Acquisition (Tables)

12 Months Ended

Dec. 31, 2024

Acquisition [Abstract]

Schedule of Fair Value of the Identifiable Assets Acquired and Liabilities Assumed

Upon the acquisition, the Group recognized a loss of approximately $0.3 million in fair value change for the previous 19.99% equity interests in Smartconn.

	Amount
Total consideration for step acquisition	$	12,813,305
Assets acquired and liabilities assumed:
Cash acquired		49,496
Property and equipment, net		305
Intangible assets, net		19,226,106
Current liabilities		(83,496	)
Total net assets acquired		19,192,411
Previous held 19.99% Equity Value		(7,962,586	)
31% Equity Value with noncontrolling interest		(19,522,079	)
Goodwill	$	21,105,559

Upon the acquisition, the Group recognized a gain of approximately $2.7 million in fair value change for the previous 35% equity interests in Boxinrui.

	Amount
Total consideration for step acquisition	$	24,078,675
Assets acquired and liabilities assumed:
Cash acquired		10,258
Other current assets		1,034,968
Property and equipment, net		10,975
Intangible assets, net		17,984,093
Current liabilities		(211,718	)
Total net assets acquired		18,828,576
Previous held 31.5% Equity Value		(13,937,461	)
10% Equity Value with non-controlling interests		(4,424,591	)
Goodwill	$	23,612,151

The valuation report considered generally accepted valuation methodologies such as the income, market and cost approaches.

	Amount
Total consideration for acquisition	$	13,854,016
Assets acquired and liabilities assumed:
Cash acquired		47,073
Accounts receivable		1,048,422
Loan receivable		40,052
Prepayments, deposits and other current assets		650,632
Intangible assets, net		8,134,797
Accounts payable		(1,401,816	)
Deferred revenue		(378,979	)
Other current liabilities		(3,212	)
Deferred tax liabilities		(2,033,699	)
Total net assets acquired		6,103,270
Goodwill	$	7,750,746