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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]        
Net revenues $ 16,731,340 $ 5,762,831 $ 28,443,831 $ 13,470,895
Cost of goods sold (12,688,393) (5,045,364) (23,161,743) (11,411,439)
Gross profit 4,042,947 717,467 5,282,088 2,059,456
OPERATING EXPENSES:        
Selling and marketing expenses (5,027,864) (2,626,829) (7,651,305) (7,238,563)
General and administrative expenses (7,934,755) (9,071,910) (21,945,891) (25,715,387)
Research and development expenses (1,476,684) (1,634,796) (4,292,153) (5,347,785)
Total operating expenses (14,439,303) (13,333,535) (33,889,349) (38,301,735)
Loss from operations (10,396,356) (12,616,068) (28,607,261) (36,242,279)
OTHER EXPENSE:        
Interest expense, net (34,198) (84,573) (58,744) (137,726)
Loss from long-term investment (11,152) (107,069) (28,262) (236,672)
Loss from acquisition of Antric Gmbh 0 (1,316,772) 0 (1,316,772)
Loss from acquisition of Hezhe 0 0 (149,872) 0
Impairment of long-term investment 0 (2,668) 0 (1,157,334)
Gain on redemption of convertible promissory notes 0 966 0 865
Gain/(Loss) on exercise of warrants 910 (1,134) 910 (228,749)
Change in fair value of convertible promissory notes and derivative liability (6,724) 15,143 1,807 88,568
Change in fair value of equity securities 262,417 (1,879,593) 756,868 (1,166,125)
Foreign currency exchange gain (loss), net 1,838,505 (311,204) 1,108,826 (1,667,475)
(Loss)/ Gain from cross-currency swaps (705) 0 882 0
Other (expense) income, net (646,718) 199,389 (477,908) 794,441
Loss before income taxes (8,994,021) (16,103,583) (27,452,754) (41,269,258)
Income tax benefit (expense) 12,434 384 47,149 (25,084)
Net loss (8,981,587) (16,103,199) (27,405,605) (41,294,342)
Less: net loss attributable to non-controlling interests (9,815) (534) (20,855) (159,244)
Net loss attributable to the Company's shareholders (8,971,772) (16,102,665) (27,384,750) (41,135,098)
OTHER COMPREHENSIVE LOSS        
Foreign currency translation adjustment 916,164 (931,345) (461,126) (3,419,038)
Total comprehensive loss (8,065,423) (17,034,544) (27,866,731) (44,713,380)
Less: total comprehensive loss attributable to non-controlling interests (5,226) (534) (13,070) (183,812)
Total comprehensive loss to the Company's shareholders $ (8,060,197) $ (17,034,010) $ (27,853,661) $ (44,529,568)
Weighted average number of shares outstanding, basic (in shares) [1] 30,841,106 30,444,909 30,832,928 30,400,293
Weighted average number of shares outstanding, diluted (in shares) [1] 30,841,106 30,444,909 30,832,928 30,400,293
Loss per share, basic (in dollars per share) [1] $ (0.29) $ (0.53) $ (0.89) $ (1.35)
Loss per share, diluted (in dollars per share) [1] $ (0.29) $ (0.53) $ (0.89) $ (1.35)
[1] On September 1, 2023 the Company held its annual general meeting of shareholders where among other proposals, the shareholders of the Company did approve the consolidation of the common stock of the Company on a one-for-ten (1:10) basis with effect from December 8, 2023. The one-for-ten reverse stock split decreased the number of outstanding shares and increased net loss per common share. All per share and share amounts presented have been retroactively adjusted for the effect of this share consolidation for all periods presented.