SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring Cost And Reserve [Line Items]

Schedule of allowance for doubtful accounts

The table below presents the movement of allowance for doubtful accounts from customers for the year ended December 31, 2021 and 2022.

	2021		2022
	US$		US$
Balance as of January 1,		91,788		518,741
Additional		426,953		302,634
Write-off		—		(124,867	)
Balance as of December 31,		518,741		696,508

Schedule of estimated useful lives of property, plant and equipment

Depreciation is calculated on a straight‑line basis over the following estimated useful lives:

Electronic equipment	3 years
Office equipment	5-14.25 years
Software	3-5 years
Leasehold improvement	Shorter of the lease terms or the estimated useful lives of the assets

Ocean Joy

Restructuring Cost And Reserve [Line Items]

Schedule of allocation of purchase price as of the acquisition date

The following table summarizes the consideration for this transaction:

	US$
The fair value of its previously held equity interests in Ocean Joy at the Acquisition Date		462,784
Cash Consideration		1,079,830
Settlement of pre-existing balance with Ocean Joy		1,426,919
Total consideration		2,969,533

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Acquisition (Continued)

Acquisition of Ocean Joy Holdings Limited (“Ocean Joy”) (Continued)

The assets and liabilities recognized as of the acquisition are as follows:

	US$			Amortization period
Cash and cash equivalents		3,664,133
Cash-segregated for regulatory purpose		2,166,432
Receivables-Brokers, dealers and clearing organizations		915,497
Other current assets		190,132
Property, plant and equipment		82,284		3-5 years
Deferred tax assets, net		13,060
Intangible assets
Operating License		527,060		Indefinite life
Trading rights		128,551		Indefinite life
Other non-current assets		218,537
Payable to customers		(2,884,596	)
Other payables		(2,018,511	)
Other current liabilities		(17,346	)
Deferred tax liabilities		(86,965	)
Net identifiable assets acquired		2,898,268
Add: goodwill (Note 5)		71,265
Total		2,969,533