We are a comprehensive smart parking solutions and equipment structural parts provider and conduct all our operations through our Operating Subsidiaries in China. The Operating Subsidiaries provide customized parking solutions to optimize efficiency in limited parking spaces, covering smart cubic parking garage design, cubic parking equipment manufacturing, sales, installation, and maintenance. To cater the customers’ different parking needs, the Operating Subsidiaries manufacture and offer various cubic parking garage products by employing various working principles, such as lifting and shifting, convenient lifting, vertical circulation, vertical lifting, plane moving, alley stacking, multi-layer cycle, horizontal cycle, and car lift. Additionally, we also offer design, repair and maintenance services to ensure the continued functionality of our parking solutions. Customers for comprehensive parking solutions are government departments, hospitals, property management companies, real estate companies, institutions, residential communities, and other businesses with parking lots or garages. With the production qualification and market presence, the Operating Subsidiaries’ smart parking system addresses parking challenges in urban areas in China experiencing rapid development. The Operating Subsidiaries also offer equipment structural parts, including (i) product structural parts, (ii) garage structural parts, (iii) materials such as customized steel and load-bearing steel plates for cubic parking equipment, and (iv) railroad accessories. Customers of equipment structural parts, including are industrial manufacturing companies, such as producers of mining haulers, industrial conveyors, railroad tracks, and other products. The Operating Subsidiaries’ principal market is in China. For the years ended December 31, 2023 and 2022, our revenues were approximately $34.28 million and $20.96 million, respectively. The following table sets forth the breakdown of total revenues by category of activity for the years ended December 31, 2023 and 2022. Fiscal Years Ended December 31, 2023% 2022% Cubic parking garage $ 23.37 % $ 80.92 % Equipment structural parts $ 74.47 % $ 15.97 % Maintenance service $ 1.71 % $ 3.08 % Others 0.45 % 0.03 % For the six months ended June 30, 2024 and 2023, our revenues were approximately $29.91 million and $10.51 million, respectively. The following table sets forth the breakdown of total revenues by category of activity for the six months ended June 30, 2024 and 2023. Six Months Ended June 30, 2024% 2023% Cubic parking garage $ 10.48 % $ 35.76 % Equipment structural parts $ 88.87 % $ 62.51 % Maintenance service $ 0.6 % $ 1.73 % Others 0.04 % 0 % Our principal executive office is located in Dushangang Town, Pinghu City, Jiaxing, Zhejiang Province, PRC.
