0001493152-24-044536 | 10-Q | XBRL Viewer

Short-Term Loan	9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]
Short-Term Loan	NOTE 7 - Short-Term Loan Line of Credit On August 18, 2022, Flywheel entered into a line of credit agreement in the amount of $6,940,063 with Taishin International Bank. The line of credit initially matured on August 30, 2023. On August 11, 2023, the line of credit was extended for an additional year, revising the maturity date to August 30, 2024. On May 28, 2024, the term of the loan was revised such that maturity date was extended to November 24, 2024. The line of credit bears interest at a rate of 3.33% per annum. As of September 30, 2024 and December 31, 2023, the outstanding balance under the Taishin International Bank line of credit was $632,911 and $652,422, respectively.

Short-Term Loan

9 Months Ended

Sep. 30, 2024

NOTE 7 - Short-Term Loan

Line of Credit

On August 18, 2022, Flywheel entered into a line of credit agreement in the amount of $6,940,063 with Taishin International Bank. The line of credit initially matured on August 30, 2023. On August 11, 2023, the line of credit was extended for an additional year, revising the maturity date to August 30, 2024.

On May 28, 2024, the term of the loan was revised such that maturity date was extended to November 24, 2024. The line of credit bears interest at a rate of 3.33% per annum.

As of September 30, 2024 and December 31, 2023, the outstanding balance under the Taishin International Bank line of credit was $632,911 and $652,422, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Nature of Operations and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation - The unaudited consolidated financial statements and accompanying notes of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

These unaudited consolidated financial statements have been prepared in accordance with rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, we have included all adjustments considered necessary for a fair presentation and such adjustments are of a normal recurring nature. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023 and notes thereto and other pertinent information contained in our Annual Report on Form 10-K as filed with the SEC on March 26, 2024.

Principles of Consolidation

Principles of Consolidation - The unaudited consolidated financial statements include the accounts of Hour Loop and Flywheel. All material inter-company accounts and transactions were eliminated in consolidation.

Foreign Currency and Currency Translation

Foreign Currency and Currency Translation - The assets and liabilities of Flywheel, having a functional currency other than the U.S. dollar, are translated into U.S. dollars at exchange rates in effect at period-end, with resulting translation gains or losses included within other comprehensive income or loss. Revenues and expenses are translated into U.S. dollars at average monthly rates of exchange in effect during each period. All of the Company’s foreign operations use their local currency as their functional currency. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in General and administrative in the consolidated statement of operations and other comprehensive income.

The relevant exchange rates are listed below:

	September 30, 2024		December 31, 2023		September 30, 2023

Period NTD: USD exchange rate	$	31.600	$	30.655	$	32.220
Period Average NTD: USD exchange rate	$	31.930	$	31.221	$	31.983

Use of Estimates

Use of Estimates - The preparation of 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 disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Significant estimates, include but not limited to, estimates associated with the collectability of accounts receivable, useful life of property and equipment, impairment of long-lived assets, valuation allowance for deferred tax assets, inventory valuation and inventory provision.

Reclassification

Reclassification - Certain amounts in the consolidated financial statements for the three and nine months ended September 30, 2023 have been reclassified to conform to the current interim review presentation. These reclassifications had no impact on consolidated net earnings, consolidated financial position, or consolidated cash flows. Proposed changes involve presenting foreign currency gain or loss as a General and administrative expense, segregating accounts payable into separate categories: accounts payable and credit cards payable and reclassifying inventory allowance in the consolidated cash flows.

Cash and Cash Equivalents

Cash and Cash Equivalents - The Company considers all highly liquid financial instruments purchased with original maturities of three months or less to be cash. Our cash is held in the bank and covered by the Federal Deposit Insurance Corporation (“FDIC”), subject to applicable limits. Deposits are insured up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Cash equivalents and marketable securities are comprised of time deposits, money market funds, highly liquid government bonds, corporate debt securities, mortgage-backed and asset-backed securities, and marketable equity securities. Our cash and cash equivalents primarily consisted of cash and money market funds. Such amounts are recorded at fair value.

Accounts Receivable and Allowance for Credit Losses

Accounts Receivable and Allowance for Credit Losses - Accounts receivable are stated at historical cost less allowance for credit loss. On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 326. Credit losses are provided based on a past history of write-offs, collections, current credit conditions, current economic conditions, reasonable and supportable forecasts of future economic conditions. The evaluation is performed on a collective basis where similar characteristics exist, primarily based on similar services or products offerings. We adopted the standard effective January 1, 2023. The impact of the adoption was not considered material to the financial statements and primarily resulted in new/enhanced disclosures only. A receivable is considered past due if the Company has not received payments based on agreed-upon terms. The Company generally does not require any security or collateral to support its receivables. The collection is primarily through Amazon and the collection period is usually less than 7 days. The Company performs on-going evaluations of its customers and maintains an allowance for credit losses as the Company deems necessary or appropriate. As of September 30, 2024 and December 31, 2023, the Company did not deem it necessary to have an allowance for credit loss.

Inventory and Cost of Goods Sold

Inventory and Cost of Goods Sold - The Company’s inventory consists mainly of finished goods. Inventories are stated at the lower of cost or net realizable value. Cost is principally determined on a first-in-first-out basis. The Company’s costs include the amounts it pays manufacturers for product, tariffs and duties associated with transporting product across national borders, and freight costs associated with transporting the product from its manufacturers to its warehouses, as applicable. The merchandise with terms of FOB shipping point from vendors was recorded as the inventory-in-transit when inventory left the shipping dock of the vendors but not yet reached the receiving dock of the Company. Management continually evaluates its estimates and judgments including those related to merchandise inventory.

The “Cost of revenues” line item in the unaudited consolidated statements of operations is principally inventory sold to customers during the reporting period.

Policy for inventory allowance: The Company writes down the cost of obsolete and slow-moving inventories to the estimated net realizable value, based on inventory obsolescence trends, historical experience, forecasted consumer demand and application of the specific identification method. As of September 30, 2024 and December 31, 2023, $578,622 and $675,886, respectively, was written down from the cost of inventories to their net realizable values. Full inventory allowance is recorded for the inventory SKU not sold for more than one year.

Property and Equipment

Property and Equipment - Property and equipment are recorded at cost and depreciated or amortized over the estimated useful life of the asset using the straight-line method. The Company elected to expense any individual property and equipment items under $2,500.

The majority of the Company’s property and equipment is computers, and the estimated useful life is 3 years.

Impairment of Long-lived Assets

Impairment of Long-lived Assets- In accordance with ASC 360-10-35-17, if the carrying amount of an asset or asset group (in use or under development) is evaluated and found not to be fully recoverable (the carrying amount exceeds the estimated gross, undiscounted cash flows from use and disposition), then an impairment loss must be recognized. The impairment loss is measured as the excess of the carrying amount over the asset’s (or asset group’s) fair value. The Company did not record any impairment charges for the three and nine months ended September 30, 2024 and 2023.

Leases

Leases - Leases are classified at lease commencement date as either a finance lease or an operating lease. A lease is a finance lease if it meets any of the following criteria: (a) the lease transfers ownership of the underlying asset to the lessee by the end of the lease term, (b) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (c) the lease term is for the major part of the remaining economic life of the underlying asset, (d) the present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset or (e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. When none of the foregoing criteria is met, the lease shall be classified as an operating lease.

The Company typically utilizes operating leases for its office space requirements. This means that the Company leases office space, categorizing the lease arrangement as an operating lease. Under this arrangement, The Company does not hold ownership of the leased assets but instead pays rent for the right to use them.

For a lessee, a lease is recognized as an operating lease right-of-use asset with a corresponding liability at lease commencement date. The lease liability is calculated at the present value of the lease payments not yet paid by using the lease term and discount rate determined at lease commencement. The operating lease right-of-use asset is calculated as the lease liability, increased by any initial direct costs, and prepaid lease payments, reduced by any lease incentives received before lease commencement. The operating lease right-of-use asset itself is amortized on a straight-line basis unless another systematic method better reflects how the underlying asset will be used by and benefits the lessee over the lease term.

Fair Value Measurement

Fair Value Measurement - Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, due to related parties and short-term debt at fair value or cost, which approximates 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 As of September 30, 2024 and December 31, 2023, the Company held cash equivalents in a money market fund, Dreyfus Government Cash Management. The value of the money market fund was $256,062 and $101,510 as of September 30, 2024 and December 31, 2023, respectively. These funds were classified as Level 1 assets within the fair value hierarchy and accounted for at fair value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

	i.	Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

	ii.	Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

	iii.	Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

Revenue Recognition

Revenue Recognition - The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company adopted ASC Topic 606 as of January 1, 2019. The standard did not affect the Company’s consolidated financial position, or cash flows. There were no changes to the timing of revenue recognition as a result of the adoption.

The Company recognizes revenue in accordance with ASC Topic 606, which provided a five-step model for recognizing revenue from contracts with customers as follows:

	●	Identify the contract with a customer.

	●	Identify the performance obligations in the contract.

	●	Determine the transaction price.

	●	Allocate the transaction price to the performance obligations in the contract.

	●	Recognize revenue when or as performance obligations are satisfied.

The Company evaluated principal versus agent considerations to determine whether it is appropriate to record platform fees paid to Amazon as an expense or as a reduction of revenue. Platform fees are recorded as sales and distribution expenses and are not recorded as a reduction of revenue because the Company as principal owns and controls all the goods before they are transferred to the customer. The Company can, at any time, direct Amazon, similarly, other third-party logistics providers (“Logistics Providers”), to return the Company’s inventories to any location specified by the Company. It is the Company’s responsibility to make any returns made by customers directly to Logistics Providers and the Company retains the back-end inventory risk. Further, the Company is subject to credit risk (i.e., credit card chargebacks), establishes prices of its products, can determine who fulfills the goods to the customer (Amazon or the Company) and can limit quantities or stop selling the goods at any time. Based on these considerations, the Company is the principal in this arrangement.

The Company derives its revenue from the sale of consumer products. The Company sells its products directly to consumers through online retail channels. The Company considers customer order confirmations to be a contract with the customer. For each contract, the promise to transfer products is identified as the sole performance obligation. Transaction prices are evaluated for potential refunds or adjustments, determining the net consideration expected. Revenues for the three and nine months ended September 30, 2024 and 2023 were recognized at a point in time. Customer confirmations are executed at the time an order is placed through third-party online channels. For all of the Company’s sales and distribution channels, revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment date. As a result, the Company has a present and unconditional right to payment and record the amount due from the customer in accounts receivable.

The customer can return the products within 30 days after the products are delivered and estimated sales returns are calculated based on the expected returns. The rates of sales returns were 6.00% and 6.45% of gross sales for nine months ended September 30, 2024 and 2023, respectively.

From time to time, the Company offers price discounts on certain selected items to stimulate the sales of those items. Revenue is measured as the amount of consideration for which the Company expects to be entitled in exchange for transferring goods. Consistent with this policy, the Company reduces the amount of these discounts from the gross revenue to calculate the net revenue recorded on the statement of operations.

A performance obligation, defined as the promise to transfer a distinct good, is the unit of account in ASC Topic 606. The Company treats shipping and handling as fulfillment activities, not separate performance obligations. Costs for shipping and handling were $18,749,793 and $17,091,747 for the nine months ended September 30, 2024 and 2023, respectively, recorded as selling and marketing expenses.

Segment Information

Segment Information – The Company has only one segment, which is online retail (e-commerce).

The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker has been identified as the chief executive officer of the Company who reviews financial information of separate operating segments based on U.S. GAAP. The chief operating decision maker now reviews results analyzed by customers. This analysis is only presented at the revenue level with no allocation of direct or indirect costs. Consequently, the Company has determined that it has only one operating segment.

Income Taxes

Income Taxes - Income tax expense includes U.S. (federal and state) and foreign income taxes.

The Company also complied with state tax codes and regulations, including with respect to California franchise taxes. Management has evaluated its tax positions and has concluded that the Company had taken no uncertain tax positions that could require adjustment or disclosure in the financial statements to comply with provisions set forth in ASC section 740, Income Taxes.

Deferred tax assets represent amounts available to reduce income taxes payable in future periods. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent we believe they will not be realized. We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including recent cumulative loss experience and expectations of future earnings, capital gains and investment in such jurisdiction, the carry-forward periods available to us for tax reporting purposes, and other relevant factors.

Presentation of Sales Taxes

Presentation of Sales Taxes - Governmental authorities impose sales tax on all of the Company’s sales to nonexempt customers. The Company collects sales tax from customers and remits the entire amount to the governmental authorities. The Company’s accounting policy is to exclude the tax collected and remitted from revenues and cost of revenues.

The Company assesses sales tax payable including any related interest and penalties and accrues these estimates on its financial statements. Pursuant to the Wayfair decision, each state enforces sales tax collection at different dates. The Company collects and remits sales tax in accordance with state regulations. The Company estimates that as of September 30, 2024 and December 31, 2023, it owed $288,466 and $288,466, respectively, in sales taxes along with penalties and interest resulting from late filings.

Concentration of Credit Risks

Concentration of Credit Risks - Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various domestic and foreign financial institutions of high credit quality. The Company performs periodic evaluations of the relative credit standing of all of the aforementioned institutions.

The Company maintains reserves for potential credit losses on customer accounts when deemed necessary. Significant customers are those which represent more than 10% of the Company’s total net revenue or gross accounts receivable balance at the balance sheet date. During the three and nine months ended September 30, 2024 and 2023, the Company had no customer that accounted for 10% or more of total net revenues. In addition, as of September 30, 2024 and December 31, 2023, the Company had no customer that accounted for 10% or more of gross accounts receivable. As of September 30, 2024 and December 31, 2023, all of the Company’s accounts receivable were held by the Company’s sales platform agent, Amazon, which collects money on the Company’s behalf from its customers. Therefore, the Company’s accounts receivable are comprised of receivables due from Amazon and the reimbursement from Amazon to the Company usually takes less than 7 days.

The Company’s business is reliant on one key vendor which currently provides the Company with its sales platform, logistics and fulfillment operations, including certain warehousing for the Company’s net goods, and invoicing and collection of its revenue from the Company’s end customers. During the nine months ended September 30, 2024 and 2023, approximately 99% and 100%, respectively, of the Company’s revenue was through or with the Amazon sales platform.

Foreign Currency Exchange Risk

Foreign Currency Exchange Risk - The Company is exposed to foreign currency exchange risk through its foreign subsidiary in Taiwan. The Company does not hedge foreign currency translation risk in the net assets and income reported from these sources.

Advertising and Promotion Expenses

Advertising and Promotion Expenses – Our policy is to recognize advertising costs as they are incurred. Advertising and promotion expenses were $3,096,997 and $2,617,318 for the nine months ended September 30, 2024 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies - Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Related Parties

Related Parties - The Company accounts for related party transactions in accordance with FASB ASC Topic 850 (Related Party Disclosures). A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

Earnings per Share

Earnings per Share - The Company computes basic earnings per common share using the weighted-average number of shares of common stock outstanding during the period. For the period in which the Company reports net losses, diluted net loss per share attributable to stockholders is the same as basic net loss per share attributable to stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. There were no dilutive securities or other items that would affect earnings per share for the three and nine months ended September 30, 2024 and 2023. Therefore, the diluted earnings per share is the same as the basic earnings per share.

Shares Issued for Services

Shares Issued for Services – Stock-based compensation cost for all equity-classified stock awards expected to vest is measured at fair value on the date of grant and recognized over the service period.

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Total	$ 567,347	$ 1,304,215
Operating lease right of use lease assets	1,245	172
Inventories allowance	145,301	169,725
Net loss carry forward	420,801	1,134,318
Total	567,347	1,304,215
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total	474,456	1,101,836
State and Local Jurisdiction [Member]
Effective Income Tax Rate Reconciliation [Line Items]
Total	$ 92,891	$ 202,379

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 2,184,611	$ (2,019,668)
Reconciliation of net income (loss) to net cash used in operating activities:
Depreciation expenses	98,624	100,441
Amortization of operating lease right-of-use lease assets	157,520	262,913
Deferred tax	736,868	(508,390)
Stock-based compensation	60,042	34,333
Inventory allowance	578,622	972,582
Changes in operating assets and liabilities:
Accounts receivable	199,426	(384,775)
Inventory	(15,383,373)	(5,896,260)
Prepaid expenses and other current assets	(254,418)	(412,309)
Accounts payable	11,640,380	5,439,274
Credit cards payable	(174,768)	(412,770)
Accrued expenses and other current liabilities	(922,149)	(842,318)
Operating lease liabilities	(153,270)	(280,333)
Net cash used in operating activities	(1,231,885)	(3,947,280)
Cash flows from investing activities:
Purchases of property and equipment	(35,031)	(14,024)
Net cash used in investing activities	(35,031)	(14,024)
Effect of changes in foreign currency exchange rates	(22,998)	(38,673)
Net change in cash	(1,289,914)	(3,999,977)
Cash at beginning of the period	2,484,153	4,562,589
Cash at end of the period	1,194,239	562,612
Supplemental disclosures of cash flow information:
Cash paid for interest	15,266	172,964
Cash paid for income tax	210,811	362
Noncash investing and financing activities:
Operating lease right-of-use of assets and operating lease liabilities recognized	$ 248,917	$ 27,330

Stockholders’ Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders’ Equity

NOTE 13 - Stockholders’ Equity

Preferred Stock

As of September 30, 2024 and December 31, 2023, the Company had 10,000,000 shares of preferred stock, $0.0001 par value per share, authorized. The Company did not have any preferred shares issued and outstanding as of September 30, 2024 and December 31, 2023. The holders of the preferred stock are entitled to receive dividends, if and when declared by the Board of Directors.

Common Stock

As of September 30, 2024 and December 31, 2023, the Company had 300,000,000 shares of common stock, $0.0001 par value per share, authorized. As of September 30, 2024 and December 31, 2023, there were 35,132,480 and 35,082,464 shares of common stock issued and outstanding, respectively.

Share Issuances for Stock Compensation

On January 4, 2023, the Company issued 1,001 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Douglas Branch, and Alan Gao, with a fair market value of $2.9985 per share as compensation for the services as executives or directors to the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

On April 3, 2023, the Company issued 1,365, 1,365, 1,365, 1,365, 1,365 and 606 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Douglas Branch, Alan Gao and Hillary Bui, respectively, with a fair market value of $2.1985 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

On June 30, 2023, the Company issued 1,752 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Douglas Branch, Alan Gao and Hillary Bui, with a fair market value of $1.7125 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

On October 2, 2023, the Company issued 1,948 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Douglas Branch, Alan Gao and Hillary Bui, with a fair market value of $1.5400 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

On January 2, 2024, the Company issued 2,139 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Douglas Branch, Alan Gao and Hillary Bui, with a fair market value of $1.4025 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

On March 29, 2024, the Company issued 2,251 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Douglas Branch, Alan Gao and Hillary Bui, with a fair market value of $1.3330 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

On July 1, 2024, the Company issued 2,946 shares of Company common stock to each of Sam Lai and Maggie Yu (both of whom are executive officers, directors and significant stockholders of the Company), and Michael Lenner, Douglas Branch, Alan Gao and Hillary Bui (each of whom was a director of the Company as of such date), with a fair market value of $1.0185 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company. Subsequently, on July 22, 2024, Mr. Branch resigned his position as a member of the Company’s Board of Directors.

On July 25, 2024, following Mr. Branch’s resignation, the Company issued 6,000 shares of restricted common stock to Mr. Branch as compensation for services rendered.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Income Tax (Details Narrative) - USD ($)	9 Months Ended
Income Tax (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Uncertain tax position	$ 0		$ 0
Net operating income (loss)	$ 2,184,611	$ (2,019,668)
Operating loss carry forward term	20 years

Schedule of Foreign Currency Exchange Rates (Details)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Period NTD: USD Exchange Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate	31.600	30.655	32.220
Period Average NTD: USD Exchange Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Foreign currency exchange rate	31.930	31.221	31.983

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Related Party Balances and Transactions

9 Months Ended

Sep. 30, 2024

Related Party Balances and Transactions

NOTE 10 - Related Party Balances and Transactions

From time to time, the Company receives loans and advances from its stockholders to fund its operations. Stockholder loans and advances are payable on demand. As of September 30, 2024 and December 31, 2023, the Company had $4,170,418 and $4,170,418, respectively, due to related parties (Sam Lai, the Company’s Chairman of the Board, Chief Executive Officer and Interim Chief Financial Officer and a significant stockholder of the Company; and Maggie Yu, the Company’s Senior Vice President, a member of the Company’s Board of Directors and a significant stockholder of the Company). The loan is memorialized in a Loan Agreement dated October 15, 2021. The annual interest rate was 2% and the initial repayment date was December 31, 2022.

On December 28, 2022, the Company, Mr. Lai and Ms. Yu agreed to extend the term of the loan for another two years, with a revised maturity date of December 31, 2024. The annual interest rate is 5.5%. The Company had accrued interest of $171,716 as of September 30, 2024.

On December 30, 2020, the Company and its then-sole stockholders (Sam Lai and Maggie Yu) entered into a loan agreement in the original principal amount of $1,041,353. The loan was later modified on September 16, 2021, and converted into an interest-bearing (2%) loan with a repayment date of December 31, 2021. On January 18, 2022 and January 27, 2023, the Company repaid the loan principal and accrued interest in full.

For the nine months ended September 30, 2024 and 2023, the Company made repayments to related parties of $-0- and $-0-, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Payment to acquire property and equipment	$ 35,031	$ 14,024
Depreciation expense	98,624	100,441
Disposal or pledge	$ 0	$ 0

Accounts Payable and Credit Cards Payable

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accounts Payable and Credit Cards Payable

NOTE 6 - Accounts Payable and Credit Cards Payable

	September 30, 2024		December 31, 2023

Accounts payable	$	15,453,334	$	3,812,954
Credit cards payable		4,229,677		4,404,445

The Company’s accounts payable represent amounts owed to suppliers or other creditors for goods or services purchased but not yet paid for. As of September 30, 2024 and December 31, 2023, there were accounts payable of $15,453,334 and $3,812,954, respectively.

The Company’s credit cards payable consisted of outstanding balances on credit cards held by the Company. As of September 30, 2024 and December 31, 2023, there were credit cards payable of $4,229,677 and $4,404,445, respectively.

Schedule of Tax Expense Summary (Details) - USD ($)	3 Months Ended		9 Months Ended
Schedule of Tax Expense Summary (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current Income Tax Expense, Federal
Deferred Income Tax Benefit, Federal			627,380	(432,339)
Total Income Tax Benefit, Federal			627,380	(432,339)
Current Income Tax Expense, State			198,768
Deferred Income Tax Benefit, State			109,489	(76,051)
Total Income Tax Benefit, State			308,257	(76,051)
Current Income Tax Expense, Total tax expense (benefit)			198,768
Deferred Income Tax Benefit, Total tax expense (benefit)			736,869	(508,390)
Total Income Tax Benefit, Total tax expense (benefit)	$ 217,751	$ 37,548	$ 935,637	$ (508,390)

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities were comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

	September 30, 2024		December 31, 2023

Sales tax payable	$	288,466	$	288,466
Refund liability		-		708,629
Accrued payroll		303,774		297,059
Accrued bonus		37,975		399,067
Accrued expenses		231,725		215,485
Accrued interest		171,716		29,712
Other payables		16,707		34,094
Total	$	1,050,363	$	1,972,512

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets was comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

	September 30, 2024		December 31, 2023

Advance to suppliers	$	572,647	$	49,298
Prepaid expenses-insurance		26,461		5,302
Prepaid expenses-other		87,984		56,437
Lease refundable deposit		51,153		81,522
Tax receivable		18,300		305,253
Other current assets		2,846		7,161
Total	$	759,391	$	504,973

Nature of Operations and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Nature of Operations and Summary of Significant Accounting Policies

NOTE 1 - Nature of Operations and Summary of Significant Accounting Policies

Hour Loop, Inc. (“Hour Loop” or the “Company”) is a technology-enabled consumer products company that uses machine learning and data analytics to design, develop, market and sell products. Hour Loop predominantly operates through online retail channels such as Amazon, Walmart, and Hourloop.com. The Company, as an Internet marketplace seller, sells products in multiple categories, including home/garden décor, toys, kitchenware, apparel, and electronics. The Company has only one segment, which is online retail (e-commerce).

The Company was incorporated on January 13, 2015 under the laws of the state of Washington. On April 7, 2021, the Company was converted from a Washington corporation to a Delaware corporation.

In 2019, Hour Loop formed Flywheel Consulting Ltd. (“Flywheel”), a wholly owned subsidiary located in Taiwan, to provide business operating consulting services exclusively to Hour Loop.

The relevant exchange rates are listed below:

	September 30, 2024		December 31, 2023		September 30, 2023

Period NTD: USD exchange rate	$	31.600	$	30.655	$	32.220
Period Average NTD: USD exchange rate	$	31.930	$	31.221	$	31.983

The “Cost of revenues” line item in the unaudited consolidated statements of operations is principally inventory sold to customers during the reporting period.

The majority of the Company’s property and equipment is computers, and the estimated useful life is 3 years.

	i.	Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

	ii.	Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

	iii.	Level 3 — Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The Company recognizes revenue in accordance with ASC Topic 606, which provided a five-step model for recognizing revenue from contracts with customers as follows:

	●	Identify the contract with a customer.

	●	Identify the performance obligations in the contract.

	●	Determine the transaction price.

	●	Allocate the transaction price to the performance obligations in the contract.

	●	Recognize revenue when or as performance obligations are satisfied.

Segment Information – The Company has only one segment, which is online retail (e-commerce).

Income Taxes - Income tax expense includes U.S. (federal and state) and foreign income taxes.

Short-Term Loan (Details Narrative) - Line of Credit [Member] - Taishin International Bank [Member] - USD ($)	May 28, 2024	Aug. 11, 2023	Aug. 18, 2022	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit			$ 6,940,063	$ 632,911	$ 652,422
Line of credit, maturity date	Nov. 24, 2024	Aug. 30, 2024	Aug. 30, 2023
Line of credit, interest rate	3.33%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Nature of Operations and Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) Segment shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Product Information [Line Items]
Number of operating segment \| Segment			1
FDIC insured amount	$ 250,000		$ 250,000
Inventory valuation reserves	$ 578,622		578,622		$ 675,886
Cost of property repairs and maintenance			$ 2,500
Estimated useful life	3 years		3 years
Impairment of long-lived assets	$ 0	$ 0	$ 0	$ 0
Value of money market fund	256,062		$ 256,062		101,510
Sales return rate			6.00%	6.45%
Shipping and handling costs			$ 18,749,793	$ 17,091,747
Sales and excise tax payable	$ 288,466		$ 288,466		$ 288,466
Concentration risk customer			During the three and nine months ended September 30, 2024 and 2023, the Company had no customer that accounted for 10% or more of total net revenues. In addition, as of September 30, 2024 and December 31, 2023, the Company had no customer that accounted for 10% or more of gross accounts receivable.
Advertising and promotion expenses			$ 3,096,997	$ 2,617,318
Antidilutive securities excluded from computation of earnings per share, amount \| shares	0	0	0	0
Customer [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Product Information [Line Items]
Concentration risk percentage			99.00%	100.00%

Schedule of Accounts Payable and Credit Cards Payable (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 15,453,334	$ 3,812,954
Credit cards payable	$ 4,229,677	$ 4,404,445

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment were comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

Schedule of Property and Equipment

	September 30, 2024			December 31, 2023

Property and equipment	$	393,099		$	368,729
Accumulated depreciation and amortization		(313,018	)		(219,941	)
Total property and equipment, net	$	80,081		$	148,788

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

NOTE 4 - Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets was comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

	September 30, 2024		December 31, 2023

Advance to suppliers	$	572,647	$	49,298
Prepaid expenses-insurance		26,461		5,302
Prepaid expenses-other		87,984		56,437
Lease refundable deposit		51,153		81,522
Tax receivable		18,300		305,253
Other current assets		2,846		7,161
Total	$	759,391	$	504,973

As of September 30, 2024 and December 31, 2023, there was a tax receivable of $18,300 and $305,253, respectively, due to prepaid income taxes.

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases

Schedule of Operating Leases Cost

The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded in the statements of financial position as of September 30, 2024:

Schedule of Operating Leases Cost

	Flywheel			Flywheel			Flywheel			Flywheel
	February 2023			March 2024			June 2024			August 2024
Initial lease term	to March 2025			to June 2025			to May 2025			to July 2025

Initial recognition of operating lease right-of-use assets	$	28,652		$	123,107		$	52,434		$	73,175
Weighted-average remaining lease term at September 30, 2024		0.42			0.75			0.67			0.83
Weighted-average discount rate at September 30, 2024		3.20	%		3.20	%		3.33	%		3.33	%

Schedule of Operating Lease Liabilities

The future minimum lease payment schedule for all operating leases as of September 30, 2024, is as disclosed below.

Schedule of Operating Lease Liabilities

For the Period Ending September 30,	Amount

2024	$	61,391
2025		119,805
2026		-
2027		-
2028		-
2029 and thereafter		-
Total minimum lease payments		181,196
Less: effect of discounting		(2,450	)
Present value of the future minimum lease payment		178,746
Less: operating lease liabilities-current		(178,746	)
Total operating lease liabilities-non-current	$	-

Schedule of Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Leases
2024	$ 61,391
2025	119,805
2026
2027
2028
2029 and thereafter
Total minimum lease payments	181,196
Less: effect of discounting	(2,450)
Present value of the future minimum lease payment	178,746
Less: operating lease liabilities-current	(178,746)	$ (82,269)
Total operating lease liabilities-non-current		$ 2,363

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14 - Commitments and Contingencies

As of September 30, 2024 and December 31, 2023, the Company had no material or significant commitments outstanding.

From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. As of September 30, 2024 and December 31, 2023, the Company had no material pending legal proceedings. No amounts have been accrued in the unaudited consolidated financial statements with respect to any such matters.

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	35,132,480	35,082,464
Common stock, shares outstanding	35,132,480	35,082,464

Schedule of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
Schedule of Revenue (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Sales returns	$ (2,042,994)	$ (1,874,956)	$ (5,418,917)	$ (5,092,981)
Discounts	(404,926)	(404,222)	(1,110,652)	(1,208,382)
Total	31,075,498	29,152,360	83,827,327	72,637,417
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue	32,206,558	30,438,355	86,951,803	76,237,949
International [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,120,996	786,444	2,879,970	2,251,499
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 195,864	$ 206,739	$ 525,123	$ 449,332

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 31,075,498	$ 29,152,360	$ 83,827,327	$ 72,637,417
Cost of revenues	(14,036,187)	(13,819,798)	(36,710,400)	(36,331,604)
Gross profit	17,039,311	15,332,562	47,116,927	36,305,813
Operating expenses
Selling and marketing	14,585,652	13,632,333	38,603,540	33,385,216
General and administrative	1,731,816	1,631,484	5,316,176	5,311,323
Total operating expenses	16,317,468	15,263,817	43,919,716	38,696,539
Income (loss) from operations	721,843	68,745	3,197,211	(2,390,726)
Other (expenses) income
Other expense	(516)	(3,527)	(6,449)	(7,470)
Interest expense	(62,862)	(62,476)	(186,958)	(185,964)
Other income	28,933	19,750	116,444	56,102
Total other expenses, net	(34,445)	(46,253)	(76,963)	(137,332)
Income (loss) before income taxes	687,398	22,492	3,120,248	(2,528,058)
Income tax (expense) benefit	(217,751)	(37,548)	(935,637)	508,390
Net income (loss)	469,647	(15,056)	2,184,611	(2,019,668)
Other comprehensive loss
Foreign currency translation adjustments	15,966	(12,032)	(8,625)	(19,885)
Total comprehensive income (loss)	$ 485,613	$ (27,088)	$ 2,175,986	$ (2,039,553)
Basic - Income (loss) per common share	$ 0.01	$ (0.00)	$ 0.06	$ (0.06)
Diluted - Income (loss) per common share	$ 0.01	$ (0.00)	$ 0.06	$ (0.06)
Weighted-average number of common shares outstanding, basic	35,130,677	35,058,340	35,111,844	35,061,286
Weighted-average number of common shares outstanding, diluted	35,130,677	35,058,340	35,111,844	35,061,286

Schedule of Operating Leases Cost (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Initial recognition of operating lease right-of-use assets	$ 173,786	$ 83,946
Subsidiaries [Member] \| February 2023 to March 2025 [Member]
Initial recognition of operating lease right-of-use assets	$ 28,652
Weighted-average remaining lease term	5 months 1 day
Weighted-average discount rate	3.20%
Subsidiaries [Member] \| March 2024 to June 2025 [Member]
Initial recognition of operating lease right-of-use assets	$ 123,107
Weighted-average remaining lease term	9 months
Weighted-average discount rate	3.20%
Subsidiaries [Member] \| June 2024 to May 2025 [Member]
Initial recognition of operating lease right-of-use assets	$ 52,434
Weighted-average remaining lease term	8 months 1 day
Weighted-average discount rate	3.33%
Subsidiaries [Member] \| August 2024 to July 2025 [Member]
Initial recognition of operating lease right-of-use assets	$ 73,175
Weighted-average remaining lease term	9 months 29 days
Weighted-average discount rate	3.33%

Disaggregation of Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

Revenue was comprised of the following for the three and nine months ended September 30, 2024 and 2023, respectively:

Schedule of Revenue


	For the three months ended September 30,						For the nine months ended September 30,
	2024			2023			2024			2023

Revenue-America	$	32,206,558		$	30,438,355		$	86,951,803		$	76,237,949
Revenue-International		1,120,996			786,444			2,879,970			2,251,499
Revenue-Other		195,864			206,739			525,123			449,332
Revenue		195,864			206,739			525,123			449,332
Sales returns		(2,042,994	)		(1,874,956	)		(5,418,917	)		(5,092,981	)
Discounts		(404,926	)		(404,222	)		(1,110,652	)		(1,208,382	)
Total	$	31,075,498		$	29,152,360		$	83,827,327		$	72,637,417

Inventory (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Allowance written down	$ 578,622	$ 675,886

Related Party Balances and Transactions (Details Narrative) - USD ($)		9 Months Ended
	Dec. 28, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2020
Loan Agreement [Member]
Related Party Transaction [Line Items]
Loan interest rate					2.00%	2.00%
Debt instrument, maturity date, description	the Company, Mr. Lai and Ms. Yu agreed to extend the term of the loan for another two years, with a revised maturity date of December 31, 2024. The annual interest rate is 5.5%. The Company had accrued interest of $171,716 as of September 30, 2024.
Original amount						$ 1,041,353
Related Party [Member]
Related Party Transaction [Line Items]
Due to related parties		$ 4,170,418		$ 4,170,418
Payments to related parties		$ 0	$ 0

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41204
Entity Registrant Name	Hour Loop, Inc.
Entity Central Index Key	0001874875
Entity Tax Identification Number	47-2869399
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	8201 164th Ave. NE
Entity Address, City or Town	Redmond
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98052-7615
City Area Code	(206)
Local Phone Number	385-0488
Title of 12(b) Security	Common Stock
Trading Symbol	HOUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,143,460
Entity Listing, Par Value Per Share	$ 0.0001

Income Tax

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax

NOTE 12 - Income Tax

Effective Tax Rate Reconciliation, for the nine months ended September 30, 2024
		%			$
Pretax book income	3,120,248		21.00	%		655,252
Permanent differences	62,388		0.42	%		13,102
State income tax	198,768		8.54	%		266,516
Other deferred adjustment	-		0.02	%		767
Total tax expense			29.99	%		935,637

Effective Tax Rate Reconciliation, for the nine months ended September 30, 2023
			%			$
Pretax book loss	(2,528,058	)		21.90	%		(553,685	)
Permanent differences	78,989			-0.68	%		17,300
Other deferred adjustment	-			-1.11	%		27,995
Total tax benefits				20.11	%		(508,390	)

Schedule of Tax Expense Summary

	Current		Deferred		Total
Tax Expense Summary, for the nine months ended September 30, 2024	Income Tax Expense		Income Tax Expense		Income Tax Expense
Federal	$	-	$	627,380	$	627,380
State		198,768		109,489		308,257
Total tax expense	$	198,768	$	736,869	$	935,637

	Current		Deferred			Total
Tax Expense Summary, for the nine months ended September 30, 2023	Income Tax Benefit		Income Tax Expense			Income Tax Benefit
Federal	$	-	$	(432,339	)	$	(432,339	)
State		-		(76,051	)		(76,051	)
Total tax benefit	$	-	$	(508,390	)	$	(508,390	)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at September 30, 2024 and December 31, 2023 were as follows:

	Deferred Tax		Deferred Tax
	Assets		Assets
Deferred Tax Assets Summary	September 30, 2024		December 31, 2023
Federal	$	474,456	$	1,101,836
State		92,891		202,379
Total	$	567,347	$	1,304,215

	Deferred Tax		Deferred Tax
	Assets		Assets
Deferred Tax Assets Summary	September 30, 2024		December 31, 2023
Operating lease right of use lease assets	$	1,245	$	172
Inventories allowance		145,301		169,725
Net loss carry forward		420,801		1,134,318
Total	$	567,347	$	1,304,215

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Based on management’s evaluation, there was no provision necessary for material uncertain tax position for the Company on September 30, 2024 and December 31, 2023.

For the nine months ended September 30, 2024 and 2023, the Company reported net operating income (loss) of $2,184,611 and $(2,019,668), respectively. The net operating loss carryforward is not subject to any expiration period under federal regulations, while at the state level, the expiration period usually ranges up to 20 years, or there may be no expiration period at all.

The Company expects to generate sufficient taxable income in future periods against which the deferred tax assets can be utilized. Accordingly, a valuation allowance may not be needed.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

NOTE 8 - Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities were comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

	September 30, 2024		December 31, 2023

Sales tax payable	$	288,466	$	288,466
Refund liability		-		708,629
Accrued payroll		303,774		297,059
Accrued bonus		37,975		399,067
Accrued expenses		231,725		215,485
Accrued interest		171,716		29,712
Other payables		16,707		34,094
Total	$	1,050,363	$	1,972,512

The Company made an assessment of sales tax payable, including any related interest and penalties, and accrued those estimates on the financial statements. Of the sales tax payable, $78,947 and $78,947 are related to interest and penalties as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024 and December 31, 2023, the Company has accounted for refund liability in the amount of $-0- and $708,629, respectively, in a proactive approach towards potential future refunds.

A bonus expense is accrued on an annual basis, when the Company’s financial or operational performance meets the required performance level. The Company has $37,975 and $399,067 accrued for bonuses as of September 30, 2024 and December 31, 2023, respectively.

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

NOTE 15 - Subsequent Events

On October 1, 2024, the Company issued 2,196 shares of Company common stock to each of Sam Lai, Maggie Yu, Michael Lenner, Alan Gao and Hillary Bui, with a fair market value of $1.3660 per share as compensation for the services as executives or directors of the Company pursuant to the terms of their respective Executive Employment Agreements or Director Agreements with the Company.

The Company has evaluated subsequent events from the balance sheet date through November 12, 2024, the date at which the financial statements were available to be issued and determined that there are no other subsequent events to be disclosed.

Stockholders’ Equity (Details Narrative) - $ / shares	Jul. 25, 2024	Jul. 01, 2024	Mar. 29, 2024	Jan. 02, 2024	Oct. 02, 2023	Jun. 30, 2023	Apr. 03, 2023	Jan. 04, 2023	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, shares authorized									10,000,000	10,000,000
Preferred stock, par value									$ 0.0001	$ 0.0001
Preferred stock, shares issued									0	0
Preferred stock, shares outstanding									0	0
Common stock, shares authorized									300,000,000	300,000,000
Common stock, par value									$ 0.0001	$ 0.0001
Common stock, shares issued									35,132,480	35,082,464
Common stock, shares outstanding									35,132,480	35,082,464
Sam Lai [Member] \| Executive Employment Agreements or Director Agreements [Member]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Maggie Yu [Member] \| Executive Employment Agreements or Director Agreements [Member]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Michael Lenner [Member] \| Executive Employment Agreements or Director Agreements [Member]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Douglas Branch [Member] \| Executive Employment Agreements or Director Agreements [Member]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Alan Gao [Member] \| Executive Employment Agreements or Director Agreements [Member]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Hillary Bui [Member] \| Executive Employment Agreements or Director Agreements [Member]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	606
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985
Branch [Member] \| Restricted Stock [Member]
Number of shares issued for services	6,000

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 469,647	$ (15,056)	$ 2,184,611	$ (2,019,668)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Leases (Details Narrative) - USD ($)	9 Months Ended
Leases (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases
Operating lease liabilities current	$ 178,746		$ 82,269
Operating lease liabilities non-current			2,363
Operating lease right-of-use assets	173,786		$ 83,946
Amortization of operating lease right-of-use asset	157,520	$ 262,913
Operating lease payments	$ 153,270	$ 280,333

Subsequent Events (Details Narrative) - Executive Employment Agreements or Director Agreements [Member] - $ / shares	Oct. 01, 2024	Jul. 01, 2024	Mar. 29, 2024	Jan. 02, 2024	Oct. 02, 2023	Jun. 30, 2023	Apr. 03, 2023	Jan. 04, 2023
Sam Lai [Member]
Subsequent Event [Line Items]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Sam Lai [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares vested, shares	2,196
Shares issued price per share	$ 1.3660
Maggie Yu [Member]
Subsequent Event [Line Items]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Maggie Yu [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares vested, shares	2,196
Shares issued price per share	$ 1.3660
Michael Lenner [Member]
Subsequent Event [Line Items]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Michael Lenner [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares vested, shares	2,196
Shares issued price per share	$ 1.3660
Alan Gao [Member]
Subsequent Event [Line Items]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	1,365	1,001
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985	$ 2.9985
Alan Gao [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares vested, shares	2,196
Shares issued price per share	$ 1.3660
Hillary Bui [Member]
Subsequent Event [Line Items]
Number of shares vested, shares		2,946	2,251	2,139	1,948	1,752	606
Shares issued price per share		$ 1.0185	$ 1.3330	$ 1.4025	$ 1.5400	$ 1.7125	$ 2.1985
Hillary Bui [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares vested, shares	2,196
Shares issued price per share	$ 1.3660

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Sales tax payable	$ 288,466	$ 288,466
Refund liability	(0)	708,629
Accrued payroll	303,774	297,059
Accrued bonus	37,975	399,067
Accrued expenses	231,725	215,485
Accrued interest	171,716	29,712
Other payables	16,707	34,094
Total	$ 1,050,363	$ 1,972,512

Schedule of Inventory (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory	$ 17,964,767	$ 13,377,530
Inventory-in-transit	11,695,161	1,574,911
Allowance	(578,622)	(675,886)
Total	$ 29,081,306	$ 14,276,555

Income Tax (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rate Reconciliation

Effective Tax Rate Reconciliation, for the nine months ended September 30, 2024
		%			$
Pretax book income	3,120,248		21.00	%		655,252
Permanent differences	62,388		0.42	%		13,102
State income tax	198,768		8.54	%		266,516
Other deferred adjustment	-		0.02	%		767
Total tax expense			29.99	%		935,637

Effective Tax Rate Reconciliation, for the nine months ended September 30, 2023
			%			$
Pretax book loss	(2,528,058	)		21.90	%		(553,685	)
Permanent differences	78,989			-0.68	%		17,300
Other deferred adjustment	-			-1.11	%		27,995
Total tax benefits				20.11	%		(508,390	)

Schedule of Tax Expense Summary

	Current		Deferred		Total
Tax Expense Summary, for the nine months ended September 30, 2024	Income Tax Expense		Income Tax Expense		Income Tax Expense
Federal	$	-	$	627,380	$	627,380
State		198,768		109,489		308,257
Total tax expense	$	198,768	$	736,869	$	935,637

	Current		Deferred			Total
Tax Expense Summary, for the nine months ended September 30, 2023	Income Tax Benefit		Income Tax Expense			Income Tax Benefit
Federal	$	-	$	(432,339	)	$	(432,339	)
State		-		(76,051	)		(76,051	)
Total tax benefit	$	-	$	(508,390	)	$	(508,390	)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets at September 30, 2024 and December 31, 2023 were as follows:

	Deferred Tax		Deferred Tax
	Assets		Assets
Deferred Tax Assets Summary	September 30, 2024		December 31, 2023
Federal	$	474,456	$	1,101,836
State		92,891		202,379
Total	$	567,347	$	1,304,215

	Deferred Tax		Deferred Tax
	Assets		Assets
Deferred Tax Assets Summary	September 30, 2024		December 31, 2023
Operating lease right of use lease assets	$	1,245	$	172
Inventories allowance		145,301		169,725
Net loss carry forward		420,801		1,134,318
Total	$	567,347	$	1,304,215

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 1,194,239	$ 2,484,153
Accounts receivable, net	548,224	747,650
Inventory, net	29,081,306	14,276,555
Prepaid expenses and other current assets	759,391	504,973
Total current assets	31,583,160	18,013,331
Property and equipment, net	80,081	148,788
Deferred tax	567,347	1,304,215
Operating lease right-of-use lease assets	173,786	83,946
Total non-current assets	821,214	1,536,949
TOTAL ASSETS	32,404,374	19,550,280
Current liabilities
Accounts payable	15,453,334	3,812,954
Credit cards payable	4,229,677	4,404,445
Short-term loan	632,911	652,422
Operating lease liabilities-current	178,746	82,269
Accrued expenses and other current liabilities	1,050,363	1,972,512
Total current liabilities	21,545,031	10,924,602
Non-current liabilities
Operating lease liabilities-non-current		2,363
Total non-current liabilities	4,170,418	4,172,781
Total liabilities	25,715,449	15,097,383
Commitments and contingencies
Stockholders’ equity
Preferred stock: $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding as of September 30, 2024 and December 31, 2023
Common stock: $0.0001 par value, 300,000,000 shares authorized, 35,132,480 and 35,082,464 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	3,513	3,508
Additional paid-in capital	5,787,687	5,727,650
Retained earnings (accumulated deficit)	931,989	(1,252,622)
Accumulated other comprehensive loss	(34,264)	(25,639)
Total stockholders’ equity	6,688,925	4,452,897
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	32,404,374	19,550,280
Related Party [Member]
Non-current liabilities
Due to related parties	$ 4,170,418	$ 4,170,418

Accounts Payable and Credit Cards Payable (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 15,453,334	$ 3,812,954
Credit cards payable	$ 4,229,677	$ 4,404,445

Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advance to suppliers	$ 572,647	$ 49,298
Prepaid expenses-insurance	26,461	5,302
Prepaid expenses-other	87,984	56,437
Lease refundable deposit	51,153	81,522
Tax receivable	18,300	305,253
Other current assets	2,846	7,161
Total	$ 759,391	$ 504,973

Accrued Expenses and Other Current Liabilities (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Related interest and penalities	$ 78,947	$ 78,947
Refund liability amount	(0)	708,629
Accrued bonus	$ 37,975	$ 399,067

Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 - Property and Equipment

Property and equipment were comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

Schedule of Property and Equipment

	September 30, 2024			December 31, 2023

Property and equipment	$	393,099		$	368,729
Accumulated depreciation and amortization		(313,018	)		(219,941	)
Total property and equipment, net	$	80,081		$	148,788

For the nine months ended September 30, 2024 and 2023, the Company purchased $35,031 and $14,024, for fixtures and equipment, respectively.

For the nine months ended September 30, 2024 and 2023, the Company had $98,624 and $100,441, for depreciation, respectively.

For the nine months ended September 30, 2024 and 2023, the Company had no disposal or pledge.

Schedule of Effective Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Pretax book Income (Loss), net	$ 687,398	$ 22,492	$ 3,120,248	$ (2,528,058)
Pretax book Income (Loss), percentage			21.00%	21.90%
Pretax book Income (Loss)			$ 655,252	$ (553,685)
Permanent differences, net			$ 62,388	$ 78,989
Permanent differences, percentage			0.42%	(0.68%)
Permanent differences			$ 13,102	$ 17,300
State income tax, net			$ 198,768
State income tax, percentage			8.54%
State income tax			$ 266,516
Other deferred adjustment, net
Other deferred adjustment, percentage			0.02%	(1.11%)
Other deferred adjustment			$ 767	$ 27,995
Total Tax benefits, percentage			29.99%	20.11%
Total Tax benefits	$ 217,751	$ 37,548	$ 935,637	$ (508,390)

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory was comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

Schedule of Inventory

	September 30, 2024			December 31, 2023

Inventory	$	17,964,767		$	13,377,530
Inventory-in-transit		11,695,161			1,574,911
Allowance		(578,622	)		(675,886	)
Total	$	29,081,306		$	14,276,555

Prepaid Expenses and Other Current Assets (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Tax receivable	$ 18,300	$ 305,253

Schedule of Property and Equipment (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and equipment	$ 393,099	$ 368,729
Accumulated depreciation and amortization	(313,018)	(219,941)
Total property and equipment, net	$ 80,081	$ 148,788

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Foreign Currency Exchange Rates

The relevant exchange rates are listed below:

	September 30, 2024		December 31, 2023		September 30, 2023

Period NTD: USD exchange rate	$	31.600	$	30.655	$	32.220
Period Average NTD: USD exchange rate	$	31.930	$	31.221	$	31.983

Disaggregation of Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

NOTE 11 – Disaggregation of Revenue

Revenue was comprised of the following for the three and nine months ended September 30, 2024 and 2023, respectively:

Schedule of Revenue


	For the three months ended September 30,						For the nine months ended September 30,
	2024			2023			2024			2023

Revenue-America	$	32,206,558		$	30,438,355		$	86,951,803		$	76,237,949
Revenue-International		1,120,996			786,444			2,879,970			2,251,499
Revenue-Other		195,864			206,739			525,123			449,332
Revenue		195,864			206,739			525,123			449,332
Sales returns		(2,042,994	)		(1,874,956	)		(5,418,917	)		(5,092,981	)
Discounts		(404,926	)		(404,222	)		(1,110,652	)		(1,208,382	)
Total	$	31,075,498		$	29,152,360		$	83,827,327		$	72,637,417

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Accounts Payable and Credit Cards Payable (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Credit Cards Payable

	September 30, 2024		December 31, 2023

Accounts payable	$	15,453,334	$	3,812,954
Credit cards payable		4,229,677		4,404,445

Consolidated Statements of Changes of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2022	$ 3,506	$ 5,675,320	$ 1,177,072	$ (23,042)	$ 6,832,856
Balance, shares at Dec. 31, 2022	35,047,828
Stock-based compensation	$ 1	34,332			34,333
Stock-based compensation, shares	22,948
Currency translation adjustments				(19,885)	(19,885)
Net income (loss)			(2,019,668)		(2,019,668)
Balance at Sep. 30, 2023	$ 3,507	5,709,652	(842,596)	(42,927)	4,827,636
Balance, shares at Sep. 30, 2023	35,070,776
Balance at Jun. 30, 2023	$ 3,507	5,709,652	(827,540)	(30,895)	4,854,724
Balance, shares at Jun. 30, 2023	35,070,776
Currency translation adjustments				(12,032)	(12,032)
Net income (loss)			(15,056)		(15,056)
Balance at Sep. 30, 2023	$ 3,507	5,709,652	(842,596)	(42,927)	4,827,636
Balance, shares at Sep. 30, 2023	35,070,776
Balance at Dec. 31, 2023	$ 3,508	5,727,650	(1,252,622)	(25,639)	4,452,897
Balance, shares at Dec. 31, 2023	35,082,464
Stock-based compensation	$ 5	60,037			60,042
Stock-based compensation, shares	50,016
Currency translation adjustments				(8,625)	(8,625)
Net income (loss)			2,184,611		2,184,611
Balance at Sep. 30, 2024	$ 3,513	5,787,687	931,989	(34,264)	6,688,925
Balance, shares at Sep. 30, 2024	35,132,480
Balance at Jun. 30, 2024	$ 3,510	5,763,648	462,342	(50,230)	6,179,270
Balance, shares at Jun. 30, 2024	35,108,804
Stock-based compensation	$ 3	24,039			24,042
Stock-based compensation, shares	23,676
Currency translation adjustments				15,966	15,966
Net income (loss)			469,647		469,647
Balance at Sep. 30, 2024	$ 3,513	$ 5,787,687	$ 931,989	$ (34,264)	$ 6,688,925
Balance, shares at Sep. 30, 2024	35,132,480

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Recent Accounting Pronouncements Not Yet Adopted

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements Not Yet Adopted

NOTE 2 - Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 on Improvements to Reportable Segment Disclosures for entities that are managed as a single reportable segment that governs when an entity is expected to conclude that consolidated net income is the measure of segment profit or loss consistent with U.S. GAAP. The ASU is effective for annual periods beginning after January 1, 2024. The Company will adopt and apply the guidance in fiscal year 2024. There is no material impact expected to our results of operations, cash flows and financial condition at the time of adoption; however, the Company is still assessing the disclosure impact. In December 2023, the FASB issued ASU 2023-09 on Improvements to Income Tax Disclosures that require greater disaggregation of income tax disclosures to the income tax rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024. The Company will adopt and apply the guidance in fiscal year 2025. There is no material impact expected to our results of operations, cash flows and financial condition at the time of adoption; however, the Company is still assessing the disclosure impact.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

NOTE 9 - Leases

The Company had four operating leases (Flywheel’s office leases in Taiwan) as of September 30, 2024. The leased assets in Flywheel are presented as operating lease right-of-use assets.

Schedule of Operating Leases Cost

	Flywheel			Flywheel			Flywheel			Flywheel
	February 2023			March 2024			June 2024			August 2024
Initial lease term	to March 2025			to June 2025			to May 2025			to July 2025

Initial recognition of operating lease right-of-use assets	$	28,652		$	123,107		$	52,434		$	73,175
Weighted-average remaining lease term at September 30, 2024		0.42			0.75			0.67			0.83
Weighted-average discount rate at September 30, 2024		3.20	%		3.20	%		3.33	%		3.33	%

Operating lease liabilities-current as of September 30, 2024 and December 31, 2023 were $178,746 and $82,269, respectively. Operating lease liabilities-non-current as of September 30, 2024 and December 31, 2023 were $-0- and $2,363, respectively. The operating lease right-of-use assets balance as of September 30, 2024 and December 31, 2023, were $173,786 and $83,946, respectively.

For the nine months ended September 30, 2024 and 2023, the amortization of the operating lease right-of-use asset was $157,520 and $262,913, respectively. These amounts were recorded in general and administrative expenses. Additionally, for the nine months ended September 30, 2024 and 2023, the Company made lease payments of $153,270 and $280,333, respectively, which were included in the operating cash flows statement.

The future minimum lease payment schedule for all operating leases as of September 30, 2024, is as disclosed below.

Schedule of Operating Lease Liabilities

For the Period Ending September 30,	Amount

2024	$	61,391
2025		119,805
2026		-
2027		-
2028		-
2029 and thereafter		-
Total minimum lease payments		181,196
Less: effect of discounting		(2,450	)
Present value of the future minimum lease payment		178,746
Less: operating lease liabilities-current		(178,746	)
Total operating lease liabilities-non-current	$	-

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory

NOTE 3 - Inventory

Inventory was comprised of the following as of September 30, 2024 and December 31, 2023, respectively:

Schedule of Inventory

	September 30, 2024			December 31, 2023

Inventory	$	17,964,767		$	13,377,530
Inventory-in-transit		11,695,161			1,574,911
Allowance		(578,622	)		(675,886	)
Total	$	29,081,306		$	14,276,555

As of September 30, 2024 and December 31, 2023, $578,622 and $675,886 was written down from the cost of inventories to their net realizable values, respectively. Full inventory allowance is recorded for the inventory SKU not sold for more than one year.

The allowance of inventory is recorded under cost of goods sold in the income statement.