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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)
Paid in capital
Preferred shares
Series Angel equity interest with preferential rights
Preferred shares
Angle preferred shares
Ordinary shares
Class A ordinary shares
Ordinary shares
Class B ordinary shares
Treasury stock purchases
Angle preferred shares
Treasury stock purchases
Additional paid in capital
Class A ordinary shares
Additional paid in capital
Statutory Reserves
Accumulated other comprehensive income (loss)
Accumulated deficit
Non controlling interests
Redeemable non-controlling interest of sponsored fund
Class A ordinary shares
Class B ordinary shares
Total
Beginning balance at Dec. 31, 2017 $ 357,338 $ 496,584             $ 7,291,855   $ 206,734 $ (23,183,574) $ (464,878)       $ (15,295,941)
Changes in equity                                  
Reorganization effect (note ) $ (357,338) $ (496,584) $ 4,197 $ 332 $ 4,106       845,287                
Reorganization effect (note ) (in shares)       33,170,968 410,643,948 419,736,104                      
Issuance of ordinary shares       $ 25 $ 1,079     $ 178,429             $ 178,454 $ 1,079  
Issuance of ordinary shares (In shares)       2,480,000 107,863,347                        
Class B ordinary shares converted into Class A ordinary shares       $ 1,809 $ (1,809)                        
Class B ordinary shares converted into Class A ordinary shares (in shares)       180,895,573 (180,895,573)                        
Share based compensation                 34,204,761               34,204,761
Foreign currency translation adjustment                     (1,014,579)   78,967       (935,612)
Unrealized gain on available-for-sale securities                     262,857           262,857
Investment in sponsored fund from noncontrolling shareholders                           $ 2,204,940      
Net income (loss)                       (43,207,732) (1,085,823)       (44,293,555)
Ending balance at Dec. 31, 2018     4,197 $ 2,166 $ 3,376       42,520,332   (544,988) (66,391,306) (1,471,734) 2,204,940     (25,877,957)
Ending balance (in shares) at Dec. 31, 2018       216,546,541 337,611,722 419,736,104                      
Changes in equity                                  
Issuance of Class A ordinary shares upon initial public offering, net of offering costs of US$3,462,099 [1]       $ 2,373         114,763,528               114,765,901
Issuance of Class A ordinary shares upon initial public offering, net of offering costs of US$3,462,099 (in shares) [1]       237,375,000                          
Conversion of convertible preferred shares to Class A ordinary shares upon initial public offering     $ (4,197) $ 12,295         122,692,824               122,700,922
Conversion of convertible preferred shares to Class A ordinary shares upon initial public offering (in shares)       1,229,518,986   (419,736,104)                      
Issuance of Class A ordinary shares in relation to the acquisition of Marsco Investment Corporation       $ 85         2,999,915               3,000,000
Issuance of Class A ordinary shares in relation to the acquisition of Marsco Investment Corporation (in shares)       8,508,390                          
Issuance of Class A ordinary shares upon settlement of share-based awards       $ 853         200,157               201,010
Issuance of Class A ordinary shares upon settlement of share-based awards (in shares)       85,269,532                          
Share based compensation                 4,062,600               4,062,600
Provision of statutory reserve                   $ 724,008   (724,008)          
Foreign currency translation adjustment                     (321,433)           (321,433)
Investment in sponsored fund from noncontrolling shareholders                           239,609      
Acquisition of additional equity interest from non-controlling shareholders                 (1,471,734)       $ 1,471,734        
Net income (loss)                       (6,589,431)   639,573     (6,589,431)
Ending balance at Dec. 31, 2019       $ 17,772 $ 3,376       285,767,622 724,008 (866,421) (73,704,745)   3,084,122     211,941,612
Ending balance (in shares) at Dec. 31, 2019       1,777,218,449 337,611,722                        
Changes in equity                                  
Issuance of Class A ordinary shares upon settlement of share-based awards       $ 172         5,145               5,317
Issuance of Class A ordinary shares upon settlement of share-based awards (in shares)       17,138,985                          
Share based compensation                 6,054,612               6,054,612
Treasury stock purchases             $ (2,172,819)               $ (2,200,000)   (2,172,819)
Treasury stock purchases (in shares)             10,429,305               10,429,305    
Provision of statutory reserve                   1,939,543   (1,939,543)          
Foreign currency translation adjustment                     3,752,464           3,752,464
Unrealized gain on available-for-sale securities                     41,149           41,149
Investment in sponsored fund from noncontrolling shareholders                           4,251,549      
Disposal of sponsored fund from non-controlling shareholders                           (10,450,123)      
Net income (loss)                       16,064,793   $ 3,114,452     16,064,793
Ending balance at Dec. 31, 2020       $ 17,944 $ 3,376   $ (2,172,819)   $ 291,827,379 $ 2,663,551 $ 2,927,192 $ (59,579,495)         $ 235,687,128
Ending balance (in shares) at Dec. 31, 2020       1,794,357,434 337,611,722                        
[1] Represents the reorganization transactions to re-domicile the Company’s business from the People’s Republic of China (the “PRC”) to the Cayman Islands as described in Note 1.