top"> <td>**</td> <td style="text-align: justify">Revenue equipment –car-hailing and driver management services are passenger cars only used for providing car-hailing and driver management services.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of income and comprehensive income. Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to earnings as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell and lease back certain of our revenue equipment for obtaining working capital. As a result of our continued involvement, for accounting purposes in accordance with ASC 606-10-55-68, these sale and leaseback transactions are considered a financing rather than a sale. Therefore, for purposes of our Consolidated Balance Sheets, as of December 31, 2022 and 2021, $757,088 and $2,267,248 was recorded to “Current portion of capital lease and financing obligations”, respectively; $1,158,642 and $200,712 was recorded to “Long-term portion of capital lease and financing obligations”, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<ygmz:PropertyAndEquipmentNetPercentage contextRef="c0" decimals="2" unitRef="pure"> 0.05 </ygmz:PropertyAndEquipmentNetPercentage>
<us-gaap:ScheduleOfImpairedIntangibleAssetsTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; width: 88%; font-weight: bold; padding-bottom: 1.5pt">Classification</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: center"><b>Estimated<br/> Useful Life</b></td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">3-5 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Revenue equipment– trucking*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">5 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Revenue equipment – car-hailing and driver management services **</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">6 years</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">*</td> <td style="text-align: justify">Revenue equipment – trucking are trucks and trailers only used for providing trucking services.</td></tr> <tr style="vertical-align: top"> <td>**</td> <td style="text-align: justify">Revenue equipment –car-hailing and driver management services are passenger cars only used for providing car-hailing and driver management services.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfImpairedIntangibleAssetsTextBlock>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c143"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c144"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c145"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c146" id="ix_21_fact"> P5Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="c147" id="ix_22_fact"> P6Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<ygmz:CurrentPortionOfCapitalLeaseAndFinancingObligation contextRef="c0" decimals="0" unitRef="usd"> 757088 </ygmz:CurrentPortionOfCapitalLeaseAndFinancingObligation>
<ygmz:CurrentPortionOfCapitalLeaseAndFinancingObligation contextRef="c5" decimals="0" unitRef="usd"> 2267248 </ygmz:CurrentPortionOfCapitalLeaseAndFinancingObligation>
<ygmz:LongTermPortionOfCapitalLeaseAndFinancingObligations contextRef="c0" decimals="0" unitRef="usd"> 1158642 </ygmz:LongTermPortionOfCapitalLeaseAndFinancingObligations>
<ygmz:LongTermPortionOfCapitalLeaseAndFinancingObligations contextRef="c5" decimals="0" unitRef="usd"> 200712 </ygmz:LongTermPortionOfCapitalLeaseAndFinancingObligations>
<us-gaap:LesseeLeasesPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for all significant leases as either operating or capital. At lease inception, if the lease meets any of the following four criteria, the Company will classify it as a capital lease: (a) transfer of ownership to lessee at the end of the lease term, (b) bargain purchase option, (c) lease term is equal to 75% or more of the estimated economic life of the leased property, or (d) the present value of the minimum lease payments is 90% or more of the fair value of the leased asset. Otherwise, the lease will be treated as an operating lease.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:LesseeLeasesPolicyTextBlock>
<ygmz:LeasePropertyEconomicLifePercentage contextRef="c0" decimals="2" unitRef="pure"> 0.75 </ygmz:LeasePropertyEconomicLifePercentage>
<ygmz:PresentValuePercentage contextRef="c0" decimals="2" unitRef="pure"> 0.90 </ygmz:PresentValuePercentage>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Impairment of long-lived assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-lived assets, including property and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. For the years ended December 31, 2022, 2021 and 2020, no impairment of long-lived assets was recognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Fair Value Measurement</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting standard regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels of the fair value hierarchy are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments included in current assets and current liabilities are reported in the consolidated balance sheets at face value or cost, which approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rates that are currently available to the Company for issuance of long-term debt and capital lease with similar terms and remaining maturities are used to estimate the fair value of the Company’s long-term debt. The fair value of the Company’s long-term debt approximated the carrying value at December 31, 2022 and 2021, as the weighted average interest rate on these long-term debt approximates the market rate for similar debt.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<ygmz:ShareSubscriptionReceivablesPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Share subscription receivables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share subscription receivables represent unpaid capital contribution from the Company’s shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:ShareSubscriptionReceivablesPolicyTextBlock>
<us-gaap:UnpaidPolicyClaimsAndClaimsAdjustmentExpensePolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Claims accruals</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to cargo loss and auto liability, the Company maintains insurance coverage to protect it from certain business risks. Claims accruals represent the uninsured portion of pending claims including estimates of adverse development of known claims, plus an estimated liability for incurred but not reported claims. Upon settling claims and expenses associated with claims where it has third party coverage, the Company is generally required to initially fund payment to the claimant and seek reimbursement from the insurer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall be responsible for any loss or damages to the goods entrusted to it or any loss or damage or personal injury happened in the course of the Company’s provision of relevant trucking services. As at the date of this report the Company maintained an adequate insurance coverage in relation to the trucking services to be delivered to its customers and third-party liability. The Company has also maintained sufficient workers’ compensation for its employees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:UnpaidPolicyClaimsAndClaimsAdjustmentExpensePolicy>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Revenue Recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, revenues are mainly generated from provision of trucking services, car-hailing and driver management services and car owner services. All revenues are accounted for under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for such products or services. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenues under ASC 606</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The core principle of the ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company elected the modified retrospective method which required a cumulative adjustment to retained earnings instead of retrospectively adjusting prior periods. The adoption of ASC 606 did not have material impact on the Company’s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management have determined that revenue recognition over the transit period provides a reasonable estimate of the provision of services to our customers as our obligation is performed over the transit period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We utilize independent contractors in the performance of certain services. While various ownership arrangements may exist for the equipment utilized to perform these services, revenue is generated from the same base of customers. We evaluate whether our performance obligation is a promise to transfer services to the customer (as the principal) or to arrange for services to be provided by another party (as the agent) using a control model. Our evaluation determined that we are in control of establishing the transaction price, managing all aspects of the services process and taking the risk of failure of provision of services. Based on our evaluation of the control model, we determined that all of our major businesses act as the principal rather than the agent within their revenue arrangements and such revenues are reported on a gross basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applies the practical expedient in ASC 606 that permits the Company not to disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied as of the end of the period as the Company’s contracts have an expected length of one year or less. The Company also applies the practical expedient in ASC 606 that permits the recognition of incremental costs of obtaining contracts as an expense when incurred if the amortization period of such costs is one year or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s performance obligations represent the transaction price allocated to future reporting periods for services started but not completed at the reporting date. This includes the unbilled amounts and accrued costs for services provision in transit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disaggregated information of revenues by types are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Trucking services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">36,461,921</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,358,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,793,951</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,558,733</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,053,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total revenues</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">114,073,803</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,358,914</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,793,951</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The revenue derived from car owner services are primarily provided by the Yinhua and its subsidiaries, which is acquired by the Company on March 14, 2022. In accordance with the ASC-805, the Company only is able to account the revenue generated by Yinhua and its subsidiaries after the acquisition is completed. The Company had carefully evaluated the amount of such revenue generated by Yinhua and its subsidiaries with reasonable estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the Company acquired Feipeng BVI and its subsidiaries which provide regional trucking services. The revenue generated by Feipeng BVI and its subsidiaries for the year ended December 31, 2022 is immaterial and hence no revenue is accounted in the consolidated financial statements for the year ended December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Trucking services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">36,461,921</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,358,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,793,951</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,558,733</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,053,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total revenues</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">114,073,803</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,358,914</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">18,793,951</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:Revenues contextRef="c150" decimals="0" unitRef="usd"> 18793951 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c151" decimals="0" unitRef="usd"> 50558733 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c154" decimals="0" unitRef="usd"> 27053149 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c0" decimals="0" unitRef="usd"> 114073803 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c5" decimals="0" unitRef="usd"> 17358914 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="c6" decimals="0" unitRef="usd"> 18793951 </us-gaap:Revenues>
<ygmz:TransportationCostsPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Transportation costs</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transportation costs primarily consist of fuel expenses, highway bridge expenses, insurance expenses, drivers’ wages, maintenance and repairs expenses, subcontractor fees, depreciation expenses and other expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:TransportationCostsPolicyTextBlock>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Costs of car-hailing and driver management services</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs of car-hailing and driver management services mainly include depreciation expenses, repair and maintenance expenses, labor wages and insurance expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:CostsOfCarhailingAndDriverManagementServicesPolicyTextBlock>
<ygmz:CostsOfCarOwnerServicesPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Costs of car owner services</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs of car owner services mainly include technical services expenses and subcontractor fees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:CostsOfCarOwnerServicesPolicyTextBlock>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Sales and marketing expenses</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing expenses primarily include advertising costs. Advertising costs are expensed as incurred and amounted to $784,653, $367,633 and $50,083 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:SellingAndMarketingExpense contextRef="c0" decimals="0" unitRef="usd"> 784653 </us-gaap:SellingAndMarketingExpense>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Employee benefit</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full-time employees of the Company are entitled to staff welfare benefits including medical care, housing fund, pension benefits, unemployment insurance and other welfare, which are government mandated defined contribution plans. The Company is required to accrue for these benefits based on certain percentages of the employees’ respective salaries, subject to certain ceilings, in accordance with the relevant PRC regulations, and make cash contributions to the state-sponsored plans out of the amounts accrued. Total expenses for the plans were $847,666, $31,145 and $29,100 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:EmployeeBenefitsAndShareBasedCompensation contextRef="c0" decimals="0" unitRef="usd"> 847666 </us-gaap:EmployeeBenefitsAndShareBasedCompensation>
<us-gaap:EmployeeBenefitsAndShareBasedCompensation contextRef="c5" decimals="0" unitRef="usd"> 31145 </us-gaap:EmployeeBenefitsAndShareBasedCompensation>
<us-gaap:EmployeeBenefitsAndShareBasedCompensation contextRef="c6" decimals="0" unitRef="usd"> 29100 </us-gaap:EmployeeBenefitsAndShareBasedCompensation>
<ygmz:ValueAddedTaxesPolicyTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Value added taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to value added tax (“VAT”). Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. The Company is entitled to a refund for VAT already paid on goods and services purchased. The VAT balance is recorded in tax payables on the audited consolidated balance sheets. Revenues are presented net of applicable VAT.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:ValueAddedTaxesPolicyTextBlock>
<ygmz:VatDescription contextRef="c0"> Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. </ygmz:VatDescription>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Income taxes</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. No penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsOther contextRef="c0" decimals="2" unitRef="pure"> 0.50 </us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsOther>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Comprehensive income (loss) </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive (loss) income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Earnings per share</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2022, 2021 and 2020, the diluted EPS was 0.09, -0.06 and 0.08, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<ygmz:EarningsPerShare contextRef="c0" decimals="2" unitRef="usdPershares"> 0.09 </ygmz:EarningsPerShare>
<ygmz:EarningsPerShare contextRef="c5" decimals="2" unitRef="usdPershares"> 0.06 </ygmz:EarningsPerShare>
<ygmz:EarningsPerShare contextRef="c6" decimals="2" unitRef="usdPershares"> 0.08 </ygmz:EarningsPerShare>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Statutory Reserves</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the laws applicable to the PRC, PRC entities must make appropriations from after-tax profit to the non-distributable “statutory surplus reserve fund”. Subject to certain cumulative limits, the “statutory surplus reserve fund” requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 50% of the registered capital (as determined under accounting principles generally accepted in the PRC (“PRC GAAP”) at each year-end). For foreign invested enterprises and joint ventures in the PRC, annual appropriations should be made to the “reserve fund”. For foreign invested enterprises, the annual appropriation for the “reserve fund” cannot be less than 10% of after-tax profits until the aggregated appropriations reach 50% of the registered capital (as determined under PRC GAAP at each year-end). If the Company has accumulated loss from prior periods, the Company is able to use the current period net income after tax to offset against the accumulate loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</ygmz:StatutoryReservesPolicyTextBlock>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Commitments and Contingencies</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Segment Reporting</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Before the completion of acquisition of Cheyi BVI, Yinhua and Feipeng BVI</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s chief operating decision maker (“CODM”) has been identified as its CEO, who reviews the consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company’s long-lived assets are substantially all located in the PRC and all of the Company’s revenues are derived from the PRC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>After the completion of acquisition of Cheyi BVI, Yinhua and Feipeng BVI </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s CODM has been identified as its CEO, who reviews the financial results when making decisions about allocating resources and assessing performance of the trucking business, car-hailing and driver management services business and car owner services business separately and therefore, the Company has three reportable segments. The Company’s long-lived assets are substantially all located in the PRC and all of the Company’s revenues are derived from the PRC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Recent issued Accounting Pronouncements</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the guidance in ASC Topic 840, Leases. ASU 2016-02 requires, among other changes to the lease accounting guidance, lessees to recognize most leases on-balance sheet via a right-of-use asset and lease liability, and additional qualitative and quantitative disclosures. In July 2018, ASU No. 2018-10, Codification Improvements to Topic 842, Leases, was issued to provide more detailed guidance and additional clarification for implementing ASU No. 2016-02. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides an optional transition method in addition to the existing modified retrospective transition method by allowing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. Furthermore, in June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which defers the effective date of ASU No. 2016-02 for certain entities. This update is effective for the Group for annual reporting periods beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. The Group does not plan to early adopt this guidance and is evaluating the impact of the new standard. Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2022. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements and related disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. In November 2019, the FASB issued ASU 2019-10 which defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements and related disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated financial position, statements of operations and cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Concentrations of Risks</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(a)</td> <td style="text-align: justify; font-size: 10pt">Foreign currency risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the Company’s expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect the Company’s financial results reported in the U.S. dollar terms without giving effect to any underlying changes in the Company’s business or results of operations. Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, the Company is exposed to foreign exchange risk as revenues and results of operations may be affected by fluctuations in the exchange rate between the U.S. dollar and RMB. If the RMB depreciates against the U.S. dollar, the value of RMB revenues, earnings and assets as expressed in U.S. dollar financial statements will decline. The Company has not entered into any hedging transactions in an effort to reduce its exposure to foreign exchange risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(b)</td> <td style="text-align: justify; font-size: 10pt">Concentration of Credit risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash, cash equivalents and restricted cash. As of December 31, 2022, and 2021, substantially most of the Company’s cash were held by major financial institutions located in the PRC, which management believes are of high credit quality.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the credit risk related to accounts receivable, the Company performs ongoing credit evaluations of its customers. The Company establishes an allowance for doubtful accounts based upon estimates, factors surrounding the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(c)</td> <td style="text-align: justify; font-size: 10pt">Customer concentration risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, one customer accounted for 15.6% of the Company’s total revenues. For the year ended December 31, 2021, two customers accounted for 23.0% and 13.7% of the Company’s total revenues. For the year ended December 31, 2020, two customers accounted for 48.6% and 17.2% of the Company’s total revenues. No other customer accounts for more than 10% of the Company’s revenue for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, two customers accounted for 15.2% and 10.4% of the total balance of accounts receivable. As of December 31, 2021, three customers accounted for 24.2%, 16.2% and 11.7% of the total balance of accounts receivable. No other customer accounts for more than 10% of the Company’s accounts receivable as of December 31, 2022 and 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt">(d)</td> <td style="text-align: justify; font-size: 10pt">Vendor concentration risk</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2022, one vendor accounted for 11.1% of the Company’s total costs. For the year ended December 31, 2021, three subcontractors accounted for 33.4%, 18.8% and 10.3% of the Company’s total subcontracting costs. For the year ended December 31, 2020, three subcontractors accounted for 39.6%, 26.1% and 17.6%. No other subcontractor accounts for more than 10% of the Company’s total subcontracting costs for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, one vendor accounted for 18.6% of the total balance of accounts and notes payable. As of December 31, 2021, one subcontractor accounted for 18.4% of the total balance of accounts payable. No other subcontractor accounts for more than 10% of the Company’s accounts and notes payable as of December 31, 2022 and 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<ygmz:ConcentrationRisksPercentage1 contextRef="c116" decimals="3" unitRef="pure"> 0.334 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c117" decimals="3" unitRef="pure"> 0.188 </ygmz:ConcentrationRisksPercentage1>
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<ygmz:ConcentrationRisksPercentage1 contextRef="c119" decimals="3" unitRef="pure"> 0.396 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c120" decimals="3" unitRef="pure"> 0.261 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c121" decimals="3" unitRef="pure"> 0.176 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c122" decimals="2" unitRef="pure"> 0.10 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c123" decimals="3" unitRef="pure"> 0.186 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c124" decimals="3" unitRef="pure"> 0.184 </ygmz:ConcentrationRisksPercentage1>
<ygmz:ConcentrationRisksPercentage1 contextRef="c125" decimals="2" unitRef="pure"> 0.10 </ygmz:ConcentrationRisksPercentage1>
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<us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Goodwill impairment</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company performs impairment tests on goodwill on an annual basis in accordance with US GAAP, or more frequently if events or changes in circumstances indicate that those assets might be impaired. Goodwill is tested for impairment at a reporting unit level, which is at the same level or one level below an operating segment. A goodwill impairment loss is recognized when the carrying amount of the reporting unit is greater than its fair value. The goodwill impairment loss is calculated as the excess of the carrying amount of the goodwill over its implied fair value. During the year ended December 31, 2022 there was no goodwill impairment identified.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Goodwill arising from the acquisition of Cheyi BVI, Yinhua and Feipeng BVI. As Feipeng BVI was acquired in December, 2022, the goodwill arising from acquisition of Feipeng BVI was not assessed for impairment test. During the year ended December 31, 2022, no indicator of impairment was identified with respect to the Cheyi BVI and Yinhua, which was acquired in December 2021 and March 2022, after the management adjusted the projected results of Cheyi BVI and Yinhua due to the impact of the COVID-19 pandemic.</p>
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<us-gaap:CashAndCashEquivalentsDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4 – Cash and cash equivalents</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash on hand</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">62,616</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">51,053</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cash at bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,624,695</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,622,603</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Fixed deposits</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">78,461</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Cash and cash equivalents</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,687,311</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,752,117</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2021, the Company deposited $78,461 (RMB 500,000) in a bank at an annual interest rate of 1.95% with a maturity date of June 11, 2022.</p>
</us-gaap:CashAndCashEquivalentsDisclosureTextBlock>
<us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash on hand</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">62,616</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">51,053</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Cash at bank</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,624,695</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,622,603</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Fixed deposits</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">78,461</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Cash and cash equivalents</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,687,311</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,752,117</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b> </b></p>
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<us-gaap:CashAndDueFromBanks contextRef="c158" decimals="0" unitRef="usd"> 62616 </us-gaap:CashAndDueFromBanks>
<us-gaap:CashAndDueFromBanks contextRef="c159" decimals="0" unitRef="usd"> 51053 </us-gaap:CashAndDueFromBanks>
<us-gaap:DueFromBanks contextRef="c158" decimals="0" unitRef="usd"> 5624695 </us-gaap:DueFromBanks>
<us-gaap:DueFromBanks contextRef="c159" decimals="0" unitRef="usd"> 5622603 </us-gaap:DueFromBanks>
<us-gaap:InterestBearingDepositsInBanks contextRef="c159" decimals="0" unitRef="usd"> 78461 </us-gaap:InterestBearingDepositsInBanks>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c158" decimals="0" unitRef="usd"> 5687311 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c159" decimals="0" unitRef="usd"> 5752117 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:InterestBearingDepositsInBanks contextRef="c157" decimals="0" unitRef="usd"> 78461 </us-gaap:InterestBearingDepositsInBanks>
<us-gaap:InterestBearingDepositsInBanks contextRef="c157" decimals="0" unitRef="cny"> 500000 </us-gaap:InterestBearingDepositsInBanks>
<ygmz:AnnualInterestRate contextRef="c157" decimals="4" unitRef="pure"> 0.0195 </ygmz:AnnualInterestRate>
<ygmz:AnnualMaturityDate contextRef="c157"> 2022-06-11 </ygmz:AnnualMaturityDate>
<us-gaap:AccountsAndNontradeReceivableTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5 – Accounts receivable, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable, net consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,073,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,802,773</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(945,761</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(152,768</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total accounts receivable, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,127,321</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,650,005</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Movements of allowance for doubtful accounts are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2020</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,768</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">217,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">122,056</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,647</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Write off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(136,602</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Exchange rate effect</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,620</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,510</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,973</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">945,761</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">152,768</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">217,676</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:AccountsAndNontradeReceivableTextBlock>
<us-gaap:AccountsReceivableNoncurrentPastDueTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts receivable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,073,082</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,802,773</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(945,761</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(152,768</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total accounts receivable, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,127,321</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,650,005</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:AccountsReceivableNoncurrentPastDueTableTextBlock>
<us-gaap:AccountsReceivableGrossCurrent contextRef="c3" decimals="0" unitRef="usd"> 20073082 </us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AccountsReceivableGrossCurrent contextRef="c4" decimals="0" unitRef="usd"> 3802773 </us-gaap:AccountsReceivableGrossCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c3" decimals="0" unitRef="usd"> 945761 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="c4" decimals="0" unitRef="usd"> 152768 </us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c3" decimals="0" unitRef="usd"> 19127321 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="c4" decimals="0" unitRef="usd"> 3650005 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2020</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Beginning balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,768</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">217,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">122,056</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Provision</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">804,613</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,647</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Write off</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(136,602</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Exchange rate effect</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,620</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,510</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,973</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">945,761</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">152,768</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">217,676</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:AccountsReceivableAllowanceForCreditLossTableTextBlock>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c4" decimals="0" unitRef="usd"> 152768 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c26" decimals="0" unitRef="usd"> 217676 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c13" decimals="0" unitRef="usd"> 122056 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:ProvisionForOtherCreditLosses contextRef="c0" decimals="0" unitRef="usd"> 804613 </us-gaap:ProvisionForOtherCreditLosses>
<us-gaap:ProvisionForOtherCreditLosses contextRef="c5" decimals="0" unitRef="usd"> 140204 </us-gaap:ProvisionForOtherCreditLosses>
<us-gaap:ProvisionForOtherCreditLosses contextRef="c6" decimals="0" unitRef="usd"> 82647 </us-gaap:ProvisionForOtherCreditLosses>
<us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs contextRef="c5" decimals="0" unitRef="usd"> 136602 </us-gaap:FinancingReceivableAllowanceForCreditLossesWriteOffs>
<ygmz:ExchangeRateEffect contextRef="c0" decimals="0" unitRef="usd"> -11620 </ygmz:ExchangeRateEffect>
<ygmz:ExchangeRateEffect contextRef="c5" decimals="0" unitRef="usd"> -68510 </ygmz:ExchangeRateEffect>
<ygmz:ExchangeRateEffect contextRef="c6" decimals="0" unitRef="usd"> -12973 </ygmz:ExchangeRateEffect>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c3" decimals="0" unitRef="usd"> 945761 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c4" decimals="0" unitRef="usd"> 152768 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables contextRef="c26" decimals="0" unitRef="usd"> 217676 </us-gaap:AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables>
<ygmz:PrepaymentTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6 – Prepayments</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prepayments consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Prepayments</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Prepayment - subcontracting</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,569,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,420,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - fuel</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">212,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,666</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Prepayment - insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - parts and others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,544</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,999</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Prepayment - salaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,847</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - legal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,996</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Prepayment - telecommunication services expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,306</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - car services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,279,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Prepayment - vehicles</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57,995</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total prepayments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,339,861</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,473,938</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</ygmz:PrepaymentTextBlock>
<us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Prepayments</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Prepayment - subcontracting</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,569,781</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,420,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - fuel</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">212,047</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277,666</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Prepayment - insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,188</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - parts and others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,544</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,999</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Prepayment - salaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">306,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">436,847</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - legal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,996</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Prepayment - telecommunication services expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">544,306</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Prepayment - car services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,279,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Prepayment - vehicles</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57,995</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total prepayments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,339,861</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,473,938</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<us-gaap:OtherPrepaidExpenseCurrent contextRef="c3" decimals="0" unitRef="usd"> 1569781 </us-gaap:OtherPrepaidExpenseCurrent>
<us-gaap:OtherPrepaidExpenseCurrent contextRef="c4" decimals="0" unitRef="usd"> 4420242 </us-gaap:OtherPrepaidExpenseCurrent>
<ygmz:PrepaymentFuel contextRef="c3" decimals="0" unitRef="usd"> 212047 </ygmz:PrepaymentFuel>
<ygmz:PrepaymentFuel contextRef="c4" decimals="0" unitRef="usd"> 277666 </ygmz:PrepaymentFuel>
<us-gaap:PrepaidInsurance contextRef="c3" decimals="0" unitRef="usd"> 92630 </us-gaap:PrepaidInsurance>
<us-gaap:PrepaidInsurance contextRef="c4" decimals="0" unitRef="usd"> 102188 </us-gaap:PrepaidInsurance>
<us-gaap:Supplies contextRef="c3" decimals="0" unitRef="usd"> 54544 </us-gaap:Supplies>
<us-gaap:Supplies contextRef="c4" decimals="0" unitRef="usd"> 183999 </us-gaap:Supplies>
<us-gaap:DeferredOfferingCosts contextRef="c3" decimals="0" unitRef="usd"> 306192 </us-gaap:DeferredOfferingCosts>
<us-gaap:DeferredOfferingCosts contextRef="c4" decimals="0" unitRef="usd"> 436847 </us-gaap:DeferredOfferingCosts>
<ygmz:PrepaymentLegal contextRef="c3" decimals="0" unitRef="usd"> 222556 </ygmz:PrepaymentLegal>
<ygmz:PrepaymentLegal contextRef="c4" decimals="0" unitRef="usd"> 52996 </ygmz:PrepaymentLegal>
<ygmz:PrepaymentTelecommunicationServicesExpenses contextRef="c3" decimals="0" unitRef="usd"> 544306 </ygmz:PrepaymentTelecommunicationServicesExpenses>
<ygmz:PrepaymentCarServices contextRef="c3" decimals="0" unitRef="usd"> 4279810 </ygmz:PrepaymentCarServices>
<ygmz:PrepaymentVehicles contextRef="c3" decimals="0" unitRef="usd"> 57995 </ygmz:PrepaymentVehicles>
<us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="c3" decimals="0" unitRef="usd"> 7339861 </us-gaap:PrepaidExpenseAndOtherAssetsCurrent>
<us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="c4" decimals="0" unitRef="usd"> 5473938 </us-gaap:PrepaidExpenseAndOtherAssetsCurrent>
<us-gaap:FinancingReceivablesTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 – Other receivables</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Other receivables</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Other receivables, disposal of revenue equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">169,095</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt">Others*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,614</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Vehicle rental in advance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,111,290</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427,716</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Pay on behalf of third parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,388,820</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">875,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Government grant</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">207,664</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total other receivables</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,795,843</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,540,044</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Others primarily involve the employee’s statutory social insurance.</p>
</us-gaap:FinancingReceivablesTextBlock>
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="c5">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Other receivables</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Other receivables, disposal of revenue equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">169,095</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt">Others*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">88,069</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,614</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Vehicle rental in advance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,111,290</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">427,716</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Pay on behalf of third parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,388,820</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">875,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Government grant</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">207,664</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total other receivables</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,795,843</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,540,044</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Others primarily involve the employee’s statutory social insurance.</p>
</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
<us-gaap:SalesTypeAndDirectFinancingLeasesLeaseReceivable contextRef="c4" decimals="0" unitRef="usd"> 169095 </us-gaap:SalesTypeAndDirectFinancingLeasesLeaseReceivable>
<us-gaap:OtherReceivables contextRef="c3" decimals="0" id="ix_23_fact" unitRef="usd"> 88069 </us-gaap:OtherReceivables>
<us-gaap:OtherReceivables contextRef="c4" decimals="0" id="ix_24_fact" unitRef="usd"> 67614 </us-gaap:OtherReceivables>
<ygmz:VehicleRentalInAdvance contextRef="c3" decimals="0" unitRef="usd"> 1111290 </ygmz:VehicleRentalInAdvance>
<ygmz:VehicleRentalInAdvance contextRef="c4" decimals="0" unitRef="usd"> 427716 </ygmz:VehicleRentalInAdvance>
<ygmz:PayOnBehalfOfThirdParties contextRef="c3" decimals="0" unitRef="usd"> 1388820 </ygmz:PayOnBehalfOfThirdParties>
<ygmz:PayOnBehalfOfThirdParties contextRef="c4" decimals="0" unitRef="usd"> 875619 </ygmz:PayOnBehalfOfThirdParties>
<ygmz:GovernmentGrant contextRef="c3" decimals="0" unitRef="usd"> 207664 </ygmz:GovernmentGrant>
<us-gaap:OtherReceivablesNetCurrent contextRef="c3" decimals="0" unitRef="usd"> 2795843 </us-gaap:OtherReceivablesNetCurrent>
<us-gaap:OtherReceivablesNetCurrent contextRef="c4" decimals="0" unitRef="usd"> 1540044 </us-gaap:OtherReceivablesNetCurrent>
<us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 – Loans receivable</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to strategic business cooperation, the Company made interest-free advances to third parties. As of December 31, 2022 and 2021, the outstanding balance of such interest-free advances were $28,622,704 and $22,487,767, respectively.</p>
</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
<ygmz:InterestfreeAdvances contextRef="c0" decimals="0" unitRef="usd"> 28622704 </ygmz:InterestfreeAdvances>
<ygmz:InterestfreeAdvances contextRef="c5" decimals="0" unitRef="usd"> 22487767 </ygmz:InterestfreeAdvances>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9 – Property and equipment, net</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment, net consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Property and equipment</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Buildings and improvements</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,097,647</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,188,006</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">446,033</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Revenue equipment – trucking</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,833,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,107,826</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Revenue equipment – car-hailing and driver management services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,732,808</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,980,931</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,781,140</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,722,796</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,707,442</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,498,214</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Property and equipment, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,073,698</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,224,582</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expenses for the years ended December 31, 2022, 2021 and 2020 was $3,844,159, $1,438,310 and $1,521,234, respectively. For the year ended December 31, 2022, the Company disposed revenue equipment with cost of $2,640,705 and accumulated depreciation of $1,420,491 for proceeds of $540,579 resulting in disposal loss of $679,635. For the year ended December 31, 2021, the Company disposed revenue equipment with cost of $1,047,024 and accumulated depreciation of $896,879 for proceeds of $175,215 resulting in disposal gain of $25,070.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Revenue equipment under capital leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company leased its revenue equipment from third parties with terms of approximately 24 to 36 months and account for as a capital lease. As of December 31, 2022, carrying value and accumulated depreciation of the revenue equipment under capital leases recorded by the Company were $2,141,219 and $81,035, respectively. As of December 31, 2021, carrying value and accumulated depreciation of the revenue equipment under capital leases recorded by the Company were $10,232,895 and $10,232,895, respectively.</p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Property and equipment</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Buildings and improvements</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,097,647</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,188,006</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">446,033</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Revenue equipment – trucking</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,833,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,107,826</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Revenue equipment – car-hailing and driver management services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,732,808</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,980,931</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,781,140</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,722,796</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,707,442</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,498,214</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Property and equipment, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,073,698</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,224,582</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:PropertyPlantAndEquipmentGross contextRef="c160" decimals="0" unitRef="usd"> 1097647 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c161" decimals="0" unitRef="usd"> 1188006 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c162" decimals="0" unitRef="usd"> 117390 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c163" decimals="0" unitRef="usd"> 446033 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c164" decimals="0" unitRef="usd"> 9833295 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c165" decimals="0" unitRef="usd"> 16107826 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c166" decimals="0" unitRef="usd"> 16732808 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c167" decimals="0" unitRef="usd"> 9980931 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c3" decimals="0" unitRef="usd"> 27781140 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:PropertyPlantAndEquipmentGross contextRef="c4" decimals="0" unitRef="usd"> 27722796 </us-gaap:PropertyPlantAndEquipmentGross>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets contextRef="c3" decimals="0" unitRef="usd"> 18707442 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets contextRef="c4" decimals="0" unitRef="usd"> 15498214 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c3" decimals="0" unitRef="usd"> 9073698 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c4" decimals="0" unitRef="usd"> 12224582 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:CostOfGoodsAndServicesSoldDepreciation contextRef="c0" decimals="0" unitRef="usd"> 3844159 </us-gaap:CostOfGoodsAndServicesSoldDepreciation>
<us-gaap:CostOfGoodsAndServicesSoldDepreciation contextRef="c5" decimals="0" unitRef="usd"> 1438310 </us-gaap:CostOfGoodsAndServicesSoldDepreciation>
<us-gaap:CostOfGoodsAndServicesSoldDepreciation contextRef="c6" decimals="0" unitRef="usd"> 1521234 </us-gaap:CostOfGoodsAndServicesSoldDepreciation>
<us-gaap:EquipmentExpense contextRef="c0" decimals="0" unitRef="usd"> 2640705 </us-gaap:EquipmentExpense>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1 contextRef="c0" decimals="0" unitRef="usd"> 1420491 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1>
<us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="c0" decimals="0" unitRef="usd"> 540579 </us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
<us-gaap:DisposalGroupDeferredGainOnDisposal contextRef="c3" decimals="0" unitRef="usd"> 679635 </us-gaap:DisposalGroupDeferredGainOnDisposal>
<ygmz:RevenueCost contextRef="c5" decimals="0" unitRef="usd"> 1047024 </ygmz:RevenueCost>
<us-gaap:AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1 contextRef="c5" decimals="0" unitRef="usd"> 896879 </us-gaap:AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1>
<us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="c5" decimals="0" unitRef="usd"> 175215 </us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
<us-gaap:DisposalGroupDeferredGainOnDisposal contextRef="c4" decimals="0" unitRef="usd"> 25070 </us-gaap:DisposalGroupDeferredGainOnDisposal>
<us-gaap:CapitalLeasedAssetsGross contextRef="c3" decimals="0" unitRef="usd"> 2141219 </us-gaap:CapitalLeasedAssetsGross>
<us-gaap:CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation contextRef="c3" decimals="0" unitRef="usd"> 81035 </us-gaap:CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation>
<us-gaap:CapitalLeasedAssetsGross contextRef="c4" decimals="0" unitRef="usd"> 10232895 </us-gaap:CapitalLeasedAssetsGross>
<us-gaap:CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation contextRef="c4" decimals="0" unitRef="usd"> 10232895 </us-gaap:CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation>
<us-gaap:DepositLiabilitiesDisclosuresTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 10 – Deposits</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, deposits primarily include payments in total of $2,657,126 made in advance to landlord, suppliers and financial institutions. As of December 31, 2021, deposits primarily include payments in total of $10,327,872 made in advance to landlord, suppliers, financial institutions and a business alliance for operational purposes.</p>
</us-gaap:DepositLiabilitiesDisclosuresTextBlock>
<us-gaap:DepositsAssets contextRef="c3" decimals="0" unitRef="usd"> 2657126 </us-gaap:DepositsAssets>
<us-gaap:DepositsAssets contextRef="c4" decimals="0" unitRef="usd"> 10327872 </us-gaap:DepositsAssets>
<us-gaap:GoodwillDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 11 – Goodwill</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the balance of goodwill represented an amount of $14,157,570 that arose from acquisition of Cheyi BVI in 2021, $5,364,709 that arose from acquisition of Yinhua in March 2022 and $13,715,130 that arose from acquisition of Feipeng BVI in December 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reconciliation of changes in the Company’s goodwill by reportable segment were as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Trucking services</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Car-hailing and driver management services</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Car owner services</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>　</td><td> </td> <td colspan="2">　</td><td> </td><td> </td> <td colspan="2">　</td><td> </td><td> </td> <td colspan="2">　</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Balance as at December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,157,570</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Arising from acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,715,130</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,364,709</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Effects of exchange rate changes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance as at December 31, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,715,130</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,157,570</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,364,709</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:GoodwillDisclosureTextBlock>
<us-gaap:Goodwill contextRef="c3" decimals="0" unitRef="usd"> 14157570 </us-gaap:Goodwill>
<us-gaap:Goodwill contextRef="c168" decimals="0" unitRef="usd"> 5364709 </us-gaap:Goodwill>
<us-gaap:Goodwill contextRef="c169" decimals="0" unitRef="usd"> 13715130 </us-gaap:Goodwill>
<us-gaap:ScheduleOfGoodwillTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Trucking services</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Car-hailing and driver management services</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Car owner services</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td>　</td><td> </td> <td colspan="2">　</td><td> </td><td> </td> <td colspan="2">　</td><td> </td><td> </td> <td colspan="2">　</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Balance as at December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,157,570</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in">Impairment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Arising from acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,715,130</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,364,709</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Effects of exchange rate changes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance as at December 31, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,715,130</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">14,157,570</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,364,709</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfGoodwillTextBlock>
<us-gaap:GoodwillGross contextRef="c171" decimals="0" unitRef="usd"> 14157570 </us-gaap:GoodwillGross>
<us-gaap:GoodwillAcquiredDuringPeriod contextRef="c173" decimals="0" unitRef="usd"> 13715130 </us-gaap:GoodwillAcquiredDuringPeriod>
<us-gaap:GoodwillAcquiredDuringPeriod contextRef="c175" decimals="0" unitRef="usd"> 5364709 </us-gaap:GoodwillAcquiredDuringPeriod>
<us-gaap:GoodwillGross contextRef="c176" decimals="0" unitRef="usd"> 13715130 </us-gaap:GoodwillGross>
<us-gaap:GoodwillGross contextRef="c177" decimals="0" unitRef="usd"> 14157570 </us-gaap:GoodwillGross>
<us-gaap:GoodwillGross contextRef="c178" decimals="0" unitRef="usd"> 5364709 </us-gaap:GoodwillGross>
<us-gaap:BusinessCombinationDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 12 – Acquisition</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Acquisition of Cheyi BVI</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 29, 2021 (“Acquisition Date”), the Company entered into a Share Purchase Agreement (the “SPA”) to acquire 100% of the equity interest of Cheyi (BVI) Limited (the “Cheyi BVI”) which operates its business through its subsidiary Zhejiang Cheyi Network Technology Co., Ltd. (the “Cheyi Network”), an integrated online car-hailing and driver management services company. Pursuant to the agreement, the total consideration for the acquisition of 100% equity ownership of Cheyi BVI is an aggregate of U.S. $23,470,712, consisting of the issuance by the Company to the shareholders of Cheyi BVI an aggregate of 3,189,000 fully paid Company’s ordinary shares (being U.S. $6,760,680 of $2.12 per share) and payment of $2,000,000 at closing, and Year-2021 earnout payment of U.S. $8,826,019 and Year-2022 earnout payment of U.S. $5,884,013 if the Cheyi BVI’s audited net income for its fiscal year 2021 and 2022 is no less than U.S. $3,000,000 respectively. The two earnout payments are due 13 months upon the delivery of Cheyi BVI’s audited financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transaction was accounted for in accordance with the provisions of ASC 805-10, Business Combinations. The values assigned in these financial statements represent management’s best estimate of fair values as of the Acquisition Date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by ASC 805-20, Business Combinations – Identifiable Assets and Liabilities, and Any Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. According to ASC 820, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets as the most reliable fair value measurement, and the lowest priority to unobservable inputs. According to ASC 820-10-35-41, the valuation of shares issued in the acquisitions and purchase consideration is recognized on the quoted trading price of the Company’s ordinary shares on the date of acquisitions. The quoted closing prices for the Company’s ordinary shares on NASDAQ on the dates of the acquisitions of Cheyi BVI was $2.12 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Recognized amounts of identifiable assets acquired and liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; padding-left: 9pt">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,761,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,647,679</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(803,784</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,631,610</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,859,485</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Capital lease and financing obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Total identifiable net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,836,077</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Add: Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,157,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,477,065 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,993,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company has included the operating results of Cheyi BVI in its consolidated financial statements since the Acquisition Date. </span>The following table summarizes the revenue and net income generated by <span>Cheyi BVI</span> for the year ended December 31, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">50,558,732</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,954,516</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Acquisition of Yinhua</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 14, 2022, the Company entered into a Share Purchase Agreement with Yinhua which develops and operates a comprehensive auto related service platform to serve auto insurance companies, and each of the shareholders of the Yinhua.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under terms of the share purchase agreement, we shall pay $10,076,600 in exchange for 100% equity of Yinhua. Of the total consideration to be paid, $7,078,100 shall be paid in form of 3,826,000 newly issued ordinary shares of the Company, representing $1.85 per ordinary share of the Company, and $1,000,000 upon closing. In addition, a cash earnout of $1,998,500 shall be paid if Yinhua achieves a net income target threshold of $1.3 million during the calendar year of 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Founded in 2018, Yinhua provides diversified, differentiated and customized value-added auto related services to auto insurance companies, where the services include road security services, car maintenance services, car inspection services and other services. Yinhua develops and operates a comprehensive auto related service platform for auto insurance companies combining intelligent human-vehicle interaction functions with car owner programs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 18, 2022, the parties completed the transaction. Upon the closing of the transaction, the Company acquired 100% shares outstanding of the Yinhua, and the Company issued 3,826,000 ordinary shares and paid $1,000,000 to the sellers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by ASC 805-20, Business Combinations – Identifiable Assets and Liabilities, and Any Noncontrolling Interest, management conducted a review to reassess whether they identified all the assets acquired and all the liabilities assumed, and followed ASC 805-20’s measurement procedures for recognition of the fair value of net assets acquired. According to ASC 820, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets as the most reliable fair value measurement, and the lowest priority to unobservable inputs. According to ASC 820-10-35-41, the valuation of shares issued in the acquisitions and purchase consideration is recognized on the quoted trading price of the Company’s ordinary shares on the date of acquisitions. The quoted closing prices for the Company’s ordinary shares on NASDAQ on the dates of the acquisitions of Yinhua was $1.85 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,519,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,050,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(193,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,685,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,126,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,585,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,364,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,126,777 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,949,823</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company has included the operating results of Yinhua in its consolidated financial statements since the Acquisition Date. </span>The following table summarizes the revenue and net income generated by Yinhua for the year ended December 31, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">27,053,149</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Net income</td> <td> </td> <td>$</td> <td style="text-align: right">533,006</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Acquisition of Feipeng BVI </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the Company entered into a Share Purchase Agreement with Feipeng BVI which provides regional trucking services, and each of the shareholders of the Feipeng BVI, pursuant to which, among other things and subject to the terms and conditions contained therein, the Company acquired 100% of Feipeng BVI for approximately $14,540,436, of which US $9,550,000 will be paid in cash upon closing in form of cash. Feipeng BVI shall receive a certain number of shares valued at $4,990,436 if it achieves a targeted net income of US$2.4 million during the calendar year 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2022, the parties completed the transaction. Upon the closing of the transaction, we acquired 100% of the outstanding shares of the Feipeng BVI, and we paid $9,550,000 in cash to the sellers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation of estimated fair values of net assets acquired and liabilities assumed:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,746,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,944</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,446</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,393</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,546,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,884,823</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,383,077</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,719</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,589</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total identifiable net liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,110,416</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,715,130</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,935,722 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,604,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company has included the operating results of Feipeng BVI in its consolidated financial statements since the Acquisition Date. $nil in net sales and $nil in net income of Feipeng BVI were included in the consolidated financial statements for the years ended December 31, 2022.</span></p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify">Recognized amounts of identifiable assets acquired and liabilities</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify; padding-left: 9pt">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">216,572</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,761,164</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,647,679</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(803,784</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,631,610</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,859,485</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Capital lease and financing obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Total identifiable net assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,836,077</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 9pt">Add: Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,157,570</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,477,065 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,993,647</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,519,839</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,050,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,415</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(193,339</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,685,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,126,777</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">Total identifiable net assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,585,114</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,364,709</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,126,777 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,949,823</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Recognized amounts of identifiable assets acquired and liabilities assumed</td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Accounts receivable, net</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,746,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,944</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,748</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123,446</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">610,393</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,546,037</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Short-term bank borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,884,823</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Others payable and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,383,077</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,552,719</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Tax payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,589</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total identifiable net liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,110,416</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,715,130</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Total purchase price for acquisition net of $1,935,722 of cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,604,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<ygmz:Prepayments contextRef="c183" decimals="0" unitRef="usd"> 575913 </ygmz:Prepayments>
<ygmz:OthersReceivable contextRef="c182" decimals="0" unitRef="usd"> 4761164 </ygmz:OthersReceivable>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment contextRef="c182" decimals="0" unitRef="usd"> 9980931 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets contextRef="c182" decimals="0" unitRef="usd"> 10 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialAssets contextRef="c182" decimals="0" unitRef="usd"> 595149 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialAssets>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="c182" decimals="0" unitRef="usd"> 1647679 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<ygmz:AccountsAndNotesPayable contextRef="c182" decimals="0" unitRef="usd"> 803784 </ygmz:AccountsAndNotesPayable>
<ygmz:OthersPayableAndAccruedLiabilities contextRef="c182" decimals="0" unitRef="usd"> 1631610 </ygmz:OthersPayableAndAccruedLiabilities>
<ygmz:TaxPayable contextRef="c183" decimals="0" unitRef="usd"> 1859485 </ygmz:TaxPayable>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation contextRef="c182" decimals="0" unitRef="usd"> 2351104 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill contextRef="c182" decimals="0" unitRef="usd"> 7836077 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill>
<us-gaap:Goodwill contextRef="c182" decimals="0" unitRef="usd"> 14157570 </us-gaap:Goodwill>
<us-gaap:CashAcquiredFromAcquisition contextRef="c183" decimals="0" unitRef="usd"> 1477065 </us-gaap:CashAcquiredFromAcquisition>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="c183" decimals="0" unitRef="usd"> 21993647 </us-gaap:BusinessCombinationConsiderationTransferred1>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Revenue</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">50,558,732</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,954,516</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%">Revenue</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 8%; text-align: right">27,053,149</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Net income</td> <td> </td> <td>$</td> <td style="text-align: right">533,006</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<ygmz:Revenues1 contextRef="c183" decimals="0" unitRef="usd"> 50558732 </ygmz:Revenues1>
<ygmz:NetIncomeLoss1 contextRef="c183" decimals="0" unitRef="usd"> 1954516 </ygmz:NetIncomeLoss1>
<ygmz:PurchaseAmount contextRef="c0" decimals="0" unitRef="usd"> 10076600 </ygmz:PurchaseAmount>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="c180" decimals="2" unitRef="pure"> 1 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:AssetAcquisitionConsiderationTransferred contextRef="c0" decimals="0" unitRef="usd"> 7078100 </us-gaap:AssetAcquisitionConsiderationTransferred>
<ygmz:IssuedOrdinaryShares contextRef="c0" decimals="0" unitRef="shares"> 3826000 </ygmz:IssuedOrdinaryShares>
<us-gaap:SharePrice contextRef="c3" decimals="2" unitRef="usdPershares"> 1.85 </us-gaap:SharePrice>
<us-gaap:MineReclamationAndClosingLiabilityNoncurrent contextRef="c3" decimals="0" unitRef="usd"> 1000000 </us-gaap:MineReclamationAndClosingLiabilityNoncurrent>
<us-gaap:CashAndDueFromBanks contextRef="c3" decimals="0" unitRef="usd"> 1998500 </us-gaap:CashAndDueFromBanks>
<us-gaap:IncomeTaxesPaidNet contextRef="c0" decimals="-5" unitRef="usd"> 1300000 </us-gaap:IncomeTaxesPaidNet>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum contextRef="c181" decimals="2" unitRef="pure"> 1 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum>
<us-gaap:ExcessStockSharesIssued contextRef="c90" decimals="0" unitRef="shares"> 3826000 </us-gaap:ExcessStockSharesIssued>
<us-gaap:DividendsCommonStockPaidinkind contextRef="c181" decimals="0" unitRef="usd"> 1000000 </us-gaap:DividendsCommonStockPaidinkind>
<ygmz:QuotedClosingPricePerShare contextRef="c3" decimals="2" unitRef="usdPershares"> 1.85 </ygmz:QuotedClosingPricePerShare>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables contextRef="c184" decimals="0" unitRef="usd"> 4519839 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables>
<ygmz:Prepayments contextRef="c185" decimals="0" unitRef="usd"> 8050558 </ygmz:Prepayments>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment contextRef="c184" decimals="0" unitRef="usd"> 3504 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets contextRef="c184" decimals="0" unitRef="usd"> 16415 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="c184" decimals="0" unitRef="usd"> 193339 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<ygmz:OthersPayableAndAccruedLiabilities contextRef="c184" decimals="0" unitRef="usd"> 7685086 </ygmz:OthersPayableAndAccruedLiabilities>
<ygmz:TaxPayable contextRef="c185" decimals="0" unitRef="usd"> 1126777 </ygmz:TaxPayable>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill contextRef="c184" decimals="0" unitRef="usd"> 3585114 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill>
<us-gaap:Goodwill contextRef="c184" decimals="0" unitRef="usd"> 5364709 </us-gaap:Goodwill>
<us-gaap:CashAcquiredFromAcquisition contextRef="c185" decimals="0" unitRef="usd"> 1126777 </us-gaap:CashAcquiredFromAcquisition>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="c185" decimals="0" unitRef="usd"> 8949823 </us-gaap:BusinessCombinationConsiderationTransferred1>
<ygmz:Revenues1 contextRef="c185" decimals="0" unitRef="usd"> 27053149 </ygmz:Revenues1>
<ygmz:NetIncomeLoss1 contextRef="c185" decimals="0" unitRef="usd"> 533006 </ygmz:NetIncomeLoss1>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill contextRef="c3" decimals="0" unitRef="usd"> 14540436 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill>
<us-gaap:AssetsDesignatedToClosedBlockCashAndCashEquivalents contextRef="c3" decimals="0" unitRef="usd"> 9550000 </us-gaap:AssetsDesignatedToClosedBlockCashAndCashEquivalents>
<us-gaap:NetIncomeLossAllocatedToGeneralPartners contextRef="c0" decimals="-5" unitRef="usd"> 2400000 </us-gaap:NetIncomeLossAllocatedToGeneralPartners>
<ygmz:OutstandingSharesInPercentage contextRef="c0" decimals="2" unitRef="pure"> 1 </ygmz:OutstandingSharesInPercentage>
<us-gaap:DerivativeCashReceivedOnHedge contextRef="c0" decimals="0" unitRef="usd"> 9550000 </us-gaap:DerivativeCashReceivedOnHedge>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables contextRef="c186" decimals="0" unitRef="usd"> 3746298 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables>
<ygmz:Prepayments contextRef="c187" decimals="0" unitRef="usd"> 550944 </ygmz:Prepayments>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther contextRef="c186" decimals="0" unitRef="usd"> 246748 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment contextRef="c186" decimals="0" unitRef="usd"> 123446 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialAssets contextRef="c186" decimals="0" unitRef="usd"> 610393 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialAssets>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable contextRef="c186" decimals="0" unitRef="usd"> 1546037 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="c186" decimals="0" unitRef="usd"> 1884823 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<ygmz:OthersPayableAndAccruedLiabilities contextRef="c186" decimals="0" unitRef="usd"> 1383077 </ygmz:OthersPayableAndAccruedLiabilities>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther contextRef="c186" decimals="0" unitRef="usd"> 1552719 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther>
<ygmz:TaxPayable contextRef="c187" decimals="0" unitRef="usd"> 21589 </ygmz:TaxPayable>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities contextRef="c186" decimals="0" unitRef="usd"> 1110416 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities>
<us-gaap:Goodwill contextRef="c186" decimals="0" unitRef="usd"> 13715130 </us-gaap:Goodwill>
<us-gaap:CashAcquiredFromAcquisition contextRef="c187" decimals="0" unitRef="usd"> 1935722 </us-gaap:CashAcquiredFromAcquisition>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="c187" decimals="0" unitRef="usd"> 12604714 </us-gaap:BusinessCombinationConsiderationTransferred1>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 13 – Other payables and accrued liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other payables and accrued liabilities consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Other payables and accrued liabilities</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Rental deposits</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">369,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">220,416</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Salary payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157,970</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,053</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Receipt in advance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,146,220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Payable under acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,835,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,710,032</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Advance for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">916,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">286,820</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Lending with no interests</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,413,617</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,220,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Deposits for purchase of vehicles</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">476,258</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total other payables and accrued liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,054,674</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,269,124</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Others primarily involve the rental expenses incurred.</p>
</us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Other payables and accrued liabilities</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 9pt">Rental deposits</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">369,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">220,416</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Salary payables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">230,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">157,970</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt">Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143,273</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,053</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Receipt in advance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,146,220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,399</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Payable under acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,835,923</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,710,032</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Advance for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">916,332</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">286,820</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Lending with no interests</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,413,617</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,220,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Deposits for purchase of vehicles</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">476,258</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total other payables and accrued liabilities</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">29,054,674</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,269,124</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<ygmz:RentalDeposits contextRef="c3" decimals="0" unitRef="usd"> 369026 </ygmz:RentalDeposits>
<ygmz:RentalDeposits contextRef="c4" decimals="0" unitRef="usd"> 220416 </ygmz:RentalDeposits>
<ygmz:SalaryPayable contextRef="c3" decimals="0" unitRef="usd"> 230283 </ygmz:SalaryPayable>
<ygmz:SalaryPayable contextRef="c4" decimals="0" unitRef="usd"> 157970 </ygmz:SalaryPayable>
<us-gaap:OtherLiabilities contextRef="c3" decimals="0" unitRef="usd"> 143273 </us-gaap:OtherLiabilities>
<us-gaap:OtherLiabilities contextRef="c4" decimals="0" unitRef="usd"> 44053 </us-gaap:OtherLiabilities>
<ygmz:ReceiptInAdvance contextRef="c3" decimals="0" unitRef="usd"> 3146220 </ygmz:ReceiptInAdvance>
<ygmz:ReceiptInAdvance contextRef="c4" decimals="0" unitRef="usd"> 153399 </ygmz:ReceiptInAdvance>
<ygmz:PayableUnderAcquisition contextRef="c3" decimals="0" unitRef="usd"> 22835923 </ygmz:PayableUnderAcquisition>
<ygmz:PayableUnderAcquisition contextRef="c4" decimals="0" unitRef="usd"> 16710032 </ygmz:PayableUnderAcquisition>
<ygmz:AdvanceForOperationalPurpose contextRef="c3" decimals="0" unitRef="usd"> 916332 </ygmz:AdvanceForOperationalPurpose>
<ygmz:AdvanceForOperationalPurpose contextRef="c4" decimals="0" unitRef="usd"> 286820 </ygmz:AdvanceForOperationalPurpose>
<ygmz:LendingWithNoInterests contextRef="c3" decimals="0" unitRef="usd"> 1413617 </ygmz:LendingWithNoInterests>
<ygmz:LendingWithNoInterests contextRef="c4" decimals="0" unitRef="usd"> 1220176 </ygmz:LendingWithNoInterests>
<ygmz:DepositsForPurchaseOfVehicles contextRef="c4" decimals="0" unitRef="usd"> 476258 </ygmz:DepositsForPurchaseOfVehicles>
<us-gaap:AccountsPayableAndOtherAccruedLiabilities contextRef="c3" decimals="0" unitRef="usd"> 29054674 </us-gaap:AccountsPayableAndOtherAccruedLiabilities>
<us-gaap:AccountsPayableAndOtherAccruedLiabilities contextRef="c4" decimals="0" unitRef="usd"> 19269124 </us-gaap:AccountsPayableAndOtherAccruedLiabilities>
<ygmz:CreditFacilitiesDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 14 – Credit facilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Short-term bank borrowings</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Outstanding balances of short-term bank borrowings as of December 31, 2022 and 2021 consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Bank name</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Term</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Interest<br/> rate</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Collateral/<br/> Guarantee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of <br/> paid off</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, <br/> 2022</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, <br/> 2021</b></span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt; width: 0pt">The Industrial Bank Co., Ltd. 　</td> <td style="width: 0pt"> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt; width: 0pt">From May 9, 2022 to May 9, 2023 　</td> <td style="width: 0pt"> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt; width: 0pt">Weighted average rate of 5.0% 　</td> <td style="width: 0pt"> </td> <td style="text-align: left; padding-left: 1.4pt; width: 0pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td> <td style="width: 0pt"> </td> <td style="vertical-align: bottom; text-align: center; width: 0pt">9-May-23</td> <td style="width: 0pt"> </td> <td style="text-align: left; width: 0pt"> </td> <td style="text-align: right; width: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　347,967</span></td> <td style="text-align: left; width: 0pt"> </td> <td style="width: 0pt"> </td> <td style="text-align: left; width: 0pt"> </td> <td style="text-align: right; width: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　  　　-</span></td> <td style="text-align: left; width: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Bank of China 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From May 16, 2022 to May 16, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 4.5% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td> <td> </td> <td style="vertical-align: bottom; text-align: center">16-May-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　3,340,486</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">China Everbright Bank 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 23, 2022 to  November 22, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.0% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics, pledge by a property owned by Mr. Jinlong Yang and two properties owned by Mr. Jinlong Yang’s family members</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　2,087,804</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Guilin Bank 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From April 28, 2022 to April 28, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 8.0% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td> <td> </td> <td style="padding-left: 0in; vertical-align: bottom; text-align: center">28-Apr-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　420,460</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Zhejiang Mintai Commercial Bank</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From June 30, 2022 to June 8, 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.5%</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,973</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Zhejiang Tailong Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 18, 2022 to  May 17, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td> <td> </td> <td style="vertical-align: bottom; text-align: center">17-May-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　376,965</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Haifa Baocheng Leasing Co., Ltd.</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 2022 to September 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 8.0%</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Zhisheng's accounts receivable</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,273,857</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 1.4pt; vertical-align: top">Bank of China</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From January 3, 2022 to January 3, 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 3.65%</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Lihui Wang</td> <td> </td> <td style="vertical-align: bottom; text-align: center">3-Jan-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,973</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Bank of China 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 2022 to September 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 3.65% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Lihui Wang</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　1,159,891</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">China Construction Bank</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From June 4, 2022 to June 4, 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 3.8525%</td> <td> </td> <td style="padding-left: 1.4pt">None</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">434,959</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 11, 2021 to November 5, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center">5-Nov-22</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　 156,922</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 23, 2021 to September 22, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td/> <td style="vertical-align: bottom; text-align: center">22-Sep-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　78,461</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 16, 2021 to September 15, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-106">15-Sep-22</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　78,461</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From July 14, 2021 to January 13, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.5% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-107">13-Jan-22</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　78,461</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From June 29, 2021 to January 13, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.5% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center">13-Jan-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　784,609</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Zhejiang Tailong Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 11, 2021 to November 19, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td> <td> </td> <td style="vertical-align: bottom; text-align: center">19-Nov-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　470,765</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Industrial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From April 28, 2021 to May 7, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.7% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td> <td> </td> <td style="vertical-align: bottom; text-align: center">7-May-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　376,612</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">China Everbright Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 12, 2021 to November 20, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.0% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Pledge by properties owned by Mr. Jinlong Yang and properties owned by family members of Mr. Jinlong Yang</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-108">20-Nov-22</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　2,259,674</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: left; padding-left: 1.4pt">Bank of Communications Co., Ltd. 　</td> <td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center; padding-left: 1.4pt">From April 29, 2021 to May 9, 2022 　</td> <td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.7% 　</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td> <td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-109">9-May-22</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　3,295,359</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-bottom: 4pt; text-align: left; padding-left: 1.4pt">　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; padding-bottom: 4pt; text-align: center; padding-left: 1.4pt">　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; padding-bottom: 4pt; text-align: center; padding-left: 1.4pt">　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; padding-left: 1.4pt">　</td> <td style="padding-bottom: 4pt"> </td> <td style="vertical-align: bottom; text-align: center">　 　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　 10,022,335</span></td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　 7,579,324</span></td> <td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Long-term bank borrowings</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Outstanding balances of long-term bank borrowings as of December 31, 2022 and 2021 consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; font-weight: bold; text-align: left">Bank name</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; font-weight: bold; text-align: center">Term</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; font-weight: bold; text-align: center">Interest rate</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Collateral/<br/> Guarantee</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Date of<br/> paid off</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 28%; text-align: left">WeBank Co., Ltd.</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: center">From August 26, 2021 to August 26, 2023</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: center">Weighted average rate of 9.0%</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">     -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">343,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">448,348</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">WeBank Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: center">From July 13, 2022 to July 13, 2024</td><td> </td> <td style="vertical-align: top; text-align: center">Weighted average rate of 16.2%</td><td> </td> <td style="text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,763</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Kincheng Bank of Tianjin Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: center">From July 5, 2022 to July 5, 2024</td><td> </td> <td style="vertical-align: top; text-align: center">Weighted average rate of 9.0%</td><td> </td> <td><span style="-sec-ix-hidden: hidden-fact-113">-</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,652</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">WeBank Co., Ltd.</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">From September 8, 2022 to September 8, 2024</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">Weighted average rate of 16.2%</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-hidden: hidden-fact-116">-</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">165,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: current maturities</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(253,352</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(269,009</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">Non-current maturities</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">586,935</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">179,339</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The maturities schedule of long-term bank borrowings is as follow:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Payments due by period</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Less than 1 year</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">586,935</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">269,009</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">1-2 years</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">253,352</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">179,339</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">840,287</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">448,348</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses incurred from long-term bank borrowings were and $45,130, $14,184 and $52,521 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Loans from other financial institutions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Outstanding balances of loans from other financial institutions, which mainly includes the loan from Chailease, as of December 31, 2022 and 2021 were $<span style="-sec-ix-hidden: hidden-fact-123">nil</span> and 144,126, respectively. Loans were pledged by several revenue equipment with recorded cost of $<span style="-sec-ix-hidden: hidden-fact-124">nil</span> and $1,125,173, carrying value of $<span style="-sec-ix-hidden: hidden-fact-125">nil</span> and $79,903 and accumulated depreciation of $<span style="-sec-ix-hidden: hidden-fact-126">nil</span> and $1,045,270 as of December 31, 2022 and 2021, respectively. The depreciation expenses of $<span style="-sec-ix-hidden: hidden-fact-127">nil</span>, $74,185 and $101,741 and $126,595 was recorded for revenue equipment pledged under these loans for the year ended December 31, 2022, 2021 and 2020, respectively. The interest rate of this loan is 17.0% per annum, and the loan term was up to 36 months starting from December 2019. As of December 31, 2022 and 2021 the balance of long-term portion of loans from other financial institutions were $<span style="-sec-ix-hidden: hidden-fact-128">nil</span> and $<span style="-sec-ix-hidden: hidden-fact-129">nil</span>, respectively and the balance of short-term portion of loans from other financial institutions were $<span style="-sec-ix-hidden: hidden-fact-130">nil</span> and $144,126, respectively. Interest expenses incurred from loans from other financial institutions for the year ended December 31, 2022, 2021 and 2020 were $<span style="-sec-ix-hidden: hidden-fact-131">nil</span>, $47,229 and $85,930, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outstanding balances and maturities schedule of loans from other financial institutions is as follow:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Payments due by period</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Less than 1 year</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">         -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">144,126</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">1-2 years</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">144,126</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</ygmz:CreditFacilitiesDisclosureTextBlock>
<us-gaap:ScheduleOfShortTermDebtTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Bank name</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Term</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Interest<br/> rate</td> <td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Collateral/<br/> Guarantee</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of <br/> paid off</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, <br/> 2022</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, <br/> 2021</b></span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt; width: 0pt">The Industrial Bank Co., Ltd. 　</td> <td style="width: 0pt"> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt; width: 0pt">From May 9, 2022 to May 9, 2023 　</td> <td style="width: 0pt"> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt; width: 0pt">Weighted average rate of 5.0% 　</td> <td style="width: 0pt"> </td> <td style="text-align: left; padding-left: 1.4pt; width: 0pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td> <td style="width: 0pt"> </td> <td style="vertical-align: bottom; text-align: center; width: 0pt">9-May-23</td> <td style="width: 0pt"> </td> <td style="text-align: left; width: 0pt"> </td> <td style="text-align: right; width: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　347,967</span></td> <td style="text-align: left; width: 0pt"> </td> <td style="width: 0pt"> </td> <td style="text-align: left; width: 0pt"> </td> <td style="text-align: right; width: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　  　　-</span></td> <td style="text-align: left; width: 0pt"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Bank of China 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From May 16, 2022 to May 16, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 4.5% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td> <td> </td> <td style="vertical-align: bottom; text-align: center">16-May-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　3,340,486</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">China Everbright Bank 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 23, 2022 to  November 22, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.0% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics, pledge by a property owned by Mr. Jinlong Yang and two properties owned by Mr. Jinlong Yang’s family members</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　2,087,804</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Guilin Bank 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From April 28, 2022 to April 28, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 8.0% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td> <td> </td> <td style="padding-left: 0in; vertical-align: bottom; text-align: center">28-Apr-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　420,460</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Zhejiang Mintai Commercial Bank</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From June 30, 2022 to June 8, 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.5%</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,973</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Zhejiang Tailong Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 18, 2022 to  May 17, 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td> <td> </td> <td style="vertical-align: bottom; text-align: center">17-May-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　376,965</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Haifa Baocheng Leasing Co., Ltd.</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 2022 to September 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 8.0%</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Zhisheng's accounts receivable</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,273,857</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 1.4pt; vertical-align: top">Bank of China</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From January 3, 2022 to January 3, 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 3.65%</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Lihui Wang</td> <td> </td> <td style="vertical-align: bottom; text-align: center">3-Jan-23</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,973</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Bank of China 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 2022 to September 2023 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 3.65% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Lihui Wang</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　1,159,891</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">China Construction Bank</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From June 4, 2022 to June 4, 2023</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 3.8525%</td> <td> </td> <td style="padding-left: 1.4pt">None</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">434,959</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">-</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 11, 2021 to November 5, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center">5-Nov-22</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　 156,922</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 23, 2021 to September 22, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td/> <td style="vertical-align: bottom; text-align: center">22-Sep-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　78,461</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From September 16, 2021 to September 15, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-106">15-Sep-22</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　78,461</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From July 14, 2021 to January 13, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.5% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-107">13-Jan-22</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　78,461</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Hangzhou United Rural Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From June 29, 2021 to January 13, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.5% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang and his Spouse</td> <td> </td> <td style="vertical-align: bottom; text-align: center">13-Jan-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　784,609</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Zhejiang Tailong Commercial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 11, 2021 to November 19, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.8% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td> <td> </td> <td style="vertical-align: bottom; text-align: center">19-Nov-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　470,765</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">Industrial Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From April 28, 2021 to May 7, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.7% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td> <td> </td> <td style="vertical-align: bottom; text-align: center">7-May-22</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　376,612</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-left: 1.4pt">China Everbright Bank Co., Ltd. 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">From November 12, 2021 to November 20, 2022 　</td> <td> </td> <td style="vertical-align: top; text-align: center; padding-left: 1.4pt">Weighted average rate of 6.0% 　</td> <td> </td> <td style="text-align: left; padding-left: 1.4pt">Pledge by properties owned by Mr. Jinlong Yang and properties owned by family members of Mr. Jinlong Yang</td> <td> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-108">20-Nov-22</span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　2,259,674</span></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: left; padding-left: 1.4pt">Bank of Communications Co., Ltd. 　</td> <td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center; padding-left: 1.4pt">From April 29, 2021 to May 9, 2022 　</td> <td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center; padding-left: 1.4pt">Weighted average rate of 5.7% 　</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 1.4pt">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td> <td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; text-align: center"><span style="-sec-ix-hidden: hidden-fact-109">9-May-22</span></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　-　</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　　3,295,359</span></td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-bottom: 4pt; text-align: left; padding-left: 1.4pt">　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; padding-bottom: 4pt; text-align: center; padding-left: 1.4pt">　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; padding-bottom: 4pt; text-align: center; padding-left: 1.4pt">　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; padding-left: 1.4pt">　</td> <td style="padding-bottom: 4pt"> </td> <td style="vertical-align: bottom; text-align: center">　 　 　</td> <td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　 10,022,335</span></td> <td style="padding-bottom: 4pt; text-align: left"> </td> <td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left">$</td> <td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">　　 7,579,324</span></td> <td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/>
</us-gaap:ScheduleOfShortTermDebtTextBlock>
<us-gaap:ShortTermDebtDescription contextRef="c191"> From May 9, 2022 to May 9, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c192" decimals="3" unitRef="pure"> 0.05 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c191"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c191"> 2023-05-09 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c192" decimals="0" unitRef="usd"> 347967 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c193"> From May 16, 2022 to May 16, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c194" decimals="3" unitRef="pure"> 0.045 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c193"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c193"> 2023-05-16 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c194" decimals="0" unitRef="usd"> 3340486 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c195"> From November 23, 2022 to  November 22, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c196" decimals="3" unitRef="pure"> 0.05 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c195"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics, pledge by a property owned by Mr. Jinlong Yang and two properties owned by Mr. Jinlong Yang’s family members </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c196" decimals="0" unitRef="usd"> 2087804 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c197"> From April 28, 2022 to April 28, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c198" decimals="3" unitRef="pure"> 0.08 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c197"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c197"> 2023-04-28 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c198" decimals="0" unitRef="usd"> 420460 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c199"> From June 30, 2022 to June 8, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c200" decimals="3" unitRef="pure"> 0.055 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c199"> Guarantee by Mr. Dongdong Wang and his Spouse </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c200" decimals="0" unitRef="usd"> 289973 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c201"> From November 18, 2022 to  May 17, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c202" decimals="3" unitRef="pure"> 0.068 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c201"> Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c201"> 2023-05-17 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c202" decimals="0" unitRef="usd"> 376965 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c203"> From September 2022 to September 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c204" decimals="3" unitRef="pure"> 0.08 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c203"> Guarantee by Zhisheng's accounts receivable </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c204" decimals="0" unitRef="usd"> 1273857 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c205"> From January 3, 2022 to January 3, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c206" decimals="4" unitRef="pure"> 0.0365 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c205"> Guarantee by Mr. Lihui Wang </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c205"> 2023-01-03 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c206" decimals="0" unitRef="usd"> 289973 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c207"> From September 2022 to September 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c208" decimals="4" unitRef="pure"> 0.0365 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c207"> Guarantee by Mr. Lihui Wang </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c208" decimals="0" unitRef="usd"> 1159891 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c209"> From June 4, 2022 to June 4, 2023 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c210" decimals="6" unitRef="pure"> 0.038525 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c209"> None </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c210" decimals="0" unitRef="usd"> 434959 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c211"> From November 11, 2021 to November 5, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c212" decimals="3" unitRef="pure"> 0.068 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c211"> Guarantee by Mr. Dongdong Wang and his Spouse </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c211"> 2022-11-05 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c213" decimals="0" unitRef="usd"> 156922 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c214"> From September 23, 2021 to September 22, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c215" decimals="3" unitRef="pure"> 0.058 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c214"> Guarantee by Mr. Dongdong Wang and his Spouse </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c214"> 2022-09-22 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c216" decimals="0" unitRef="usd"> 78461 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c217"> From September 16, 2021 to September 15, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c218" decimals="3" unitRef="pure"> 0.058 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c217"> Guarantee by Mr. Dongdong Wang and his Spouse </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c219" decimals="0" unitRef="usd"> 78461 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c220"> From July 14, 2021 to January 13, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c221" decimals="3" unitRef="pure"> 0.055 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c220"> Guarantee by Mr. Dongdong Wang and his Spouse </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c222" decimals="0" unitRef="usd"> 78461 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c223"> From June 29, 2021 to January 13, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c224" decimals="3" unitRef="pure"> 0.055 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c223"> Guarantee by Mr. Dongdong Wang and his Spouse </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c223"> 2022-01-13 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c225" decimals="0" unitRef="usd"> 784609 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c226"> From November 11, 2021 to November 19, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c227" decimals="3" unitRef="pure"> 0.068 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c226"> Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c226"> 2022-11-19 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c228" decimals="0" unitRef="usd"> 470765 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c229"> From April 28, 2021 to May 7, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c230" decimals="3" unitRef="pure"> 0.057 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c229"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics. </us-gaap:DebtInstrumentDescription>
<us-gaap:DebtInstrumentIssuanceDate1 contextRef="c229"> 2022-05-07 </us-gaap:DebtInstrumentIssuanceDate1>
<us-gaap:ShortTermBorrowings contextRef="c231" decimals="0" unitRef="usd"> 376612 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c232"> From November 12, 2021 to November 20, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c233" decimals="3" unitRef="pure"> 0.06 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c232"> Pledge by properties owned by Mr. Jinlong Yang and properties owned by family members of Mr. Jinlong Yang </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c234" decimals="0" unitRef="usd"> 2259674 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermDebtDescription contextRef="c235"> From April 29, 2021 to May 9, 2022 </us-gaap:ShortTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c236" decimals="3" unitRef="pure"> 0.057 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c235"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics. </us-gaap:DebtInstrumentDescription>
<us-gaap:ShortTermBorrowings contextRef="c237" decimals="0" unitRef="usd"> 3295359 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c238" decimals="0" unitRef="usd"> 10022335 </us-gaap:ShortTermBorrowings>
<us-gaap:ShortTermBorrowings contextRef="c239" decimals="0" unitRef="usd"> 7579324 </us-gaap:ShortTermBorrowings>
<us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; font-weight: bold; text-align: left">Bank name</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; font-weight: bold; text-align: center">Term</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; white-space: nowrap; font-weight: bold; text-align: center">Interest rate</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Collateral/<br/> Guarantee</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Date of<br/> paid off</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 28%; text-align: left">WeBank Co., Ltd.</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: center">From August 26, 2021 to August 26, 2023</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 11%; text-align: center">Weighted average rate of 9.0%</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">     -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">343,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">448,348</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">WeBank Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: center">From July 13, 2022 to July 13, 2024</td><td> </td> <td style="vertical-align: top; text-align: center">Weighted average rate of 16.2%</td><td> </td> <td style="text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,763</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Kincheng Bank of Tianjin Co., Ltd.</td><td> </td> <td style="vertical-align: top; text-align: center">From July 5, 2022 to July 5, 2024</td><td> </td> <td style="vertical-align: top; text-align: center">Weighted average rate of 9.0%</td><td> </td> <td><span style="-sec-ix-hidden: hidden-fact-113">-</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">154,652</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">WeBank Co., Ltd.</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">From September 8, 2022 to September 8, 2024</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">Weighted average rate of 16.2%</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"><span style="-sec-ix-hidden: hidden-fact-116">-</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">165,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: current maturities</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(253,352</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(269,009</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt">Non-current maturities</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">586,935</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">179,339</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
<us-gaap:LongTermDebtDescription contextRef="c240"> From August 26, 2021 to August 26, 2023 </us-gaap:LongTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c241" decimals="3" unitRef="pure"> 0.09 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c240"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics. </us-gaap:DebtInstrumentDescription>
<ygmz:LongTermBankBorrowings contextRef="c241" decimals="0" unitRef="usd"> 343174 </ygmz:LongTermBankBorrowings>
<ygmz:LongTermBankBorrowings contextRef="c242" decimals="0" unitRef="usd"> 448348 </ygmz:LongTermBankBorrowings>
<us-gaap:LongTermDebtDescription contextRef="c243"> From July 13, 2022 to July 13, 2024 </us-gaap:LongTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c244" decimals="3" unitRef="pure"> 0.162 </us-gaap:DebtWeightedAverageInterestRate>
<us-gaap:DebtInstrumentDescription contextRef="c243"> Guarantee by Mr. Jinlong Yang and MingZhu Logistics. </us-gaap:DebtInstrumentDescription>
<ygmz:LongTermBankBorrowings contextRef="c244" decimals="0" unitRef="usd"> 176763 </ygmz:LongTermBankBorrowings>
<us-gaap:LongTermDebtDescription contextRef="c246"> From July 5, 2022 to July 5, 2024 </us-gaap:LongTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c247" decimals="3" unitRef="pure"> 0.09 </us-gaap:DebtWeightedAverageInterestRate>
<ygmz:LongTermBankBorrowings contextRef="c247" decimals="0" unitRef="usd"> 154652 </ygmz:LongTermBankBorrowings>
<us-gaap:LongTermDebtDescription contextRef="c249"> From September 8, 2022 to September 8, 2024 </us-gaap:LongTermDebtDescription>
<us-gaap:DebtWeightedAverageInterestRate contextRef="c250" decimals="3" unitRef="pure"> 0.162 </us-gaap:DebtWeightedAverageInterestRate>
<ygmz:LongTermBankBorrowings contextRef="c250" decimals="0" unitRef="usd"> 165698 </ygmz:LongTermBankBorrowings>
<us-gaap:LongTermDebtNoncurrent contextRef="c252" decimals="0" unitRef="usd"> 253352 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:LongTermDebtNoncurrent contextRef="c253" decimals="0" unitRef="usd"> 269009 </us-gaap:LongTermDebtNoncurrent>
<ygmz:NoncurrentMaturities contextRef="c252" decimals="0" unitRef="usd"> 586935 </ygmz:NoncurrentMaturities>
<ygmz:NoncurrentMaturities contextRef="c253" decimals="0" unitRef="usd"> 179339 </ygmz:NoncurrentMaturities>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Payments due by period</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Less than 1 year</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">586,935</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">269,009</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">1-2 years</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">253,352</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">179,339</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">840,287</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">448,348</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDebtTableTextBlock>
<ygmz:LongTermDebtPrincipalInNextTwelveMonths contextRef="c3" decimals="0" unitRef="usd"> 586935 </ygmz:LongTermDebtPrincipalInNextTwelveMonths>
<ygmz:LongTermDebtPrincipalInNextTwelveMonths contextRef="c4" decimals="0" unitRef="usd"> 269009 </ygmz:LongTermDebtPrincipalInNextTwelveMonths>
<ygmz:LongTermDebtOfPrincipalInYearTwo contextRef="c3" decimals="0" unitRef="usd"> 253352 </ygmz:LongTermDebtOfPrincipalInYearTwo>
<ygmz:LongTermDebtOfPrincipalInYearTwo contextRef="c4" decimals="0" unitRef="usd"> 179339 </ygmz:LongTermDebtOfPrincipalInYearTwo>
<ygmz:LongTermDebtTotal contextRef="c3" decimals="0" unitRef="usd"> 840287 </ygmz:LongTermDebtTotal>
<ygmz:LongTermDebtTotal contextRef="c4" decimals="0" unitRef="usd"> 448348 </ygmz:LongTermDebtTotal>
<us-gaap:InterestExpenseDebt contextRef="c0" decimals="0" unitRef="usd"> 45130 </us-gaap:InterestExpenseDebt>
<us-gaap:InterestExpenseDebt contextRef="c5" decimals="0" unitRef="usd"> 14184 </us-gaap:InterestExpenseDebt>
<us-gaap:InterestExpenseDebt contextRef="c6" decimals="0" unitRef="usd"> 52521 </us-gaap:InterestExpenseDebt>
<ygmz:OutstandingBalancesOfLoans contextRef="c189" decimals="0" unitRef="usd"> 144126 </ygmz:OutstandingBalancesOfLoans>
<us-gaap:OtherCostAndExpenseOperating contextRef="c5" decimals="0" unitRef="usd"> 1125173 </us-gaap:OtherCostAndExpenseOperating>
<ygmz:carryingValue contextRef="c4" decimals="0" unitRef="usd"> 79903 </ygmz:carryingValue>
<ygmz:AccumulatedDepreciationDepletionAndAmortizationPropertyPlant contextRef="c4" decimals="0" unitRef="usd"> 1045270 </ygmz:AccumulatedDepreciationDepletionAndAmortizationPropertyPlant>
<us-gaap:DepreciationExpenseOnReclassifiedAssets contextRef="c0" decimals="0" unitRef="usd"> 74185 </us-gaap:DepreciationExpenseOnReclassifiedAssets>
<us-gaap:DepreciationExpenseOnReclassifiedAssets contextRef="c5" decimals="0" unitRef="usd"> 101741 </us-gaap:DepreciationExpenseOnReclassifiedAssets>
<us-gaap:DepreciationExpenseOnReclassifiedAssets contextRef="c6" decimals="0" unitRef="usd"> 126595 </us-gaap:DepreciationExpenseOnReclassifiedAssets>
<ygmz:InterestRate contextRef="c26" decimals="3" unitRef="pure"> 0.17 </ygmz:InterestRate>
<us-gaap:DebtInstrumentTerm contextRef="c6"> P36M </us-gaap:DebtInstrumentTerm>
<ygmz:ShorttermLoansFromFinancialInstitutions contextRef="c4" decimals="0" unitRef="usd"> 144126 </ygmz:ShorttermLoansFromFinancialInstitutions>
<us-gaap:InterestExpenseOtherLongTermDebt contextRef="c5" decimals="0" unitRef="usd"> 47229 </us-gaap:InterestExpenseOtherLongTermDebt>
<us-gaap:InterestExpenseOtherLongTermDebt contextRef="c6" decimals="0" unitRef="usd"> 85930 </us-gaap:InterestExpenseOtherLongTermDebt>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Payments due by period</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Less than 1 year</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">         -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">144,126</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt">1-2 years</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">-</div></td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">144,126</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="c4" decimals="0" unitRef="usd"> 144126 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebt contextRef="c4" decimals="0" unitRef="usd"> 144126 </us-gaap:LongTermDebt>
<us-gaap:VariableInterestEntityDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 15 – Variable Interest Entity</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Variable interest entities (“VIEs”) are entities in which equity investors lack the characteristics of a controlling financial interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cheyi Network</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cheyi BVI, which is acquired by the Company on December 29, 2021, operates business mainly through its variable interest entities (“VIE”) in the PRC, based on a series of contractual arrangements (collectively the “VIE Agreements”). <span style="font-family: Times New Roman, Times, Serif">As a result of the VIE</span> Agreements <span style="font-family: Times New Roman, Times, Serif">that our </span>Ningbo Cheyi Corporate Information Consulting Co., Ltd. (“Cheyi WFOE”) <span style="font-family: Times New Roman, Times, Serif">entered with Zhejiang </span>Cheyi Network Technology Co., Ltd. (“Cheyi Network”)<span style="font-family: Times New Roman, Times, Serif">, and its shareholders, the control and benefits of </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">were accrued to us subject to the conditions that we have satisfied for consolidation of </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">and its subsidiaries under U.S. GAAP. Such conditions include that (i) we control </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">through power to govern the activities which most significantly impact </span>Cheyi Network<span style="font-family: Times New Roman, Times, Serif">’s economic performance, (ii) we are contractually obligated to absorb losses of </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">that could potentially be significant to </span>Cheyi Network<span style="font-family: Times New Roman, Times, Serif">, and (iii) we are entitled to receive benefits from </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">that could potentially be significant to</span> Cheyi Network<span style="font-family: Times New Roman, Times, Serif">. We are regarded as the primary beneficiary of </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">and its subsidiaries, and </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">and its subsidiaries are treated as our consolidated affiliated entity under U.S. GAAP. We have consolidated the financial results of </span>Cheyi Network <span style="font-family: Times New Roman, Times, Serif">and its subsidiaries in our consolidated financial statements for accounting purposes in accordance with U.S. GAAP. </span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes that Cheyi Network is considered a VIE under Accounting Codification Standards (“ASC”) 810 “Consolidation”, because the equity investors in Cheyi Network no longer have the characteristics of a controlling financial interest, and the Company, through Cheyi WFOE, is the primary beneficiary of Cheyi Network and controls Cheyi Network’s operations. Accordingly, Cheyi Network has been consolidated as a deemed subsidiary into the Company as a reporting company under ASC 810.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by ASC 810-10, the Company performs a qualitative assessment to determine whether the Company is the primary beneficiary of Cheyi Network which is identified as a VIE of the Company. A quality assessment begins with an understanding of the nature of the risks in the entity as well as the nature of the entity’s activities including terms of the contracts entered into by the entity, ownership interests issued by the entity and the parties involved in the design of the entity. The Company’s assessment of the involvement with Cheyi Network reveals that the Company has the absolute power to direct the most significant activities that impact the economic performance of Cheyi Network. Cheyi WFOE is obligated to absorb a majority of the loss from Cheyi Network activities and receive a majority of Cheyi Network’s expected residual returns. In addition, Cheyi Network’s shareholders have pledged their equity interest in Cheyi Network to Jianzhi Beijing, irrevocably granted Cheyi WFOE an exclusive option to purchase, to the extent permitted under PRC Law, all or part of the equity interests in Cheyi Network and agreed to entrust all the rights to exercise their voting power to the person(s) appointed by Cheyi WFOE. Under the accounting guidance, the Company is deemed to be the primary beneficiary of Cheyi Network and the financial positions, the operating results and cash flows of Cheyi Network and Cheyi Network’s subsidiaries are consolidated in the Company for financial reporting purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of VIE Agreements by and among Cheyi Network, a subsidiary of Cheyi BVI, <span style="font-family: Times New Roman, Times, Serif">Cheyi WFOE</span> and the shareholders of Cheyi BVI. Each of the VIE Agreements is described in detail below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Master Exclusive Service Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Master Exclusive Service Agreement dated November 24, 2021, Cheyi WFOE has agreed to provide the following services (among others) to Cheyi Network:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">information consulting services regarding the business operation of Service Receiving Parties;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">public relation services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">market investigation, research and consulting services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Leasing, assignment or disposal of properties;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">recruiting, managing and training of necessary personnel to sustain the business operation;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">marketing channel to cooperate with business-relating third-party platforms;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">customer order management and customer services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">mid or short-term market development and market planning services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">human resource management and internal information management;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Design, installation, daily management, maintenance and updating of network system, hardware and database design, and/or other services determined from time to time by Cheyi Network according to the need of business and capacity of the Cheyi WFOE.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement was effective from November 24, 2021 and will continue to be effective unless it is terminated by written notice of Cheyi.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Business Cooperation Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Business Cooperation Agreement entered into by Cheyi WFOE, Cheyi Network and the shareholders of Cheyi Network, dated November 24, 2021, all parties agreed that without obtaining Cheyi WFOE ’s prior written consent, Cheyi shall not, and each of the Cheyi Network and shareholders of Cheyi Network shall cause each of Cheyi Network and its subsidiaries not to, engage in any transaction which may materially affect its asset obligation right or operation. Furthermore, Cheyi Network shall and shareholders of Cheyi Network shall cause Cheyi and its subsidiaries to accept suggestions raised by Cheyi WFOE over the employee engagement and replacement, daily operation, dividend distribution and financial management systems of Cheyi Network and its subsidiaries and Cheyi Network and its subsidiaries shall strictly abide by and perform accordingly.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Equity Interest Pledge Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shareholders of Cheyi Network entered into an Equity Pledge Interest Agreement with Cheyi WFOE, dated November 24, 2021. Under such equity pledge agreement, each of the shareholders of Cheyi Network pledged its respective equity interest in Cheyi Network to Cheyi WFOE to secure such shareholder’s obligations under the Exclusive Option Agreement, Proxy Agreement, Master Exclusive Service Agreement, and Letter of Confirmation and Undertaking.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of such shareholders further agreed not to transfer or pledge his or her respective equity interest in Cheyi Network without the prior written consent of Cheyi WFOE. The equity pledge agreement will remain effective until the shareholders fulfill their obligations and Cheyi WFOE discharges all the shareholders’ obligations under these VIE Agreements in writing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Exclusive Option Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Exclusive Option Agreement entered into by Cheyi WFOE, Cheyi Network and the shareholders of Cheyi Network, dated November 24, 2021, the shareholders of Cheyi Network granted Cheyi WFOE or its designee an option to purchase all or a portion of their respective equity interest in Cheyi Network for the RMB 1.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of shareholders of Cheyi Network agreed that, as of the effective date of this agreement, but before the transfer of all or part of the Cheyi Network’s equity interest to Cheyi Network WFOE, if the shareholders obtain dividends, bonuses or residual property from Cheyi Network, the shareholders shall transfer all the income (after tax) to Cheyi WFOE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exclusive option agreement shall remain in effect until all of the equity interests in or assets of Cheyi Network have been acquired by Cheyi WFOE or its designee, and upon the condition that Cheyi WFOE and its subsidiaries, branches can engage in the business of Cheyi Network legally.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cheyi WFOE has the right to unilaterally terminate this agreement immediately by sending written notices to Cheyi Network and the shareholders of Cheyi Network at any time without liability for the breach. Unless otherwise mandatory by Chinese law, Cheyi Network and its shareholders has no right to unilaterally terminate this agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Proxy Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Proxy Agreement among Cheyi WFOE, Cheyi Network and the shareholders of Cheyi Network, dated November 24, 2021, each of the shareholders of Cheyi Network has agreed to irrevocably entrust Cheyi WFOE or its designee to represent it to exercise all the shareholders’ rights to which it is entitled as a shareholder of Cheyi Network.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proxy Agreement is irrevocable and shall remain effective until upon the instruction of Cheyi WFOE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Letter of Confirmation and Undertaking</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each shareholder of Cheyi Network had signed a Letter of Confirmation and Undertaking. Under the Letter of Confirmation and Undertaking, each shareholder of Cheyi Network confirmed undertake and warrant that his or her successor, guardian, creditor, spouse or any other person that may be entitled to assume rights and interests in the equity interest of Cheyi Network held by him or her upon his or her death incapacity, divorce or any circumstances that may affect his or her ability to exercise rights of shareholder in Cheyi Network will not, in any manner and under any circumstances, take any action that may affect or hinder the fulfillment of his or her obligations under each of the Master Exclusive Service Agreement, the Business Cooperation Agreement, the Proxy Agreement, the Exclusive Option Agreement, and the Equity Interest Pledge Agreement executed by him or her on November 24, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. On March 15, 2019, the National People’s Congress approved the Foreign Investment Law, effective on January 1, 2020. The Foreign Investment Law has a catch-all provision under the definition of “foreign investment” which includes investments made by foreign investors in China through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. In the event that the State Council in the future promulgates laws and regulations that deem investments made by foreign investors through contractual arrangements as “foreign investment,” the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">revoke the business and operating licenses of the Company’s PRC subsidiary and VIE;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">discontinue or restrict the operations of any related-party transactions between the Company’s PRC subsidiary and VIE;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">limit the Company’s business expansion in China by way of entering into contractual arrangements;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">impose fines or other requirements with which the Company’s PRC subsidiary and VIE may not be able to comply;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">require the Company or the Company’s PRC subsidiary and VIE to restructure the relevant ownership structure or operations; or</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">restrict or prohibit the Company’s use of the proceeds of the additional public offering to finance.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s ability to conduct its car-hailing and driver management services business that specializes in car-hailing and driver management services s may be negatively affected if the PRC government was to carry out any aforementioned actions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Zhisheng</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Yinhua, which is acquired by the Company on March 14, 2022, operates business mainly through its variable interest entities (“VIE”) in the PRC, based on a series of contractual arrangements (collectively the “VIE Agreements”). As a result of the VIE Agreements that our Zhejiang Caiyunlian Technology Co., Ltd. (“Yinhua WFOE”) entered with Hainan Zhisheng Car Services Co., Ltd. (“Zhisheng”), and its shareholders, the control and benefits of Zhisheng were accrued to us subject to the conditions that we have satisfied for consolidation of Zhisheng under U.S. GAAP. Such conditions include that (i) we control Zhisheng through power to govern the activities which most significantly impact Zhisheng’s economic performance, (ii) we are contractually obligated to absorb losses of Zhisheng that could potentially be significant to Zhisheng, and (iii) we are entitled to receive benefits from Cheyi Network that could potentially be significant to Zhisheng. We are regarded as the primary beneficiary of Zhisheng, and Zhisheng is treated as our consolidated affiliated entity under U.S. GAAP. We have consolidated the financial results of Zhisheng in our consolidated financial statements for accounting purposes in accordance with U.S. GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of VIE Agreements by and among Zhisheng, a subsidiary of Yinhua, Yinhua WFOE and the shareholders of Yinhua. Each of the VIE Agreements is described in detail below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Master Exclusive Service Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Master Exclusive Service Agreement dated January 22, 2022, Yinhua WFOE has agreed to provide the following services (among others) to Zhisheng:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">information consulting services regarding the business operation of Service Receiving Parties;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">public relation services;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">market investigation, research and consulting services;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Leasing, assignment or disposal of properties;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">recruiting, managing and training of necessary personnel to sustain the business operation;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">marketing channel to cooperate with business-relating third-party platforms;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">customer order management and customer services;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">mid or short-term market development and market planning services;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">human resource management and internal information management;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Design, installation, daily management, maintenance and updating of network system, hardware and database design, and/or other services determined from time to time by Zhisheng according to the need of business and capacity of the Yinhua WFOE.</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement was effective from January 22, 2022 and will continue to be effective unless it is terminated by written notice of Zhisheng.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Business Cooperation Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Under the Exclusive Option Agreement entered into by Yinhua WFOE, Zhisheng and the shareholders of Zhisheng, dated January 22, 2022, all parties agreed that without obtaining Yinhua WFOE ’s prior written consent, Zhisheng shall not, and each of the Zhisheng and shareholders of Zhisheng shall cause each of Zhisheng and its subsidiaries not to, engage in any transaction which may materially affect its asset obligation right or operation. Furthermore, Zhisheng shall and shareholders of Zhisheng shall cause Zhisheng and its subsidiaries to accept suggestions raised by Yinhua WFOE over the employee engagement and replacement, daily operation, dividend distribution and financial management systems of Zhisheng and its subsidiaries and Zhisheng and its subsidiaries shall strictly abide by and perform accordingly.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt"><i>Equity Interest Pledge Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">The shareholders of Zhisheng entered into an Equity Pledge Interest Agreement with Yinhua WFOE, dated January 22, 2022. Under such equity pledge agreement, each of the shareholders of Zhisheng pledged its respective equity interest in Zhisheng to Yinhua WFOE to secure such shareholder’s obligations under the Exclusive Option Agreement, Proxy Agreement, Master Exclusive Service Agreement, and Letter of Confirmation and Undertaking.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Each of such shareholders further agreed not to transfer or pledge his or her respective equity interest in Zhisheng without the prior written consent of Yinhua WFOE. The equity pledge agreement will remain effective until the shareholders fulfill their obligations and Yinhua WFOE discharges all the shareholders’ obligations under these VIE Agreements in writing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Exclusive Option Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Under the Exclusive Option Agreement entered into by Yinhua WFOE, Zhisheng and the shareholders of Zhisheng, dated January 22, 2022, the shareholders of Zhisheng granted Yinhua WFOE or its designee an option to purchase all or a portion of their respective equity interest in Zhisheng for the RMB 1.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Each of shareholders of Zhisheng agreed that, as of the effective date of this agreement, but before the transfer of all or part of the Zhisheng’s equity interest to Yinhua WFOE, if the shareholders obtain dividends, bonuses or residual property from Zhisheng, the shareholders shall transfer all the income (after tax) to Yinhua WFOE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">The exclusive option agreement shall remain in effect until all of the equity interests in or assets of Zhisheng have been acquired by Yinhua WFOE or its designee, and upon the condition that Yinhua WFOE and its subsidiaries, branches can engage in the business of Zhisheng legally.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Yinhua WFOE has the right to unilaterally terminate this agreement immediately by sending written notices to Zhisheng and the shareholders of Zhisheng at any time without liability for the breach. Unless otherwise mandatory by Chinese law, Zhisheng and its shareholders has no right to unilaterally terminate this agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Proxy Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Proxy Agreement among Yinhua WFOE, Zhisheng and the shareholders of Zhisheng, dated January 22, 2022, each of the shareholders of Zhisheng has agreed to irrevocably entrust Yinhua WFOE or its designee to represent it to exercise all the shareholders’ rights to which it is entitled as a shareholder of Zhisheng.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proxy Agreement is irrevocable and shall remain effective until upon the instruction of Yinhua WFOE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Letter of Confirmation and Undertaking</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each shareholder of Zhisheng had signed a Letter of Confirmation and Undertaking. Under the Letter of Confirmation and Undertaking, each shareholder of Zhisheng confirmed undertake and warrant that his or her successor, guardian, creditor, spouse or any other person that may be entitled to assume rights and interests in the equity interest of Zhisheng held by him or her upon his or her death incapacity, divorce or any circumstances that may affect his or her ability to exercise rights of shareholder in Zhisheng will not, in any manner and under any circumstances, take any action that may affect or hinder the fulfillment of his or her obligations under each of the Master Exclusive Service Agreement, the Business Cooperation Agreement, the Proxy Agreement, the Exclusive Option Agreement, and the Equity Interest Pledge Agreement executed by him or her on January 22, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Consent Letter</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each spouse of shareholder of Zhisheng had signed a Consent letter. Under Consent Letter, each spouse of shareholder of Zhisheng confirm and agree that the equity interest in the Zhisheng held by each shareholder of Zhisheng is her or his individual property not the joint property, which each shareholder of Zhisheng is entitled to dispose of on her or his own.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s ability to conduct its car owner services business that specializes in car owner services may be negatively affected if the PRC government was to carry out any aforementioned actions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Feipeng</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Feipeng BVI, which is acquired by the Company on December 21, 2022, operates business mainly through its variable interest entities (“VIE”) in the PRC, based on a series of contractual arrangements (collectively the “VIE Agreements”). As a result of the VIE Agreements that our Shenzhen Feipeng Zongheng Supply Chain Management Co., Ltd. (“Feipeng WFOE”) entered with Xinjiang Feipeng Logistics Co., Ltd. (“Feipeng”), and its shareholders, the control and benefits of Feipeng were accrued to us subject to the conditions that we have satisfied for consolidation of Feipeng under U.S. GAAP. Such conditions include that (i) we control Feipeng through power to govern the activities which most significantly impact Feipeng’s economic performance, (ii) we are contractually obligated to absorb losses of Feipeng that could potentially be significant to Feipeng, and (iii) we are entitled to receive benefits from Feipeng that could potentially be significant to Feipeng. We are regarded as the primary beneficiary of Feipeng, and Feipeng is treated as our consolidated affiliated entity under U.S. GAAP. We have consolidated the financial results of Feipeng in our consolidated financial statements for accounting purposes in accordance with U.S. GAAP.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of VIE Agreements by and among Feipeng, a subsidiary of Feipeng BVI, Feipeng WFOE and the shareholders of Feipeng BVI. Each of the VIE Agreements is described in detail below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Master Exclusive Service Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Master Exclusive Service Agreement dated December 20, 2022, Feipeng WFOE has agreed to provide the following services (among others) to Feipeng:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">information consulting services regarding the business operation of Service Receiving Parties;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">public relation services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">market investigation, research and consulting services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Leasing, assignment or disposal of properties;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">recruiting, managing and training of necessary personnel to sustain the business operation;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">marketing channel to cooperate with business-relating third-party platforms;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">customer order management and customer services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">mid or short-term market development and market planning services;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">human resource management and internal information management;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt">●</td> <td style="text-align: justify; font-size: 10pt">Design, installation, daily management, maintenance and updating of network system, hardware and database design, and/or other services determined from time to time by Feipeng according to the need of business and capacity of the Feipeng WFOE.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement was effective from December 20, 2022 and will continue to be effective unless it is terminated by written notice of Feipeng.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Business Cooperation Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Exclusive Option Agreement entered into by Feipeng WFOE, Feipeng and the shareholders of Feipeng, dated December 20, 2022, all parties agreed that without obtaining Feipeng WFOE ’s prior written consent, Feipeng shall not, and each of the Feipeng and shareholders of Feipeng shall cause each of Feipeng and its subsidiaries not to, engage in any transaction which may materially affect its asset obligation right or operation. Furthermore, Feipeng shall and shareholders of Feipeng shall cause Feipeng and its subsidiaries to accept suggestions raised by Feipeng WFOE over the employee engagement and replacement, daily operation, dividend distribution and financial management systems of Feipeng and its subsidiaries and Feipeng and its subsidiaries shall strictly abide by and perform accordingly.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Equity Interest Pledge Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shareholders of Feipeng entered into an Equity Pledge Interest Agreement with Feipeng WFOE, dated December 20, 2022. Under such equity pledge agreement, each of the shareholders of Feipeng pledged its respective equity interest in Feipeng to Feipeng WFOE to secure such shareholder’s obligations under the Exclusive Option Agreement, Proxy Agreement, Master Exclusive Service Agreement, and Letter of Confirmation and Undertaking.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of such shareholders further agreed not to transfer or pledge his or her respective equity interest in Feipeng without the prior written consent of Feipeng WFOE. The equity pledge agreement will remain effective until the shareholders fulfill their obligations and Feipeng WFOE discharges all the shareholders’ obligations under these VIE Agreements in writing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Exclusive Option Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Exclusive Option Agreement entered into by Feipeng WFOE, Feipeng and the shareholders of Feipeng, dated December 20, 2022, the shareholders of Feipeng granted Feipeng WFOE or its designee an option to purchase all or a portion of their respective equity interest in Feipeng for the RMB 1.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of shareholders of Feipeng agreed that, as of the effective date of this agreement, but before the transfer of all or part of the Feipeng’s equity interest to Feipeng WFOE, if the shareholders obtain dividends, bonuses or residual property from Feipeng, the shareholders shall transfer all the income (after tax) to Feipeng WFOE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exclusive option agreement shall remain in effect until all of the equity interests in or assets of Feipeng have been acquired by Feipeng WFOE or its designee, and upon the condition that Feipeng WFOE and its subsidiaries, branches can engage in the business of Feipeng legally.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Feipeng WFOE has the right to unilaterally terminate this agreement immediately by sending written notices to Feipeng and the shareholders of Feipeng at any time without liability for the breach. Unless otherwise mandatory by Chinese law, Feipeng and its shareholders has no right to unilaterally terminate this agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Proxy Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Proxy Agreement among Feipeng WFOE, Feipeng and the shareholders of Feipeng, dated December 20, 2022, each of the shareholders of Feipeng has agreed to irrevocably entrust Feipeng WFOE or its designee to represent it to exercise all the shareholders’ rights to which it is entitled as a shareholder of Feipeng.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proxy Agreement is irrevocable and shall remain effective until upon the instruction of Feipeng WFOE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Letter of Confirmation and Undertaking</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each shareholder of Feipeng had signed a Letter of Confirmation and Undertaking. Under the Letter of Confirmation and Undertaking, each shareholder of Feipeng confirmed undertake and warrant that his or her successor, guardian, creditor, spouse or any other person that may be entitled to assume rights and interests in the equity interest of Feipeng held by him or her upon his or her death incapacity, divorce or any circumstances that may affect his or her ability to exercise rights of shareholder in Feipeng will not, in any manner and under any circumstances, take any action that may affect or hinder the fulfillment of his or her obligations under each of the Master Exclusive Service Agreement, the Business Cooperation Agreement, the Proxy Agreement, the Exclusive Option Agreement, and the Equity Interest Pledge Agreement executed by him or her on December 20, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><i>Consent Letter</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each spouse of shareholder of Feipeng had signed a Consent letter. Under Consent Letter, each spouse of shareholder of Feipeng confirm and agree that the equity interest in the Feipeng held by each shareholder of Feipeng is her or his individual property not the joint property, which each shareholder of Feipeng is entitled to dispose of on her or his own.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s ability to conduct its regional trucking services may be negatively affected if the PRC government was to carry out any aforementioned actions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, The Company may not be able to consolidate its VIEs in its consolidated financial statements as it may lose the ability to exert effective control over the VIEs and their respective shareholders and it may lose the ability to receive economic benefits from the VIEs. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiary and VIEs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total assets and liabilities presented on the Company’s consolidated balance sheets and revenue, expense, net income presented on consolidated statement of income and comprehensive income as well as the cash flow from operating, investing and financing activities presented on the consolidated statement of cash flows are consolidation of the financial position, operation and cash flow of the Company’s subsidiaries, VIE and VIE’s subsidiaries. The Company has not provided any financial support to Cheyi Network, Zhisheng, Feipeng for the years ended as of December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts of the assets, liabilities and the results of operations of the VIEs and VIEs’ subsidiaries included in the Company’s consolidated balance sheets and statements of income and comprehensive income, which are prepared before eliminating the inter-company balances and transactions between the VIEs, the subsidiaries of the VIEs and the Company and its subsidiaries, are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>CURRENT ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,936,430</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,477,065</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,625,183</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">216,572</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,776,885</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,350,331</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,721,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,410,833</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Amount due from related parties</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">877,598</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,625,610</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,030,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">NON-CURRENT ASSET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,737,384</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,345,084</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non-current asset</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,097,643</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,576,090</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">42,723,253</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,606,804</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">CURRENT LIABILITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,825,617</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,647,679</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,509,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">803,784</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other payables and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,194,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,631,610</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,958,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,174,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,859,485</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Current portion of capital lease and financing obligations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">704,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,367,006</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,942,558</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">NON-CURRENT LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Long-term portion of capital lease and financing obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,158,642</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,158,642</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,525,648</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,293,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,454,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,454,440</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,992,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">383,721</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Statutory reserves</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,522</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other reserves</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,349,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,456</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Retained earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,236,232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Accumulated other comprehensive (loss) income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(136,230</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">444,771</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total shareholders’ equity</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,197,605</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,313,142</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total liabilities and shareholders’ equity</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">42,723,253</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,606,804</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Revenues</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,611,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">   -</div></td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income <b> </b></td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,487,522</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center"><b>For the Years Ended<br/> December 31,  </b></td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><b>2022</b></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><b>2021</b></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%">Net cash flows from operating activities</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">(1,435,387</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">   -</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Net cash flows from investing activities</td> <td> </td> <td>$</td> <td style="text-align: right">778,705</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Net cash flows from financing activities</td> <td> </td> <td>$</td> <td style="text-align: right">779,811</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no pledge or collateralization of the VIEs and VIEs’ subsidiaries’ assets that can only be used to settled obligations of the VIEs and VIEs’ subsidiaries, except for the restricted assets disclosed in Note - 19. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets to the Company in the form of loans and advances or cash dividends.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the VIEs are incorporated as limited liability company under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs in normal course of business.</p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td>CURRENT ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,936,430</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,477,065</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts receivable, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,625,183</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">216,572</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,687,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,776,885</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,350,331</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Loans receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,721,594</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,410,833</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Amount due from related parties</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">877,598</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">32,625,610</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,030,714</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">NON-CURRENT ASSET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,737,384</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,345,084</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">595,149</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non-current asset</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,097,643</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,576,090</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">42,723,253</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,606,804</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">CURRENT LIABILITIES:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Short-term bank borrowings</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,825,617</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,647,679</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Accounts and notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,509,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">803,784</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other payables and accrued liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,194,169</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,631,610</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Amount due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,958,665</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Tax payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,174,642</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,859,485</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Current portion of capital lease and financing obligations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">704,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,367,006</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,942,558</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">NON-CURRENT LIABILITIES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Long-term portion of capital lease and financing obligations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,158,642</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,158,642</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,351,104</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,525,648</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,293,662</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -9pt; padding-left: 9pt">Ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,454,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,454,440</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,992,881</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">383,721</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Statutory reserves</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">536,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">468,522</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Other reserves</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,349,552</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,456</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Retained earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,236,232</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Accumulated other comprehensive (loss) income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(136,230</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">444,771</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total shareholders’ equity</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,197,605</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,313,142</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total liabilities and shareholders’ equity</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">42,723,253</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,606,804</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Revenues</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,611,882</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">   -</div></td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net income <b> </b></td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,487,522</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">-</div></td><td style="font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td colspan="5" style="border-bottom: black 1.5pt solid; text-align: center"><b>For the Years Ended<br/> December 31,  </b></td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><b>2022</b></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><b>2021</b></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%">Net cash flows from operating activities</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">(1,435,387</td> <td style="width: 1%">)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">   -</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Net cash flows from investing activities</td> <td> </td> <td>$</td> <td style="text-align: right">778,705</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Net cash flows from financing activities</td> <td> </td> <td>$</td> <td style="text-align: right">779,811</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p>
</srt:ScheduleOfCondensedBalanceSheetTableTextBlock>
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<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="c258" decimals="0" unitRef="usd"> 1477065 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
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<us-gaap:AccountsReceivableNetCurrent contextRef="c258" decimals="0" unitRef="usd"> 216572 </us-gaap:AccountsReceivableNetCurrent>
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<us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="c258" decimals="0" unitRef="usd"> 575913 </us-gaap:PrepaidExpenseAndOtherAssetsCurrent>
<us-gaap:AccountsAndOtherReceivablesNetCurrent contextRef="c257" decimals="0" unitRef="usd"> 2776885 </us-gaap:AccountsAndOtherReceivablesNetCurrent>
<us-gaap:AccountsAndOtherReceivablesNetCurrent contextRef="c258" decimals="0" unitRef="usd"> 1350331 </us-gaap:AccountsAndOtherReceivablesNetCurrent>
<us-gaap:OtherAssetsCurrent contextRef="c257" decimals="0" unitRef="usd"> 1721594 </us-gaap:OtherAssetsCurrent>
<us-gaap:OtherAssetsCurrent contextRef="c258" decimals="0" unitRef="usd"> 3410833 </us-gaap:OtherAssetsCurrent>
<ygmz:AmountDueFromRelatedParties contextRef="c257" decimals="0" unitRef="usd"> 877598 </ygmz:AmountDueFromRelatedParties>
<us-gaap:AssetsCurrent contextRef="c257" decimals="0" unitRef="usd"> 32625610 </us-gaap:AssetsCurrent>
<us-gaap:AssetsCurrent contextRef="c258" decimals="0" unitRef="usd"> 7030714 </us-gaap:AssetsCurrent>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c257" decimals="0" unitRef="usd"> 7737384 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c258" decimals="0" unitRef="usd"> 9980931 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:DeferredIncomeTaxAssetsNet contextRef="c257" decimals="0" unitRef="usd"> 15175 </us-gaap:DeferredIncomeTaxAssetsNet>
<us-gaap:DeferredIncomeTaxAssetsNet contextRef="c258" decimals="0" unitRef="usd"> 10 </us-gaap:DeferredIncomeTaxAssetsNet>
<us-gaap:DepositsAssetsNoncurrent contextRef="c257" decimals="0" unitRef="usd"> 2345084 </us-gaap:DepositsAssetsNoncurrent>
<us-gaap:DepositsAssetsNoncurrent contextRef="c258" decimals="0" unitRef="usd"> 595149 </us-gaap:DepositsAssetsNoncurrent>
<us-gaap:OtherAssets contextRef="c257" decimals="0" unitRef="usd"> 10097643 </us-gaap:OtherAssets>
<us-gaap:OtherAssets contextRef="c258" decimals="0" unitRef="usd"> 10576090 </us-gaap:OtherAssets>
<us-gaap:Assets contextRef="c257" decimals="0" unitRef="usd"> 42723253 </us-gaap:Assets>
<us-gaap:Assets contextRef="c258" decimals="0" unitRef="usd"> 17606804 </us-gaap:Assets>
<us-gaap:LongTermDebtNoncurrent contextRef="c257" decimals="0" unitRef="usd"> 3825617 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:LongTermDebtNoncurrent contextRef="c258" decimals="0" unitRef="usd"> 1647679 </us-gaap:LongTermDebtNoncurrent>
<us-gaap:NotesPayableCurrent contextRef="c257" decimals="0" unitRef="usd"> 6509409 </us-gaap:NotesPayableCurrent>
<us-gaap:NotesPayableCurrent contextRef="c258" decimals="0" unitRef="usd"> 803784 </us-gaap:NotesPayableCurrent>
<us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent contextRef="c257" decimals="0" unitRef="usd"> 4194169 </us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 16 – Leases</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the Company has capital lease commitments for revenue equipment summarized for the following fiscal years:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Minimum<br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Present<br/> value of<br/> minimum<br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">12 months ending December 31,</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -9pt; padding-left: 9pt">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">865,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">757,088</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">670,952</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">473,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">410,226</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">89,368</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">77,464</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,202,038</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,915,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: amount representing interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(286,308</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-138"> </div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Present value of minimum lease payments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,915,730</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,915,730</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: current maturities</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(757,088</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Capital lease obligations, long-term</td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,158,642</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company leases certain of its revenue equipment under capital lease agreements. The terms of the capital leases expire at various dates through December 2026. The Company has option to purchase the revenue equipment for a nominal amount at the end of the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the Company has capital lease commitments for revenue equipment summarized for the following fiscal years:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minimum<br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Present value of<br/> minimum <br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">12 months ending December 31,</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: justify">2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,641,587</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,267,248</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,407</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91,323</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,868,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,467,960</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Less: amount representing interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(401,013</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Present value of minimum lease payments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,467,960</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,467,960</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Less: current maturities</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,267,248</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Capital lease obligations, long-term</td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">200,712</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lease term of the Company’s capital lease obligations ranged from two to four years. Interest rates underlying the capital lease obligations ranged from 5.0% to 6.0%, 4% to 11.8% per annum and 3.4% to 17.0% per annum for the years ended December 31, 2022, 2021 and 2020, respectively. Interest expenses incurred from capital lease were $223,904, $8,411 and $41,110 for the years ended December 31, 2022, 2021 and 2020, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s capital lease obligations are secured by the lessor’s title to the leased assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total future minimum lease payments under the non-cancellable operating lease with respect to the offices December 31, 2022 are payable as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">12 months ending December 31,</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.125in; text-align: justify">2023</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">298,924</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">2024</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">   -</div></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Future minimum operating lease payments</td> <td> </td> <td style="border-bottom: black 4.5pt double">$</td> <td style="border-bottom: black 4.5pt double; text-align: right">298,924</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total future minimum lease payments under the non-cancellable operating lease with respect to the office December 31, 2021 are payable as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">12 months ending December 31,</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.125in; text-align: justify">2022</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">112,387</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">2023</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">99,899</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Future minimum operating lease payments</td> <td> </td> <td style="border-bottom: black 4.5pt double">$</td> <td style="border-bottom: black 4.5pt double; text-align: right">212,286</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rental expense of the Company for the years ended December 31, 2022, 2021 and 2020 were $306,396, $111,024 and $103,733, respectively.</p>
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<ygmz:ScheduleOfCapitalLeaseCommitmentsForRevenueEquipmentTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Minimum<br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Present<br/> value of<br/> minimum<br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">12 months ending December 31,</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify; text-indent: -9pt; padding-left: 9pt">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">865,348</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">757,088</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,057</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">670,952</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">473,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">410,226</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">89,368</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">77,464</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,202,038</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,915,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: amount representing interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(286,308</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-138"> </div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Present value of minimum lease payments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,915,730</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,915,730</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: current maturities</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(757,088</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Capital lease obligations, long-term</td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,158,642</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Minimum<br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Present value of<br/> minimum <br/> lease<br/> payments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">12 months ending December 31,</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: justify">2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,641,587</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,267,248</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">121,407</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91,323</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79,305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,868,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,467,960</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Less: amount representing interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(401,013</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Present value of minimum lease payments</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,467,960</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,467,960</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Less: current maturities</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,267,248</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Capital lease obligations, long-term</td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">200,712</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
</ygmz:ScheduleOfCapitalLeaseCommitmentsForRevenueEquipmentTableTextBlock>
<ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonth contextRef="c0" decimals="0" unitRef="usd"> 865348 </ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonth>
<ygmz:CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonth contextRef="c0" decimals="0" unitRef="usd"> 757088 </ygmz:CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonth>
<ygmz:CapitalLeasesFutureMinimumPaymentsDueInFourYear contextRef="c0" decimals="0" unitRef="usd"> 774057 </ygmz:CapitalLeasesFutureMinimumPaymentsDueInFourYear>
<ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingFourYear contextRef="c0" decimals="0" unitRef="usd"> 670952 </ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingFourYear>
<ygmz:LesseeOperatingLeaseLiabilityPaymentDueYearThree contextRef="c3" decimals="0" unitRef="usd"> 473265 </ygmz:LesseeOperatingLeaseLiabilityPaymentDueYearThree>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="c3" decimals="0" unitRef="usd"> 410226 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
<ygmz:MinimumLeasePaymentsThereafter contextRef="c0" decimals="0" unitRef="usd"> 89368 </ygmz:MinimumLeasePaymentsThereafter>
<ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingMinimumLeasePaymentsThereafter contextRef="c0" decimals="0" unitRef="usd"> 77464 </ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingMinimumLeasePaymentsThereafter>
<ygmz:MinimumLeasePaymentsTotal contextRef="c0" decimals="0" unitRef="usd"> 2202038 </ygmz:MinimumLeasePaymentsTotal>
<ygmz:PresentValueOfMinimumLeasePaymentsTotal contextRef="c0" decimals="0" unitRef="usd"> 1915730 </ygmz:PresentValueOfMinimumLeasePaymentsTotal>
<ygmz:LessAmountRepresentingInterestMinimumLeasePayments contextRef="c0" decimals="0" unitRef="usd"> -286308 </ygmz:LessAmountRepresentingInterestMinimumLeasePayments>
<ygmz:MinimumLeasePayments contextRef="c0" decimals="0" unitRef="usd"> 1915730 </ygmz:MinimumLeasePayments>
<ygmz:PresentValueOfMinimumLeasePayments contextRef="c3" decimals="0" unitRef="usd"> 1915730 </ygmz:PresentValueOfMinimumLeasePayments>
<ygmz:LessCurrentMaturitie contextRef="c3" decimals="0" unitRef="usd"> -757088 </ygmz:LessCurrentMaturitie>
<ygmz:CapitalLeasesObligationLongterm contextRef="c3" decimals="0" unitRef="usd"> 1158642 </ygmz:CapitalLeasesObligationLongterm>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="c4" decimals="0" unitRef="usd"> 2641587 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
<ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingTwoYear contextRef="c5" decimals="0" unitRef="usd"> 2267248 </ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingTwoYear>
<ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonth contextRef="c5" decimals="0" unitRef="usd"> 136063 </ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingTwelveMonth>
<ygmz:CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonth contextRef="c5" decimals="0" unitRef="usd"> 121407 </ygmz:CapitalLeasesFutureMinimumPaymentNextRollingTwelveMonth>
<ygmz:CapitalLeasesFutureMinimumPaymentsDueInFourYear contextRef="c5" decimals="0" unitRef="usd"> 91323 </ygmz:CapitalLeasesFutureMinimumPaymentsDueInFourYear>
<ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingFourYear contextRef="c5" decimals="0" unitRef="usd"> 79305 </ygmz:CapitalLeasesFutureMinimumPaymentsNextRollingFourYear>
<ygmz:MinimumLeasePaymentsTotal contextRef="c5" decimals="0" unitRef="usd"> 2868973 </ygmz:MinimumLeasePaymentsTotal>
<ygmz:PresentValueOfMinimumLeasePaymentsTotal contextRef="c5" decimals="0" unitRef="usd"> 2467960 </ygmz:PresentValueOfMinimumLeasePaymentsTotal>
<ygmz:LessAmountRepresentingInterestMinimumLeasePayments contextRef="c5" decimals="0" unitRef="usd"> -401013 </ygmz:LessAmountRepresentingInterestMinimumLeasePayments>
<ygmz:MinimumLeasePayments contextRef="c5" decimals="0" unitRef="usd"> 2467960 </ygmz:MinimumLeasePayments>
<ygmz:PresentValueOfMinimumLeasePayments contextRef="c4" decimals="0" unitRef="usd"> 2467960 </ygmz:PresentValueOfMinimumLeasePayments>
<ygmz:LessCurrentMaturitie contextRef="c4" decimals="0" unitRef="usd"> -2267248 </ygmz:LessCurrentMaturitie>
<ygmz:CapitalLeasesObligationLongterm contextRef="c4" decimals="0" unitRef="usd"> 200712 </ygmz:CapitalLeasesObligationLongterm>
<ygmz:CapitalLeaseObligationPercentage contextRef="c261" decimals="3" unitRef="pure"> 0.05 </ygmz:CapitalLeaseObligationPercentage>
<ygmz:CapitalLeaseObligationPercentage contextRef="c262" decimals="3" unitRef="pure"> 0.06 </ygmz:CapitalLeaseObligationPercentage>
<ygmz:CapitalLeaseObligationPercentage contextRef="c263" decimals="2" unitRef="pure"> 0.04 </ygmz:CapitalLeaseObligationPercentage>
<ygmz:CapitalLeaseObligationPercentage contextRef="c264" decimals="3" unitRef="pure"> 0.118 </ygmz:CapitalLeaseObligationPercentage>
<ygmz:CapitalLeaseObligationPercentage contextRef="c265" decimals="3" unitRef="pure"> 0.034 </ygmz:CapitalLeaseObligationPercentage>
<ygmz:CapitalLeaseObligationPercentage contextRef="c266" decimals="3" unitRef="pure"> 0.17 </ygmz:CapitalLeaseObligationPercentage>
<us-gaap:InterestExpenseLesseeAssetsUnderCapitalLease contextRef="c0" decimals="0" unitRef="usd"> 223904 </us-gaap:InterestExpenseLesseeAssetsUnderCapitalLease>
<us-gaap:InterestExpenseLesseeAssetsUnderCapitalLease contextRef="c5" decimals="0" unitRef="usd"> 8411 </us-gaap:InterestExpenseLesseeAssetsUnderCapitalLease>
<us-gaap:InterestExpenseLesseeAssetsUnderCapitalLease contextRef="c6" decimals="0" unitRef="usd"> 41110 </us-gaap:InterestExpenseLesseeAssetsUnderCapitalLease>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">12 months ending December 31,</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.125in; text-align: justify">2023</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">298,924</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">2024</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">   -</div></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Future minimum operating lease payments</td> <td> </td> <td style="border-bottom: black 4.5pt double">$</td> <td style="border-bottom: black 4.5pt double; text-align: right">298,924</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">12 months ending December 31,</td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; padding-left: 0.125in; text-align: justify">2022</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right">112,387</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: justify">2023</td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">99,899</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Future minimum operating lease payments</td> <td> </td> <td style="border-bottom: black 4.5pt double">$</td> <td style="border-bottom: black 4.5pt double; text-align: right">212,286</td> <td> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="c3" decimals="0" unitRef="usd"> 298924 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="c3" decimals="0" unitRef="usd"> 298924 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="c4" decimals="0" unitRef="usd"> 112387 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="c4" decimals="0" unitRef="usd"> 99899 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="c4" decimals="0" unitRef="usd"> 212286 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<ygmz:RentalExpenses contextRef="c0" decimals="0" unitRef="usd"> 306396 </ygmz:RentalExpenses>
<ygmz:RentalExpenses contextRef="c5" decimals="0" unitRef="usd"> 111024 </ygmz:RentalExpenses>
<ygmz:RentalExpenses contextRef="c6" decimals="0" unitRef="usd"> 103733 </ygmz:RentalExpenses>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 17 – Related party balances and transactions</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Related party balances</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount due from related parties consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Related Party Name (EN)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 24%; text-align: left">Mr. Dongdong Wang</td><td style="width: 1%"> </td> <td style="text-align: left; width: 25%; vertical-align: top">Shareholder</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 25%; text-align: left">Lending with no interests</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">877,598</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">     -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Exquisite Elite Limited</td><td> </td> <td style="text-align: left; vertical-align: top">Shareholder</td><td> </td> <td style="vertical-align: top; text-align: left">Advances to payment of professional fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Mr. Hui Wang</td><td> </td> <td style="vertical-align: top; text-align: left">Senior employee</td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Mr. Jinlong Yang</td><td> </td> <td style="vertical-align: top; text-align: left">Chairman and Chief Executive Officer</td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">709,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">705,280</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Mr. Mingzhu Logistics</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Mr. Jinlong Yang’s family member as sole shareholder</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Lending with no interests</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,002,332</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,677,345</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">705,280</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount due to related parties consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Related Party Name (EN)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 25%; text-align: left">Mr. Zuojie Dai</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 24%; text-align: left">Manager of MingZhu Pengcheng</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 25%; text-align: left">Advances for operational purpose</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,180</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">81,375</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span>Exquisite Elite Limited</span></p></td><td> </td> <td style="vertical-align: top; text-align: left">Shareholder</td><td> </td> <td style="vertical-align: top; text-align: left">Advances to payment of professional fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">MingZhu Logistics</td><td> </td> <td style="vertical-align: top; text-align: left">Mr. Jinlong Yang’s family member as sole shareholder</td><td> </td> <td style="vertical-align: top; text-align: left">Lending with no interests</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,490</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Mr. Jingwei Zhang</td><td> </td> <td style="vertical-align: top; text-align: left">Chief Financial Officer</td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Lihui Wang</td><td> </td> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,552,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Xiangyin Guo</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Advances for operational purpose</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,405,945</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,108,866</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">294,344</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Collateral and Guarantee</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The collateral and guarantee made by related parties to the Company as of December 31, 2022 consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; text-indent: -0.125in; text-align: left; font-weight: bold">Related Parties</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Institution Name</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Term</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregated <span style="text-decoration:underline;text-decoration: none">Principal</span></b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Carrying</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>as of</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><span style="text-decoration:underline;text-decoration: none">2022</span></b></p></td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 35%; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 20%; text-align: center">The Industrial Bank Co., Ltd.(3)</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 1%; text-align: center"> </td><td style="vertical-align: top; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From May 9, 2022 to May 9, 2023</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">347,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">347,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td><td> </td> <td style="vertical-align: top; text-align: center">Bank of China(6)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From May 16, 2022 to May 16, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,059,618</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,340,486</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics, pledge by a property owned by Mr. Jinlong Yang and two properties owned by Mr. Jinlong Yang’s family members</td><td> </td> <td style="vertical-align: top; text-align: center">China Everbright Bank(4)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From November 23, 2022 to  November 22, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,174,796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,087,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td><td> </td> <td style="vertical-align: top; text-align: center">Guilin Bank(5)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From April 28, 2022 to  April 28, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,460</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,460</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Zhejiang Mintai Commercial Bank</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From June 30, 2022 to June 8, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td><td> </td> <td style="vertical-align: top; text-align: center">Zhejiang Tailong Commercial Bank Co., Ltd. (2)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From November 18, 2022 to  May 17, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,965</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Lihui Wang</td><td> </td> <td style="vertical-align: top; text-align: center">Bank of China(6)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From January 3, 2022 to  January 3, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Guarantee by Mr. Lihui Wang</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">Bank of China(6)</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center"> </td><td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From September 2022 to  September 2023</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,159,891</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,159,891</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; padding-bottom: 4pt; text-align: center"> </td><td style="vertical-align: top; padding-bottom: 4pt; text-align: center"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,285,333</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,313,519</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The collateral and guarantee made by related parties to the Company as of December 31, 2021 consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: bottom">Related Parties</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Institution Name</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Term</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregated <br/> Principal</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Carrying<br/> Amount<br/> as of<br/> December 31,<br/> 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 35%; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 20%; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="vertical-align: top; width: 17%; text-align: center">From November 11, 2021 to November 5, 2022</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">156,922</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">156,922</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From September 23, 2021 to September 22, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From September 16, 2021 to September 15, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From July 14, 2021 to January 13, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From June 29, 2021 to January 13, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784,609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784,609</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td><td> </td> <td style="vertical-align: top; text-align: center">Zhejiang Tailong Commercial Bank Co.,Ltd</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From November 11, 2021 to November 19, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="vertical-align: top; text-align: center">Industrial Bank Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From April 28, 2021 to May 7, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Pledge by properties owned by Mr. Jinlong Yang and properties owned by family members of Mr. Jinlong Yang</td><td> </td> <td style="vertical-align: top; text-align: center">China Everbright Bank Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From November 12, 2021 to November 20, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,353,827</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,259,674</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="vertical-align: top; text-align: center">Bank of Communications Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From April 29, 2021 to May 9, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,923,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,295,359</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="vertical-align: top; text-align: center">WeBank Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From August 26, 2021 to August 26, 2023</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">470,765</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">448,348</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,866,082</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,027,672</td><td style="text-align: left"> </td></tr> </table>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Related Party Name (EN)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 24%; text-align: left">Mr. Dongdong Wang</td><td style="width: 1%"> </td> <td style="text-align: left; width: 25%; vertical-align: top">Shareholder</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 25%; text-align: left">Lending with no interests</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">877,598</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">     -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Exquisite Elite Limited</td><td> </td> <td style="text-align: left; vertical-align: top">Shareholder</td><td> </td> <td style="vertical-align: top; text-align: left">Advances to payment of professional fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Mr. Hui Wang</td><td> </td> <td style="vertical-align: top; text-align: left">Senior employee</td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Mr. Jinlong Yang</td><td> </td> <td style="vertical-align: top; text-align: left">Chairman and Chief Executive Officer</td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">709,694</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">705,280</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Mr. Mingzhu Logistics</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Mr. Jinlong Yang’s family member as sole shareholder</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Lending with no interests</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,002,332</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,677,345</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">705,280</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:DueFromRelatedParties contextRef="c270" decimals="0" unitRef="usd"> 54882 </us-gaap:DueFromRelatedParties>
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<ygmz:DueFromRelatedPartiesNature contextRef="c273"> Advances for operational purpose </ygmz:DueFromRelatedPartiesNature>
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<us-gaap:DueFromRelatedParties contextRef="c275" decimals="0" unitRef="usd"> 705280 </us-gaap:DueFromRelatedParties>
<ygmz:DueFromRelatedPartiesRelationship contextRef="c276"> Mr. Jinlong Yang’s family member as sole shareholder </ygmz:DueFromRelatedPartiesRelationship>
<ygmz:DueFromRelatedPartiesNature contextRef="c276"> Lending with no interests </ygmz:DueFromRelatedPartiesNature>
<us-gaap:DueFromRelatedParties contextRef="c277" decimals="0" unitRef="usd"> 1002332 </us-gaap:DueFromRelatedParties>
<us-gaap:DueFromRelatedParties contextRef="c3" decimals="0" unitRef="usd"> 2677345 </us-gaap:DueFromRelatedParties>
<us-gaap:DueFromRelatedParties contextRef="c4" decimals="0" unitRef="usd"> 705280 </us-gaap:DueFromRelatedParties>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom">Related Party Name (EN)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Nature</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; width: 25%; text-align: left">Mr. Zuojie Dai</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 24%; text-align: left">Manager of MingZhu Pengcheng</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 25%; text-align: left">Advances for operational purpose</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,180</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">81,375</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span>Exquisite Elite Limited</span></p></td><td> </td> <td style="vertical-align: top; text-align: left">Shareholder</td><td> </td> <td style="vertical-align: top; text-align: left">Advances to payment of professional fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">MingZhu Logistics</td><td> </td> <td style="vertical-align: top; text-align: left">Mr. Jinlong Yang’s family member as sole shareholder</td><td> </td> <td style="vertical-align: top; text-align: left">Lending with no interests</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,490</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left">Mr. Jingwei Zhang</td><td> </td> <td style="vertical-align: top; text-align: left">Chief Financial Officer</td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-align: left">Lihui Wang</td><td> </td> <td style="text-align: left; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: left">Advances for operational purpose</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,552,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Xiangyin Guo</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 1.5pt">Advances for operational purpose</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,405,945</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="text-align: left; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: left; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,108,866</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">294,344</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="c289" decimals="0" unitRef="usd"> 1552720 </us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
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<us-gaap:DueToRelatedPartiesCurrentAndNoncurrent contextRef="c292" decimals="0" unitRef="usd"> 4405945 </us-gaap:DueToRelatedPartiesCurrentAndNoncurrent>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.125in; text-indent: -0.125in; text-align: left; font-weight: bold">Related Parties</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Institution Name</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Term</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregated <span style="text-decoration:underline;text-decoration: none">Principal</span></b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Carrying</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Amount</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>as of</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><span style="text-decoration:underline;text-decoration: none">2022</span></b></p></td><td style="text-align: center; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 35%; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 20%; text-align: center">The Industrial Bank Co., Ltd.(3)</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 1%; text-align: center"> </td><td style="vertical-align: top; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From May 9, 2022 to May 9, 2023</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">347,967</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">347,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td><td> </td> <td style="vertical-align: top; text-align: center">Bank of China(6)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From May 16, 2022 to May 16, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,059,618</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,340,486</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics, pledge by a property owned by Mr. Jinlong Yang and two properties owned by Mr. Jinlong Yang’s family members</td><td> </td> <td style="vertical-align: top; text-align: center">China Everbright Bank(4)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From November 23, 2022 to  November 22, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,174,796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,087,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics</td><td> </td> <td style="vertical-align: top; text-align: center">Guilin Bank(5)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From April 28, 2022 to  April 28, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,460</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,460</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Zhejiang Mintai Commercial Bank</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From June 30, 2022 to June 8, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td><td> </td> <td style="vertical-align: top; text-align: center">Zhejiang Tailong Commercial Bank Co., Ltd. (2)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From November 18, 2022 to  May 17, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,965</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,965</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guarantee by Mr. Lihui Wang</td><td> </td> <td style="vertical-align: top; text-align: center">Bank of China(6)</td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From January 3, 2022 to  January 3, 2023</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,973</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Guarantee by Mr. Lihui Wang</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">Bank of China(6)</td><td style="padding-bottom: 1.5pt"> </td> <td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center"> </td><td style="vertical-align: top; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From September 2022 to  September 2023</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,159,891</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,159,891</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt; vertical-align: top"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="vertical-align: top; padding-bottom: 4pt; text-align: center"> </td><td style="vertical-align: top; padding-bottom: 4pt; text-align: center"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,285,333</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,313,519</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; vertical-align: bottom">Related Parties</td><td style="font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Institution Name</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Term</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregated <br/> Principal</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Carrying<br/> Amount<br/> as of<br/> December 31,<br/> 2021</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 35%; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td style="width: 1%"> </td> <td style="vertical-align: top; width: 20%; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="vertical-align: top; width: 17%; text-align: center">From November 11, 2021 to November 5, 2022</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">156,922</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">156,922</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From September 23, 2021 to September 22, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From September 16, 2021 to September 15, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From July 14, 2021 to January 13, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">78,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang and his Spouse</td><td> </td> <td style="vertical-align: top; text-align: center">Hangzhou United Rural Commercial Bank Co.,Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From June 29, 2021 to January 13, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784,609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">784,609</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Dongdong Wang, Mr. Dongdong Wang’s Spouse and five employees</td><td> </td> <td style="vertical-align: top; text-align: center">Zhejiang Tailong Commercial Bank Co.,Ltd</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From November 11, 2021 to November 19, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,765</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="vertical-align: top; text-align: center">Industrial Bank Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From April 28, 2021 to May 7, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470,765</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Pledge by properties owned by Mr. Jinlong Yang and properties owned by family members of Mr. Jinlong Yang</td><td> </td> <td style="vertical-align: top; text-align: center">China Everbright Bank Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From November 12, 2021 to November 20, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,353,827</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,259,674</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="vertical-align: top; text-align: center">Bank of Communications Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From April 29, 2021 to May 9, 2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,923,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,295,359</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guarantee by Mr. Jinlong Yang and MingZhu Logistics.</td><td> </td> <td style="vertical-align: top; text-align: center">WeBank Co., Ltd.</td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center">From August 26, 2021 to August 26, 2023</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">470,765</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">448,348</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td><td> </td> <td style="vertical-align: top; text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="vertical-align: top; text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,866,082</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,027,672</td><td style="text-align: left"> </td></tr> </table>
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<ygmz:RelatedPartiesInstitutionName contextRef="c294"> The Industrial Bank Co., Ltd.(3) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c294"> From May 9, 2022 to May 9, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c294" decimals="0" unitRef="usd"> 347967 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c295" decimals="0" unitRef="usd"> 347967 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c296"> Bank of China(6) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c296"> From May 16, 2022 to May 16, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c296" decimals="0" unitRef="usd"> 4059618 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c297" decimals="0" unitRef="usd"> 3340486 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c298"> China Everbright Bank(4) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c298"> From November 23, 2022 to  November 22, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c298" decimals="0" unitRef="usd"> 2174796 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c299" decimals="0" unitRef="usd"> 2087804 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c300"> Guilin Bank(5) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c300"> From April 28, 2022 to  April 28, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c300" decimals="0" unitRef="usd"> 420460 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c301" decimals="0" unitRef="usd"> 420460 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c302"> Zhejiang Mintai Commercial Bank </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c302"> From June 30, 2022 to June 8, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c302" decimals="0" unitRef="usd"> 289973 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c303" decimals="0" unitRef="usd"> 289973 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c304"> Zhejiang Tailong Commercial Bank Co., Ltd. (2) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c304"> From November 18, 2022 to  May 17, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c304" decimals="0" unitRef="usd"> 376965 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c305" decimals="0" unitRef="usd"> 376965 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c288"> Bank of China(6) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c288"> From January 3, 2022 to  January 3, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c288" decimals="0" unitRef="usd"> 289973 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c289" decimals="0" unitRef="usd"> 289973 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c306"> Bank of China(6) </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c306"> From September 2022 to  September 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c306" decimals="0" unitRef="usd"> 1159891 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c307" decimals="0" unitRef="usd"> 1159891 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c0" decimals="0" unitRef="usd"> 10285333 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c3" decimals="0" unitRef="usd"> 8313519 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c308"> Hangzhou United Rural Commercial Bank Co.,Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c308"> From November 11, 2021 to November 5, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c308" decimals="0" unitRef="usd"> 156922 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c309" decimals="0" unitRef="usd"> 156922 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c310"> Hangzhou United Rural Commercial Bank Co.,Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c310"> From September 23, 2021 to September 22, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c310" decimals="0" unitRef="usd"> 78461 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c311" decimals="0" unitRef="usd"> 78461 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c312"> Hangzhou United Rural Commercial Bank Co.,Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c312"> From September 16, 2021 to September 15, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c312" decimals="0" unitRef="usd"> 78461 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c313" decimals="0" unitRef="usd"> 78461 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c314"> Hangzhou United Rural Commercial Bank Co.,Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c314"> From July 14, 2021 to January 13, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c314" decimals="0" unitRef="usd"> 78461 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c315" decimals="0" unitRef="usd"> 78461 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c316"> Hangzhou United Rural Commercial Bank Co.,Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c316"> From June 29, 2021 to January 13, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c316" decimals="0" unitRef="usd"> 784609 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c317" decimals="0" unitRef="usd"> 784609 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c318"> Zhejiang Tailong Commercial Bank Co.,Ltd </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c318"> From November 11, 2021 to November 19, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c318" decimals="0" unitRef="usd"> 470765 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c319" decimals="0" unitRef="usd"> 470765 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c320"> Industrial Bank Co., Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c320"> From April 28, 2021 to May 7, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c320" decimals="0" unitRef="usd"> 470765 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c321" decimals="0" unitRef="usd"> 376612 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c322"> China Everbright Bank Co., Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c322"> From November 12, 2021 to November 20, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c322" decimals="0" unitRef="usd"> 2353827 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c323" decimals="0" unitRef="usd"> 2259674 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c324"> Bank of Communications Co., Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c324"> From April 29, 2021 to May 9, 2022 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c324" decimals="0" unitRef="usd"> 3923046 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c325" decimals="0" unitRef="usd"> 3295359 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:RelatedPartiesInstitutionName contextRef="c326"> WeBank Co., Ltd. </ygmz:RelatedPartiesInstitutionName>
<ygmz:RelatedPartiesTerm contextRef="c326"> From August 26, 2021 to August 26, 2023 </ygmz:RelatedPartiesTerm>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c326" decimals="0" unitRef="usd"> 470765 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c327" decimals="0" unitRef="usd"> 448348 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentPeriodicPaymentPrincipal contextRef="c5" decimals="0" unitRef="usd"> 8866082 </us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
<us-gaap:DebtInstrumentFaceAmount contextRef="c4" decimals="0" unitRef="usd"> 8027672 </us-gaap:DebtInstrumentFaceAmount>
<ygmz:EmployeeBenefitsGovernmentPlanTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 18 – Employee benefits government plan</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company participates in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. PRC labor regulations require the Company to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate based on the basic monthly compensation of qualified employees. The relevant local labor bureau is responsible for meeting all retirement benefit obligations; the Company has no further commitments beyond its monthly contribution.</p>
</ygmz:EmployeeBenefitsGovernmentPlanTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 19 – Income taxes</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cayman Islands</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>British Virgin Islands</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MingZhu BVI is incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Hong Kong</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MingZhu HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax law, MingZhu HK is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>PRC</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company PRC subsidiaries are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the “EIT Laws”), Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ministry of Finance (“MOF”) and State Administration of Taxation (“SAT”) on March 14, 2022 jointly issued Cai Shui 2022 No. 13. This clarified that from January 1, 2022 to December 31, 2024, eligible small enterprises whose first RMB 1,000,000 of annual taxable income is eligible for 75% reduction on a rate of 20% (i.e., effective rate is 5%) and the income between RMB 1,000,000 and RMB 3,000,000 is eligible for 50% reduction on a rate of 20% (i.e. effective rate is 10%). For the years ended December 31, 2022 and 2021, MingZhu Pengcheng was eligible to enjoy this policy.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant components of the income tax expense consisted of the following for the years ended December 31,</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Current income tax expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">732,788</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">138,246</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">376,823</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax (benefit) expense</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(202,746</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,832</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,381</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">530,042</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">135,414</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">366,442</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax effects of temporary difference that give rise to the deferred tax assets as of December 31, 2022 and 2021 are $238,237 and $35,491, respectively. Deferred tax assets consist of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left">Allowance for doubtful accounts</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">238,237</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">35,491</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Contingent liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Net operating loss carryforwards:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,696</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">HONG KONG</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">74,305</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,633</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">375,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,820</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(136,797</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(163,329</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total deferred tax assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">238,237</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">35,491</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated the recoverable amounts of deferred tax assets and provided a valuation allowance to the extent that future taxable profits will be available against which the net operating loss and temporary difference can be utilized. The Company considers both positive and negative factors when assessing the future realization of the deferred tax assets and applied weigh to the relative impact of the evidences to the extent it could be objectively verified.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s net operation loss (“NOL”) was mainly from MingZhu Management’s cumulative NOL of approximately $836,000 as of December 31, 2022 which will mostly expire in 2026. Management considers projected future losses outweighs other factors and made a full allowance of related deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reconciliation of effective income tax rate is as follows for the years ended December 31:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">PRC statutory tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effect of tax rate differential</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-1.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-13.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-5.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Valuation allowance deferred tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-5.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-27.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Non-deductible items*</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.7</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-1.4</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7.2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">21.8</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-16.9</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">31.9</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px">*</td> <td style="text-align: justify">Non-deductible items mainly arise from expenses not deductible for tax purposes primarily including professional fees in relation to capital market planning and late penalty fees.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Uncertain tax positions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Value added tax</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to value added tax (“VAT”). Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. The Company is entitled to a refund for VAT already paid on goods and services purchased. The VAT balance is recorded in tax payables on the audited consolidated balance sheets. Revenues are presented net of applicable VAT. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taxes payable consisted of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">VAT taxes payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">861,336</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">345,133</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Income taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,304,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,761,201</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other taxes payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">112,361</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,960</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,278,436</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,133,294</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
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<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c329" decimals="2" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<ygmz:IncomeTaxDescription contextRef="c329"> The Ministry of Finance (“MOF”) and State Administration of Taxation (“SAT”) on March 14, 2022 jointly issued Cai Shui 2022 No. 13. This clarified that from January 1, 2022 to December 31, 2024, eligible small enterprises whose first RMB 1,000,000 of annual taxable income is eligible for 75% reduction on a rate of 20% (i.e., effective rate is 5%) and the income between RMB 1,000,000 and RMB 3,000,000 is eligible for 50% reduction on a rate of 20% (i.e. effective rate is 10%). For the years ended December 31, 2022 and 2021, MingZhu Pengcheng was eligible to enjoy this policy.  </ygmz:IncomeTaxDescription>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Current income tax expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">732,788</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">138,246</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">376,823</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Deferred income tax (benefit) expense</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(202,746</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,832</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,381</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">530,042</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">135,414</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">366,442</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c330" decimals="0" unitRef="usd"> 732788 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c331" decimals="0" unitRef="usd"> 138246 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="c332" decimals="0" unitRef="usd"> 376823 </us-gaap:CurrentIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c330" decimals="0" unitRef="usd"> -202746 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c331" decimals="0" unitRef="usd"> -2832 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="c332" decimals="0" unitRef="usd"> -10381 </us-gaap:DeferredIncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c330" decimals="0" unitRef="usd"> 530042 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c331" decimals="0" unitRef="usd"> 135414 </us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="c332" decimals="0" unitRef="usd"> 366442 </us-gaap:IncomeTaxExpenseBenefit>
<ygmz:DeferredTaxAsset contextRef="c3" decimals="0" unitRef="usd"> 238237 </ygmz:DeferredTaxAsset>
<ygmz:DeferredTaxAsset contextRef="c4" decimals="0" unitRef="usd"> 35491 </ygmz:DeferredTaxAsset>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/> December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td>Deferred tax assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 76%; text-align: left">Allowance for doubtful accounts</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">238,237</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">35,491</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">Contingent liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Net operating loss carryforwards:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.25in">PRC</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,492</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,696</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">HONG KONG</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">74,305</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,633</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">375,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,820</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(136,797</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(163,329</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total deferred tax assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">238,237</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">35,491</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="c3" decimals="0" unitRef="usd"> 238237 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts contextRef="c4" decimals="0" unitRef="usd"> 35491 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign contextRef="c333" decimals="0" unitRef="usd"> 62492 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign contextRef="c334" decimals="0" unitRef="usd"> 153696 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign contextRef="c335" decimals="0" unitRef="usd"> 74305 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign contextRef="c336" decimals="0" unitRef="usd"> 9633 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="c3" decimals="0" unitRef="usd"> 375034 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="c4" decimals="0" unitRef="usd"> 198820 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="c3" decimals="0" unitRef="usd"> 136797 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="c4" decimals="0" unitRef="usd"> 163329 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsTaxDeferredExpense contextRef="c3" decimals="0" unitRef="usd"> 238237 </us-gaap:DeferredTaxAssetsTaxDeferredExpense>
<us-gaap:DeferredTaxAssetsTaxDeferredExpense contextRef="c4" decimals="0" unitRef="usd"> 35491 </us-gaap:DeferredTaxAssetsTaxDeferredExpense>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal contextRef="c3" decimals="0" unitRef="usd"> 836000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">PRC statutory tax rate</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">25.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Effect of tax rate differential</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-1.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-13.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-5.2</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Valuation allowance deferred tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-5.6</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-27.2</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.9</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Non-deductible items*</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3.7</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-1.4</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7.2</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">21.8</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">-16.9</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">31.9</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px">*</td> <td style="text-align: justify">Non-deductible items mainly arise from expenses not deductible for tax purposes primarily including professional fees in relation to capital market planning and late penalty fees.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c331" decimals="3" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c332" decimals="3" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="c337" decimals="3" unitRef="pure"> 0.25 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="c331" decimals="3" unitRef="pure"> -0.013 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="c332" decimals="3" unitRef="pure"> -0.133 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential contextRef="c337" decimals="3" unitRef="pure"> -0.052 </us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c331" decimals="3" unitRef="pure"> -0.056 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c332" decimals="3" unitRef="pure"> -0.272 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="c337" decimals="3" unitRef="pure"> 0.049 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense contextRef="c331" decimals="3" id="ix_25_fact" unitRef="pure"> 0.037 </us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense>
<us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense contextRef="c332" decimals="3" id="ix_26_fact" unitRef="pure"> -0.014 </us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense>
<us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense contextRef="c337" decimals="3" id="ix_27_fact" unitRef="pure"> 0.072 </us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpense>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c331" decimals="3" unitRef="pure"> 0.218 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c332" decimals="3" unitRef="pure"> -0.169 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="c337" decimals="3" unitRef="pure"> 0.319 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<ygmz:VatDescription contextRef="c0"> Revenue from provision of trucking services, car-hailing and driver management services and car owner services are generally subject to VAT at the rate of 9%, 6% and 6%. </ygmz:VatDescription>
<ygmz:ScheduleOfTaxesPayableTableTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">VAT taxes payable</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">861,336</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">345,133</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Income taxes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,304,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,761,201</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other taxes payable</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">112,361</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,960</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,278,436</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,133,294</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</ygmz:ScheduleOfTaxesPayableTableTextBlock>
<us-gaap:SalesAndExciseTaxPayableCurrentAndNoncurrent contextRef="c3" decimals="0" unitRef="usd"> 861336 </us-gaap:SalesAndExciseTaxPayableCurrentAndNoncurrent>
<us-gaap:SalesAndExciseTaxPayableCurrentAndNoncurrent contextRef="c4" decimals="0" unitRef="usd"> 345133 </us-gaap:SalesAndExciseTaxPayableCurrentAndNoncurrent>
<us-gaap:AccruedIncomeTaxes contextRef="c3" decimals="0" unitRef="usd"> 4304739 </us-gaap:AccruedIncomeTaxes>
<us-gaap:AccruedIncomeTaxes contextRef="c4" decimals="0" unitRef="usd"> 2761201 </us-gaap:AccruedIncomeTaxes>
<us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent contextRef="c3" decimals="0" unitRef="usd"> 112361 </us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent>
<us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent contextRef="c4" decimals="0" unitRef="usd"> 26960 </us-gaap:AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent>
<us-gaap:TaxesPayableCurrentAndNoncurrent contextRef="c3" decimals="0" unitRef="usd"> 5278436 </us-gaap:TaxesPayableCurrentAndNoncurrent>
<us-gaap:TaxesPayableCurrentAndNoncurrent contextRef="c4" decimals="0" unitRef="usd"> 3133294 </us-gaap:TaxesPayableCurrentAndNoncurrent>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 20 – Shareholders’ equity</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Ordinary shares</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MingZhu Cayman was established under the laws of Cayman Islands on January 2, 2018. The authorized number of ordinary shares was 38,000,000 shares with a par value of approximate $0.001 (HKD 0.01) per ordinary share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the effect of resolutions passed by board of directors on February 12, 2020, the authorized number of ordinary shares increased from 38,000,000 to 50,000,000 with a par value of $0.001 instead of HKD 0.01 and the issued number of ordinary shares increased from 1,000 to 9,250,000 with a par value of $0.001 instead of HKD 0.01. With the effect of resolution passed by board of directors on May 21, 2020, the issued number of ordinary shares decreased from 9,250,000 to 9,000,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 21, 2020, the Company completed the initial public offering (“IPO”) of 3,000,000 ordinary shares at a public offering price of US$4.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 30, 2020, the underwriter and sole book-runner of the Company’s underwritten IPO, has exercised the partial over-allotment option and purchased an additional 350,000 ordinary shares of the Company at the IPO price of US$4.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 4, 2020, the underwriter and sole book-runner of the Company’s underwritten IPO, has further exercised the partial over-allotment option and purchased an additional 4,040 ordinary shares of the Company at the IPO price of US$4.00 per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 12,354,040.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the above IPO and over-allotments, the Company received total gross proceeds of $13,416,160. After deducting a sum of $2,457,357 in underwriting commission and other expenses, the Company received a total net proceeds of $10,958,803.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 12, 2021, the Company closed its direct public offering of 3,333,335 units of its securities (each, a “Unit”), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.75 ordinary share. The Company sold the Units at a price of $6.00 per Unit. The Company received gross proceeds from the Offering, before deducting estimated offering expenses payable by the Company, of approximately $18,000,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2021, the underwriter and sole book-runner of our underwritten IPO, exercised its partial warrant and purchased a total of 214,286 ordinary shares of the Company with no cash in consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 14, 2021, the underwriter and sole book-runner of our underwritten IPO, exercised its partial warrant and purchased a total of 43,616 ordinary shares of the Company with no cash in consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 29, 2021, the Company entered into a Share Purchase Agreement (the “SPA”) to acquire 100% of the equity interest of Cheyi (BVI) Limited (the “Cheyi BVI”) which operates its business through its subsidiary Zhejiang Cheyi Network Technology Co., Ltd. (the “Cheyi Network”), an integrated online car-hailing and driver management services company. Pursuant to the agreement, the total consideration for the acquisition of 100% equity ownership of Cheyi BVI is an aggregate of U.S. $23,470,712, consisting of the issuance by the Company to the shareholders of Cheyi BVI an aggregate of 3,189,000 fully paid Company’s ordinary shares (being U.S. $6,760,680 of $2.12 per share) and payment of $2,000,000 at closing, and Year-2021 earnout payment of U.S. $8,826,019 and Year-2022 earnout payment of U.S. $5,884,013 if the Cheyi BVI’s audited net income for its fiscal year 2021 and 2022 is no less than U.S. $3,000,000 respectively. The two earnout payments are due 13 months upon the delivery of Cheyi BVI’s audited financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 14, 2022, the Company entered into a Share Purchase Agreement with Yinhua which develops and operates a comprehensive auto related service platform to serve auto insurance companies, and each of the shareholders of the Yinhua. Under terms of the share purchase agreement, we shall pay $10,076,600 in exchange for 100% equity of Yinhua. Of the total consideration to be paid, $7,078,100 shall be paid in form of 3,826,000 newly issued ordinary shares of the Company, representing $1.85 per ordinary share of the Company, and $1,000,000 upon closing. In addition, a cash earnout of $1,998,500 shall be paid if Yinhua achieves a net income target threshold of $1.3 million during the calendar year of 2022. On March 18, 2022, the parties completed the transaction. Upon the closing of the transaction, the Company acquired 100% shares outstanding of the Yinhua, and the Company issued 3,826,000 ordinary shares and paid $1,000,000 to the sellers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the authorized number of ordinary shares is 50,000,000 with a par value of $0.001 and the issued number of ordinary shares is 22,960,277. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes it is appropriate to reflect the above transactions as re-denomination and nominal issuance of shares on a retroactive basis similar to stock split or dividend pursuant to ASC 260. According to the above transactions, the Company has retroactively adjusted the shares and per share data for all periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Share subscription receivables</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share subscription receivables represent unpaid capital contribution from the Company’s shareholders of $847,086 and $847,086 as of December 31, 2022 and 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Statutory reserves</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the relevant PRC laws and regulations, the Group’s subsidiaries in the PRC are required to provide for certain statutory reserves, which are appropriated from net profit as reported in accordance with PRC accounting standards. The Group’s subsidiaries in the PRC are required to allocate at least 10% of their after-tax profits to the general reserve until such reserve has reached 50% of their respective registered capital. Appropriations to other types of reserves in accordance with relevant PRC laws and regulations are to be made at the discretion of the board of directors of each of the Group’s subsidiaries in the PRC. The statutory reserves are restricted from being distributed as dividends under PRC laws and regulations. The statutory reserves recorded by the Group’s subsidiaries in the PRC were $1,036,841 and $916,148 as of December 31, 2022 and 2021, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Restricted assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of these PRC laws and regulations and the requirement that distributions by the Group’s subsidiaries in the PRC can only be paid out of distributable profits reported in accordance with PRC accounting standards, the Group’s subsidiaries in the PRC are restricted from transferring a portion of their net assets to the Company. The restricted amounts include the paid-in capital and the statutory reserves of the Group’s subsidiaries in the PRC. The aggregate amount of paid-in capital and statutory reserves, which represented the amount of net assets of the Group’s subsidiaries in the PRC not available for distribution, was $<span style="-sec-ix-hidden: hidden-fact-150">Nil</span> and $<span style="-sec-ix-hidden: hidden-fact-151">Nil</span> as of December 31, 2022 and 2021, respectively.</p>
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<ygmz:EarnoutPayment contextRef="c5" decimals="0" unitRef="usd"> 8826019 </ygmz:EarnoutPayment>
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<ygmz:NetIncomes contextRef="c0" decimals="0" unitRef="usd"> 3000000 </ygmz:NetIncomes>
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<ygmz:ConsiderationPaid contextRef="c344" decimals="0" unitRef="usd"> 7078100 </ygmz:ConsiderationPaid>
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<ygmz:CommonStockParValuePerShare contextRef="c3" decimals="3" unitRef="usdPershares"> 0.001 </ygmz:CommonStockParValuePerShare>
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<us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount contextRef="c5" decimals="0" unitRef="usd"> 916148 </us-gaap:StatutoryAccountingPracticesStatutoryNetIncomeAmount>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 21 – Commitments and Contingencies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Guarantee Commitments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2017, the MingZhu entered into guarantee agreements for a capital lease of $2,531,453 to a subcontractor. The guarantee period was from November 2017 to January 2022. In November 2017, the MingZhu entered into a guarantee agreement in which MingZhu Logistics, a related party, guaranteed for the above-mentioned capital lease. The Company assessed its performance guarantee obligations as of December 31, 2021 in accordance with ASC 460, Guarantees, no financial impact was found.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Lease Commitments</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into a lease for office space located in Shenzhen, Guangdong, China for the period from November 21, 2018 to November 20, 2023. The Company’s commitments for minimum lease payment under these operating leases as of December 31, 2022 are listed in section “Note 12 – Leases”.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Contingencies</span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company is party to certain legal proceedings, as well as certain asserted and unasserted claims.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 20, 2022, Shenzhen Xincang Freight Co., Ltd. submitted the Civil Complaint to The People’s Court of Yantian District, requesting the defendant Jian Yang to compensate for the economic loss of RMB 233,055, judgment of the defendant Yangang Pearl for Jian Yang’s compensation liability to assume joint liability. According to the civil order issued by The People’s Court of Yantian District on January 27, 2022, the applicant Shenzhen Xincang Freight Co., Ltd. applies for property preservation in the case of the liability dispute between the applicant Shenzhen Xincang Freight Co., Ltd. of seizing and freezing the property worth RMB 234,990.12 under the name of the respondent Mingzhu. According to the notice of response issued by The People’s Court of Yantian District, on February 10, 2022, the case of the liability dispute between the plaintiff and the defendant Mingzhu and Jian Yang was filed by the Court on January 21, 2022. A trial is scheduled for March 18, 2022. As of the date of this annual report, the case had been concluded and the Company had paid out the claimed amount of compensation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC No. 450-20, “Loss Contingencies”, the Company will record accruals for above loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. There are no other material loss contingencies than above-mentioned ones for the years ended December 31, 2022 and 2021.</p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:CapitalLeaseObligations contextRef="c349" decimals="0" unitRef="usd"> 2531453 </us-gaap:CapitalLeaseObligations>
<ygmz:ContingenciesDescription contextRef="c350"> the Civil Complaint to The People’s Court of Yantian District, requesting the defendant Jian Yang to compensate for the economic loss of RMB 233,055, judgment of the defendant Yangang Pearl for Jian Yang’s compensation liability to assume joint liability. According to the civil order issued by The People’s Court of Yantian District on January 27, 2022, the applicant Shenzhen Xincang Freight Co., Ltd. applies for property preservation in the case of the liability dispute between the applicant Shenzhen Xincang Freight Co., Ltd. of seizing and freezing the property worth RMB 234,990.12 under the name of the respondent Mingzhu. According to the notice of response issued by The People’s Court of Yantian District, on February 10, 2022, the case of the liability dispute between the plaintiff and the defendant Mingzhu and Jian Yang was filed by the Court on January 21, 2022. </ygmz:ContingenciesDescription>
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 22 – Segment information</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s CODM has been identified as its CEO, who reviews the financial results when making decisions about allocating resources and assessing performance separately of three business segments as below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">trucking business, conducted by Mingzhu and its subsidiaries and Feipeng BVI, its subsidiaries and its VIEs;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">car-hailing and driver management services business, conducted by Cheyi BVI, its subsidiaries and its VIEs;</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"/><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">car owner services business, conducted by Yinhua, its subsidiaries and its VIEs</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">and therefore, the Company has three reportable segments. The Company’s long-lived assets are substantially all located in the PRC and all of the Company’s revenues are derived from the PRC. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The acquisition of Cheyi BVI, Yinhua, Feipeng BVI was completed on December 29, 2021, March 14, 2022 and December 20, 2022, in accordance with the ASC-805, the Company only is able to account the revenue generated by Cheyi BVI, Yinhua, Feipeng BVI and their subsidiaries after the acquisition is completed. The Company had carefully evaluated the amount of such revenue generated by Cheyi BVI, Yinhua, Feipeng BVI and their subsidiaries with reasonable estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment information for the years as of December 31, 2022 and 2021 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total assets</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0.125in">Trucking services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">75,947,153</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,743,182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0.125in">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,600,724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,606,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,908,978</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">111,456,855</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">82,349,986</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Trucking services</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,459,760</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,243,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,613,938</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,073,698</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,224,582</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the balance of goodwill represented an amount of $14,157,570 that arose from acquisition of Cheyi BVI in 2021, $5,364,709 that arose from acquisition of Yinhua in March 2022 and $13,715,130 that arose from acquisition of Feipeng BVI in December 2022.</p>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="c0">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total assets</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 0.125in">Trucking services</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">75,947,153</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,743,182</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 0.125in">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,600,724</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,606,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,908,978</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">111,456,855</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">82,349,986</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Trucking services</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,459,760</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,243,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Car-hailing and driver management services</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,613,938</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,980,931</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Car owner services</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,073,698</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,224,582</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
<us-gaap:AssetsNet contextRef="c352" decimals="0" unitRef="usd"> 75947153 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c353" decimals="0" unitRef="usd"> 64743182 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c354" decimals="0" unitRef="usd"> 19600724 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c355" decimals="0" unitRef="usd"> 17606804 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c356" decimals="0" unitRef="usd"> 15908978 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c3" decimals="0" unitRef="usd"> 111456855 </us-gaap:AssetsNet>
<us-gaap:AssetsNet contextRef="c4" decimals="0" unitRef="usd"> 82349986 </us-gaap:AssetsNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c352" decimals="0" unitRef="usd"> 1459760 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c353" decimals="0" unitRef="usd"> 2243651 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c354" decimals="0" unitRef="usd"> 7613938 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c355" decimals="0" unitRef="usd"> 9980931 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c3" decimals="0" unitRef="usd"> 9073698 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:PropertyPlantAndEquipmentNet contextRef="c4" decimals="0" unitRef="usd"> 12224582 </us-gaap:PropertyPlantAndEquipmentNet>
<us-gaap:Goodwill contextRef="c351" decimals="0" unitRef="usd"> 14157570 </us-gaap:Goodwill>
<us-gaap:Goodwill contextRef="c168" decimals="0" unitRef="usd"> 5364709 </us-gaap:Goodwill>
<us-gaap:Goodwill contextRef="c169" decimals="0" unitRef="usd"> 13715130 </us-gaap:Goodwill>
<us-gaap:SubsequentEventsTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 23 – Subsequent events</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No significant event occurred after the date of December 31, 2022.</p>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:DisclosureOfReclassificationAmountTextBlock contextRef="c0">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 24 – Reclassification</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations and performance position. A reclassification has been made to the Consolidated Balance Sheet and Consolidated Statements of Cash Flows for the fiscal year ended December 31, 2020, to reclassify the others receivable.</p>
</us-gaap:DisclosureOfReclassificationAmountTextBlock>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 25 – Condensed financial information of the parent company (unaudited)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The subsidiaries did not pay any dividend to the Company for the years presented. For the purpose of presenting parent only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income of the subsidiary is presented as “share of income of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company did not have other commitments, long-term obligations, or guarantees as of December 31, 2022 and 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PARENT COMPANY BALANCE SHEETS</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">　</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">　</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">CURRENT ASSETS:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-left: 9pt">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,139,015</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,079,046</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,701,968</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Amount due from related parties</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,080,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,083,531</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Total current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,441,671</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,864,545</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">NON-CURRENT ASSET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Investment in subsidiaries and VIEs</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">48,087,748</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,804,389</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">63,529,419</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,668,934</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">21,497,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-155">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 0.25in">Ordinary shares: $0.001 par value, 50,000,000 shares authorized, 22,960,277 and 19,134,277 shares issued and outstanding as of December 31, 2022 and 2021, respectively*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,960</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,134</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt">Share subscription receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(847,086</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(847,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,678,430</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,792,071</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Statutory reserves</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,036,841</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">916,148</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Retained earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,704,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,929,043</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Accumulated other comprehensive (loss) income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,564,051</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(140,376</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total shareholders’ equity</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">42,031,632</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,668,934</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total liabilities and shareholders’ equity</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">63,529,419</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,668,934</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">*</td> <td style="text-align: justify">Giving retroactive effect to the re-denomination and nominal issuance of shares effected on February 12, 2020.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PARENT COMPANY STATEMENT OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">INCOME (LOSS) OF SUBSIDIARIES</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,325,434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(490,484</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">950,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">COSTS AND EXPENSES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">General and Administrative expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">429,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">447,929</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">167,749</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total costs and expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">429,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">447,929</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">167,749</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">INCOME (LOSS) FROM OPERATION</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,896,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(938,413</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">782,296</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">INCOME (LOSS) BEFORE INCOME TAXES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,896,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(938,413</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">782,296</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">PROVISION FOR INCOME TAXES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-156"> </div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-157">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-158">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">NET INCOME (LOSS)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,896,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(938,413</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">782,296</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">OTHER COMPREHENSIVE INCOME (LOSS)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,409,431</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(640,974</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">752,828</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">COMPREHENSIVE INCOME (LOSS)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">486,757</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,579,387</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,535,124</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PARENT COMPANY STATEMENT OF CASH FLOWS</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Cash flows from operating activities:</td><td> </td> <td colspan="2" style="text-align: right">　</td><td> </td><td> </td> <td colspan="2" style="text-align: right">　</td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; padding-left: 8.7pt">Net income (loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,896,188</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(938,413</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">782,296</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 8.7pt">Adjustments to reconcile net income to cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 22.9pt">Equity income of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,325,434</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490,484</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(950,045</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 22.9pt">Prepayments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,940,031</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,400,661</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Net cash provided by (used in) operating activities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,281,591</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,848,590</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(167,749</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Cash flows from financing activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 8.7pt">Amounts advanced from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,221,622</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,556,693</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(166,872</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 8.7pt">Proceeds from private placement</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,465,009</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-159">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Net cash provided by (used in) financing activities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,908,316</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(166,872</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Effect of exchange rate change on cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,444</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">82</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Net (decrease) increase in cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,940,031</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,062,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(795</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Cash at beginning of the year</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,079,046</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,876</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,671</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 4pt">Cash at end of the year</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,139,015</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,079,046</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,876</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
</srt:CondensedFinancialStatementsTextBlock>
<srt:ScheduleOfCondensedBalanceSheetTableTextBlock contextRef="c358">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: right">　</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2" style="text-align: right">　</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">CURRENT ASSETS:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; padding-left: 9pt">Cash</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,139,015</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,079,046</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt">Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">222,556</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,701,968</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Amount due from related parties</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,080,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,083,531</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Total current assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,441,671</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,864,545</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">NON-CURRENT ASSET</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Investment in subsidiaries and VIEs</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">48,087,748</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,804,389</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">63,529,419</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,668,934</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold">LIABILITIES</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">21,497,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-155">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">SHAREHOLDERS’ EQUITY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -9pt; padding-left: 0.25in">Ordinary shares: $0.001 par value, 50,000,000 shares authorized, 22,960,277 and 19,134,277 shares issued and outstanding as of December 31, 2022 and 2021, respectively*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,960</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,134</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 9pt">Share subscription receivables</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(847,086</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(847,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Additional paid-in capital</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35,678,430</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,792,071</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">Statutory reserves</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,036,841</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">916,148</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Retained earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,704,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,929,043</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Accumulated other comprehensive (loss) income</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,564,051</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(140,376</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total shareholders’ equity</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">42,031,632</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,668,934</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total liabilities and shareholders’ equity</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">63,529,419</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,668,934</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify">*</td> <td style="text-align: justify">Giving retroactive effect to the re-denomination and nominal issuance of shares effected on February 12, 2020.</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</srt:ScheduleOfCondensedBalanceSheetTableTextBlock>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationCash contextRef="c359" decimals="0" unitRef="usd"> 1139015 </us-gaap:DisposalGroupIncludingDiscontinuedOperationCash>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationCash contextRef="c360" decimals="0" unitRef="usd"> 3079046 </us-gaap:DisposalGroupIncludingDiscontinuedOperationCash>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssetsCurrent contextRef="c359" decimals="0" unitRef="usd"> 222556 </us-gaap:DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssetsCurrent>
<us-gaap:DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssetsCurrent contextRef="c360" decimals="0" unitRef="usd"> 4701968 </us-gaap:DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssetsCurrent>
<ygmz:AmountDueFromRelatedParties contextRef="c359" decimals="0" unitRef="usd"> 14080100 </ygmz:AmountDueFromRelatedParties>
<ygmz:AmountDueFromRelatedParties contextRef="c360" decimals="0" unitRef="usd"> 14083531 </ygmz:AmountDueFromRelatedParties>
<us-gaap:AssetsCurrent contextRef="c359" decimals="0" unitRef="usd"> 15441671 </us-gaap:AssetsCurrent>
<us-gaap:AssetsCurrent contextRef="c360" decimals="0" unitRef="usd"> 21864545 </us-gaap:AssetsCurrent>
<us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures contextRef="c359" decimals="0" unitRef="usd"> 48087748 </us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>
<us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures contextRef="c360" decimals="0" unitRef="usd"> 25804389 </us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures>
<us-gaap:Assets contextRef="c359" decimals="0" unitRef="usd"> 63529419 </us-gaap:Assets>
<us-gaap:Assets contextRef="c360" decimals="0" unitRef="usd"> 47668934 </us-gaap:Assets>
<us-gaap:Liabilities contextRef="c359" decimals="0" unitRef="usd"> 21497787 </us-gaap:Liabilities>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c359" decimals="3" unitRef="usdPershares"> 0.001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="c360" decimals="3" unitRef="usdPershares"> 0.001 </us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesAuthorized contextRef="c359" decimals="INF" unitRef="shares"> 50000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesAuthorized contextRef="c360" decimals="INF" unitRef="shares"> 50000000 </us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesIssued contextRef="c359" decimals="INF" unitRef="shares"> 22960277 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c359" decimals="INF" unitRef="shares"> 22960277 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesIssued contextRef="c360" decimals="INF" unitRef="shares"> 19134277 </us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="c360" decimals="INF" unitRef="shares"> 19134277 </us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockValue contextRef="c359" decimals="0" id="ix_28_fact" unitRef="usd"> 22960 </us-gaap:CommonStockValue>
<us-gaap:CommonStockValue contextRef="c360" decimals="0" id="ix_29_fact" unitRef="usd"> 19134 </us-gaap:CommonStockValue>
<ygmz:ShareSubscriptionReceivables contextRef="c359" decimals="0" unitRef="usd"> -847086 </ygmz:ShareSubscriptionReceivables>
<ygmz:ShareSubscriptionReceivables contextRef="c360" decimals="0" unitRef="usd"> -847086 </ygmz:ShareSubscriptionReceivables>
<us-gaap:AdditionalPaidInCapital contextRef="c359" decimals="0" unitRef="usd"> 35678430 </us-gaap:AdditionalPaidInCapital>
<us-gaap:AdditionalPaidInCapital contextRef="c360" decimals="0" unitRef="usd"> 41792071 </us-gaap:AdditionalPaidInCapital>
<us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance contextRef="c359" decimals="0" unitRef="usd"> 1036841 </us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance>
<us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance contextRef="c360" decimals="0" unitRef="usd"> 916148 </us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c359" decimals="0" unitRef="usd"> 7704538 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c360" decimals="0" unitRef="usd"> 5929043 </us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="c359" decimals="0" unitRef="usd"> -1564051 </us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
<us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax contextRef="c360" decimals="0" unitRef="usd"> -140376 </us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="c359" decimals="0" unitRef="usd"> 42031632 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="c360" decimals="0" unitRef="usd"> 47668934 </us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:LiabilitiesAndStockholdersEquity contextRef="c359" decimals="0" unitRef="usd"> 63529419 </us-gaap:LiabilitiesAndStockholdersEquity>
<us-gaap:LiabilitiesAndStockholdersEquity contextRef="c360" decimals="0" unitRef="usd"> 47668934 </us-gaap:LiabilitiesAndStockholdersEquity>
<srt:CondensedStatementOfComprehensiveIncomeTableTextBlock contextRef="c358">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: left">INCOME (LOSS) OF SUBSIDIARIES</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,325,434</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(490,484</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">950,045</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">COSTS AND EXPENSES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">General and Administrative expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">429,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">447,929</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">167,749</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total costs and expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">429,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">447,929</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">167,749</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">INCOME (LOSS) FROM OPERATION</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,896,188</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(938,413</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">782,296</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">INCOME (LOSS) BEFORE INCOME TAXES</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,896,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(938,413</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">782,296</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">PROVISION FOR INCOME TAXES</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-156"> </div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-157">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-158">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">NET INCOME (LOSS)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,896,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(938,413</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">782,296</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">OTHER COMPREHENSIVE INCOME (LOSS)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">　</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,409,431</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(640,974</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">752,828</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">COMPREHENSIVE INCOME (LOSS)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">486,757</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,579,387</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,535,124</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</srt:CondensedStatementOfComprehensiveIncomeTableTextBlock>
<us-gaap:IncomeLossFromEquityMethodInvestments contextRef="c358" decimals="0" unitRef="usd"> 2325434 </us-gaap:IncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeLossFromEquityMethodInvestments contextRef="c361" decimals="0" unitRef="usd"> -490484 </us-gaap:IncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeLossFromEquityMethodInvestments contextRef="c362" decimals="0" unitRef="usd"> 950045 </us-gaap:IncomeLossFromEquityMethodInvestments>
<us-gaap:OtherGeneralAndAdministrativeExpense contextRef="c358" decimals="0" unitRef="usd"> 429246 </us-gaap:OtherGeneralAndAdministrativeExpense>
<us-gaap:OtherGeneralAndAdministrativeExpense contextRef="c361" decimals="0" unitRef="usd"> 447929 </us-gaap:OtherGeneralAndAdministrativeExpense>
<us-gaap:OtherGeneralAndAdministrativeExpense contextRef="c362" decimals="0" unitRef="usd"> 167749 </us-gaap:OtherGeneralAndAdministrativeExpense>
<us-gaap:OperatingCostsAndExpenses contextRef="c358" decimals="0" unitRef="usd"> 429246 </us-gaap:OperatingCostsAndExpenses>
<us-gaap:OperatingCostsAndExpenses contextRef="c361" decimals="0" unitRef="usd"> 447929 </us-gaap:OperatingCostsAndExpenses>
<us-gaap:OperatingCostsAndExpenses contextRef="c362" decimals="0" unitRef="usd"> 167749 </us-gaap:OperatingCostsAndExpenses>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax contextRef="c358" decimals="0" unitRef="usd"> 1896188 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax contextRef="c361" decimals="0" unitRef="usd"> -938413 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax>
<us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax contextRef="c362" decimals="0" unitRef="usd"> 782296 </us-gaap:DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="c358" decimals="0" unitRef="usd"> 1896188 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="c361" decimals="0" unitRef="usd"> -938413 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="c362" decimals="0" unitRef="usd"> 782296 </us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
<us-gaap:NetIncomeLoss contextRef="c358" decimals="0" unitRef="usd"> 1896188 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="c361" decimals="0" unitRef="usd"> -938413 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="c362" decimals="0" unitRef="usd"> 782296 </us-gaap:NetIncomeLoss>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent contextRef="c358" decimals="0" unitRef="usd"> -1409431 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent contextRef="c361" decimals="0" unitRef="usd"> -640974 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent contextRef="c362" decimals="0" unitRef="usd"> 752828 </us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent>
<us-gaap:ComprehensiveIncomeNetOfTax contextRef="c358" decimals="0" unitRef="usd"> 486757 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:ComprehensiveIncomeNetOfTax contextRef="c361" decimals="0" unitRef="usd"> -1579387 </us-gaap:ComprehensiveIncomeNetOfTax>
<us-gaap:ComprehensiveIncomeNetOfTax contextRef="c362" decimals="0" unitRef="usd"> 1535124 </us-gaap:ComprehensiveIncomeNetOfTax>
<srt:ScheduleOfCondensedCashFlowStatementTableTextBlock contextRef="c358">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Cash flows from operating activities:</td><td> </td> <td colspan="2" style="text-align: right">　</td><td> </td><td> </td> <td colspan="2" style="text-align: right">　</td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify; padding-left: 8.7pt">Net income (loss)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,896,188</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(938,413</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">782,296</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 8.7pt">Adjustments to reconcile net income to cash used in operating activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 22.9pt">Equity income of subsidiaries</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,325,434</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">490,484</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(950,045</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 22.9pt">Prepayments</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,940,031</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,400,661</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Net cash provided by (used in) operating activities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,281,591</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,848,590</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(167,749</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Cash flows from financing activities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-left: 8.7pt">Amounts advanced from related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,221,622</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(10,556,693</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(166,872</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt; padding-left: 8.7pt">Proceeds from private placement</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">18,465,009</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-159">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Net cash provided by (used in) financing activities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,908,316</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(166,872</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; padding-bottom: 1.5pt">Effect of exchange rate change on cash</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,444</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">82</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify">Net (decrease) increase in cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,940,031</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,062,170</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(795</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Cash at beginning of the year</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,079,046</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; 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2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/20/24  MingZhu Logistics Holdings Ltd.   S-8         3/20/24    5:223K                                   EdgarAgents LLC/FA
 5/18/23  MingZhu Logistics Holdings Ltd.   F-3/A                  2:1.4M                                   EdgarAgents LLC/FA

6 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/23/22  MingZhu Logistics Holdings Ltd.   6-K        12/23/22    6:591K                                   EdgarAgents LLC/FA
 3/18/22  MingZhu Logistics Holdings Ltd.   6-K         3/18/22    5:557K                                   EdgarAgents LLC/FA
 3/05/21  MingZhu Logistics Holdings Ltd.   F-1                   13:5.1M                                   EdgarAgents LLC/FA
 2/18/20  MingZhu Logistics Holdings Ltd.   F-1/A                  6:4.8M                                   EdgarAgents LLC/FA
12/18/19  MingZhu Logistics Holdings Ltd.   F-1/A                 10:5M                                     EdgarAgents LLC/FA
 9/27/19  MingZhu Logistics Holdings Ltd.   F-1                   14:4.4M                                   EdgarAgents LLC/FA
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