XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (83,833,161) $ (122,227,195) $ (21,548,700)
Adjustments to reconcile net loss from operations to net cash used in operating activities:      
Depreciation and amortization 6,113,904 5,458,596 2,163,197
Provision for credit losses 5,358,510 539,284 4,733,183
Share based compensation 5,834,999 6,058,117 5,983,907
Loss from disposal of property and equipment 978 188 104,091
Deferred tax benefit (122,343) (66,695) (435,741)
Gain from fair value change in equity investments (2,402,943)
Fair value loss on financial instruments 71,006,115
Gain from long term investment (70,947)
Settlement loss on disposition of assets 318,129
Impairment charges 64,485,916 31,958,931
Loss on debt extinguishment 473,653
Change in fair value of convertible notes (1,048,271) 21,166 2,448,936
Accrued interest of convertible notes 646,206 297,954 195,139
Loss from disposition of a subsidiary 1,009
Amortization of right-of-use assets-operating lease 332,131 172,435 45,381
Changes in assets and liabilities:      
Notes receivable 27,794 (15,535) (13,375)
Accounts receivable 231,204 (6,409,095) 2,980,772
Prepayments, deposits and other assets 367,168 (1,513,880) 581,031
Accounts payable (1,587,053) 6,076,903 (6,150,415)
Accounts payable-related party (695,373)
Accrued expenses and other current liabilities 2,305,539 (783,861) 999,500
Taxes payable 69,816 58,266 (578,597)
Deferred revenue (646,242) 830,574 (406,833)
Operating lease liabilities (321,317) (141,183) (63,837)
NET CASH USED IN OPERATING ACTIVITIES (992,440) (11,152,805) (9,656,725)
CASH FLOWS FROM INVESTING ACTIVITIES:      
(Loans to) repayment from third parties (309,161) (1,320,203) 4,039,454
Purchases of property and equipment (723,977) (679,146) (2,625,731)
Purchases of intangible assets (903,804) (1,240,041) (1,247,824)
Proceeds from disposal of property and equipment 59 45,670
Payment for long-term investment (445,831)
Payments to related parties (600,000) (580,958)
Proceeds from related parties 378,713 1,350,425
Net cash arising from business combination 47,366 58,048
NET CASH USED IN INVESTING ACTIVITIES (1,510,863) (2,430,858) (815,220)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short term bank loans 4,210,848 3,954,300 3,715,262
Repayments of short term bank loans (4,169,157) (2,542,050) (5,201,367)
Proceeds from private placement and market offering 601,639 8,537,719 7,027,254
Split shares (3,435) (3,527)
Proceeds from (payment for) issuance of convertible notes 1,482,159 (1,250,000) 7,979,983
Proceeds from (payments to) related parties 28,591 40,484 (90,910)
Loan from (repayment to) third party 26,465 552,108 (445,831)
NET CASH PROVIDE BY FINANCING ACTIVITIES 2,177,110 9,289,034 12,984,391
EFFECT OF EXCHANGE RATE CHANGES (124,747) (370,193) (188,372)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENT AND RESTRICTED CASH (450,940) (4,664,822) 2,324,074
CASH, CASH EQUIVALENT AND RESTRICTED CASH - beginning of year 4,715,500 9,380,322 7,056,248
CASH, CASH EQUIVALENT AND RESTRICTED CASH - end of year 4,264,560 4,715,500 9,380,322
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest 286,608 144,080 203,380
Income taxes 172 14,138 718
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES      
Right of use assets obtained in exchange of lease liabilities 320,127 324,304 262,255
Conversion of convertible notes 3,128,453 3,795,924
Issuance shares for third party receivable 59,714
Issuance shares as prepayment for potential acquisition 15,906,186
Issuance shares for acquisitions 36,718,737
Non-controlling interests recognized from step acquisitions 23,946,670
Due to related party transferred to non-controlling interests 38,892 115,050
Prepayments, deposits and other assets transferred from loan receivable 59,651,975
Prepayments, deposits and other assets as consideration for acquisition 13,854,016
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:      
Cash 4,193,839 2,991,563 9,380,322
Restricted cash 70,721 1,723,937
Total cash and restricted cash $ 4,264,560 $ 4,715,500 $ 9,380,322