INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income before income taxes are as follows:

	For the years ended December 31,
	2021			2022			2023
	US$			US$			US$
The Cayman Islands		2,442,082			(2,399,651	)		(700,677	)
PRC		21,320,470			9,105,225			12,562,152
Other		(4,708,080	)		(4,673,789	)		34,132,262
Total income before income taxes		19,054,472			2,031,785			45,993,737

Schedule of current and deferred portions of income taxes allocated to continuing operations

The current and deferred portions of income tax expense allocated to continuing operations, all of which was incurred outside the Cayman Islands, were as follows:

	For the years ended December 31,
	2021			2022			2023
	US$			US$			US$
Current tax expense		(5,026,081	)		(5,552,745	)		(9,779,815	)
Deferred tax benefit (expense)		662,310			1,264,080			(3,206,495	)
Income tax expense		(4,363,771	)		(4,288,665	)		(12,986,310	)

Schedule of significant components of the Group's deferred tax assets

The significant components of the Group’s deferred tax assets and liabilities were as follows:

	As of December 31,
	2022		2023
	US$		US$
Deferred tax assets
Net operating loss carryforwards		19,642,694		23,177,049
Share-based compensation		1,666,221		2,555,382
Lease liabilities		2,767,408		1,933,001
Withholding tax credit carryforwards		1,072,899		1,042,268
Advertising expense carryforwards		973,640		961,816
Accrued expenses		415,472		479,475
Financial instruments held, at fair value		184,822		425,174
Allowance for doubtful accounts		242,233		331,043
Long-term investments		144,986		140,847
Total deferred tax assets		27,110,375		31,046,055
Less: valuation allowance		11,307,489		18,262,801
Deferred tax assets, net of valuation allowance		15,802,886		12,783,254
Deferred tax liabilities
Intangible assets		1,788,555		1,788,555
Right-of-use assets		2,661,362		1,742,996
Financial instruments held, at fair value		290,445		1,658,536
Total deferred tax liabilities		4,740,362		5,190,087
Deferred tax assets, net		13,122,272		10,990,998
Deferred tax liabilities, net		2,059,748		3,397,831

Schedule of movement of the valuation allowance

The movement of the valuation allowance is as follows:

	For the years ended December 31,
	2021			2022			2023
	US$			US$			US$
Balance at the beginning of the year		4,000,159			5,224,095			11,307,489
Additions of valuation allowance		2,814,445			7,192,373			7,372,595
Reversals of valuation allowance		(1,628,176	)		(858,222	)		(187,483	)
Foreign currency translation adjustment		37,667			(250,757	)		(229,800	)
Net change in the valuation allowance		1,223,936			6,083,394			6,955,312
Balance at the end of the year		5,224,095			11,307,489			18,262,801

Schedule of expiration status of net operating loss carryforwards

The expiration status of net operating loss carryforwards as of December 31, 2023 is listed below.

Expiration year	US$
2024		2,100,039
2025		1,084,992
2026		6,659,954
2027		7,356,743
2028 through 2033		76,089,768
Indefinitely		44,279,269

Schedule of Reconciliations between the income tax expense computed by applying the PRC's statutory income tax rate to income before income taxes and the actual income tax expense

Reconciliations between the income tax expense computed by applying the PRC's 25% statutory income tax rate, the standard enterprise income tax rate in the jurisdiction of tax domicile of a significant portion of our business, to income before income taxes and the reported income tax expense were as follows:

	For the years ended December 31,
	2021			2022			2023
	US$			US$			US$
Income before income taxes		19,054,472			2,031,785			45,993,737
PRC statutory income tax rate	25%			25%			25%
Income tax at statutory income tax rate		(4,763,618	)		(507,946	)		(11,498,434	)
Effect of income tax rate difference in other jurisdictions		(596,978	)		(1,118,844	)		23,195
Effect of preferential tax rates		2,345,990			999,270			1,306,561
Remeasurement of deferred taxes for tax rate change		(610,551	)		(1,269,155	)		—
Super deduction of research and development expense		4,476,114			4,725,220			5,509,308
Nondeductible expenses		(4,138,443	)		(4,142,647	)		(1,998,354	)
Non-taxable income		109,984			35,616			194,107
Changes in valuation allowance		(1,186,269	)		(6,334,151	)		(7,185,112	)
Excess tax benefits from share-based compensation	—				1,146,536			662,419
Remeasurement of share-based compensation tax attributes (Note)	—				2,177,436			—
Income tax expense		(4,363,771	)		(4,288,665	)		(12,986,310	)