SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

The table below presents the movement of allowance for doubtful accounts from customers for the year ended December 31, 2020 and 2021.

	For the years ended December 31,
	2020		2021
	US$		US$
Balance at the beginning of the year		—		91,788
Accruals		91,788		426,953
Balance at the end of the year		91,788		518,741

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

	US$			Amortization period
Cash and cash equivalents		339,611
Cash-segregated for regulatory purpose		22,094,198
Other current assets		5,098,900
Property, plant and equipment		5,581		3-5 years
Intangible assets
Operating License		6,900,000		Indefinite life
Goodwill (note 5)		2,421,403
Other current liabilities		(26,062,403	)
Deferred tax liabilities		(1,449,000	)
		9,348,290

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