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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net (loss) income $ (2,256,880) $ 14,690,701 $ 19,179,245
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Share-based compensation 14,213,841 13,370,377 6,054,612
Depreciation and amortization 2,749,144 1,338,968 928,414
Unrealized fair value change of financial instruments held, at fair value 1,474,009 (1,081,873) (6,281)
Loss on disposal of subsidiaries   115,681  
Loss from equity investments, including impairments 474,347 571,440 191,603
Allowance for doubtful accounts 464,114 426,953 91,788
Loss on disposal of property and equipment   24,844 119,136
Foreign currency exchange loss (gain) (2,419,693) 3,265,271 2,918,701
Deferred tax expense (benefit) (1,264,080) (662,310) 1,772,670
Interest expense from convertible bonds 2,486,151 1,294,203  
Fair Value Change from convertible bonds   (4,194,848)  
Changes in operating assets and liabilities:      
Financial instruments held, at fair value (159,651,795) (2,258,578) 14,324,985
Receivables from customers 19,787,135 (292,868,761) (266,193,537)
Receivables from brokers, dealers and clearing organizations (77,163,404) (82,000,320) (602,544,944)
Amounts due from/to related parties (3,399,187) 3,084,210 (390,683)
Prepaid expenses and other current assets 3,190,957 (4,350,422) (3,531,256)
Operating lease right-of-use assets (7,346,572) 667,243 (1,548,204)
Other non-current assets 239,238 (1,072,518) (130,244)
Payables to customers 486,912,633 810,443,951 1,183,682,588
Payables to brokers, dealers and clearing organizations (32,217,431) (52,871,884) 168,580,067
Accrued expenses and other current liabilities 4,017,887 6,590,630 10,256,244
Operating lease liabilities 8,177,202 (1,504,339) 1,365,635
Deferred income (407,017) 185,337 160,476
Net cash provided by operating activities 258,060,599 413,203,956 535,281,015
Cash flows from investing activities:      
Purchase of property, equipment and intangible assets (4,888,631) (4,967,842) (978,142)
Disposal of property, equipment and intangible assets   3,308  
Payment for long-term investments (243,289) (2,450,736)  
Cash paid for acquisition, net of cash acquired   2,584,303  
Cash-segregated for regulatory purpose acquired from acquisition   2,166,432  
Repayment of loans from related parties   110,487  
Cash received from disposal of a subsidiary   79,634  
Purchase of term deposits   (17,460,305) (31,449,568)
Maturity of term deposits 2,072,574 33,088,423 78,374,132
Advances to employees (641,069) (126,779) (1,462,052)
Loans to related parties   (2,155,038) (928,751)
Dividend received 88,414 46,938  
Net cash provided by (used in) investing activities (3,612,001) 10,918,825 43,555,619
Cash flows from financing activities:      
Proceeds received from issuance of convertible bonds   154,909,777  
Proceeds received from redeemable non-controlling interests 4,356,074    
Net proceeds received from follow-on public offering (net of offering cost of US$1,215,162)   175,421,594  
Capital contribution from non-controlling interests 7,850    
Proceeds received from issuance of Class A Ordinary Shares upon settlement of share-based awards 366,537 549,984 5,317
Capital contribution in sponsored fund from redeemable non-controlling interest     4,251,549
Payment to Redeemable non-controlling interest due to disposal of sponsored fund     (10,450,123)
Purchases of treasury stock     (2,172,819)
Net cash (used in) provided by financing activities 4,730,461 330,881,355 (8,366,076)
Increase in cash, cash equivalents and restricted cash 259,179,059 755,004,136 570,470,558
Effect of exchange rate changes (4,335,485) (1,718,832) (194,554)
Cash, cash equivalents and restricted cash at beginning of the year 1,700,884,955 947,599,651 377,323,647
Cash, cash equivalents and restricted cash at end of the year 1,955,728,529 1,700,884,955 947,599,651
Cash, cash equivalents and restricted cash:      
Cash and cash equivalents 277,660,847 269,057,708 79,652,897
Cash-segregated for regulatory purpose 1,678,067,682 1,431,827,247 867,946,754
Supplemental disclosure of cash flow information:      
Income taxes paid (net of refunds) $ 2,126,572 5,586,372 266,269
Acquisition consideration paid   $ 1,079,830  
Non-cash investing activity:      
Prepayment converted to long-term investment and loans to related parties     $ 654,891