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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net (loss) income $ 14,690,701 $ 19,179,245 $ (5,949,858)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Share-based compensation 13,370,377 6,054,612 4,062,600
Depreciation and amortization 1,338,968 928,414 752,167
Unrealized fair value change of financial instruments held, at fair value (1,081,873) (6,281) (1,659,469)
(Gain) loss on disposal of subsidiaries 115,681   (467,500)
Loss from equity investments, including impairments 571,440 191,603 755,524
Allowance for doubtful accounts 426,953 91,788  
Loss on disposal of property and equipment 24,844 119,136 34,467
Foreign currency exchange (gain) loss 3,265,271 2,918,701 (284,153)
Deferred tax (benefit) expense (662,310) 1,772,670 (6,215,140)
Interest expense from convertible bonds 1,294,203    
Fair value change from convertible bonds (4,194,848)    
Changes in operating assets and liabilities:      
Financial instruments held, at fair value (2,258,578) 14,324,985 (6,627,630)
Receivables from customers (292,868,761) (266,193,537) (101,438,442)
Receivables from brokers, dealers and clearing organizations (82,000,320) (602,544,944) (183,103,763)
Amounts due from/to related parties 3,084,210 (390,683) 401,748
Prepaid expenses and other current assets (4,350,422) (3,531,256) (1,259,888)
Operating lease right-of-use assets 667,243 (1,548,204) 2,251,301
Other non-current assets (1,072,518) (130,244) (435,614)
Payables to customers 810,443,951 1,183,682,588 481,105,480
Payables to brokers, dealers and clearing organizations (52,871,884) 168,580,067 55,078,762
Accrued expenses and other current liabilities 6,590,630 10,256,244 6,200,824
Operating lease liabilities (1,504,339) 1,365,635 (2,142,202)
Deferred income 185,337 160,476 2,249,925
Net cash provided by operating activities 413,203,956 535,281,015 243,309,139
Cash flows from investing activities:      
Purchase of property, equipment and intangible assets (4,967,842) (978,142) (1,317,435)
Disposal of property, equipment and software 3,308    
Prepayment for acquisition and long-term investments subject to certain closing conditions     (854,891)
Payment for long-term investments (2,450,736)   (600,000)
Cash paid for acquisition, net of cash acquired 2,584,303   (6,008,680)
Cash-segregated for regulatory purpose acquired from acquisition 2,166,432   22,094,198
Repayment of loans from related parties 110,487   1,585,591
Cash received from disposal of a subsidiary 79,634   106,105
Purchase of term deposits (17,460,305) (31,449,568) (65,601,207)
Maturity of term deposits 33,088,423 78,374,132 29,999,865
Advances to employees (126,779) (1,462,052) (1,154,938)
Loans to related parties (2,155,038) (928,751) (288,719)
Dividend received 46,938    
Net cash (used in) provided by investing activities 10,918,825 43,555,619 (22,040,111)
Cash flows from financing activities:      
Proceeds received from issuance of convertible bonds 154,909,777    
Proceeds received from issuance of Series C convertible redeemable preferred shares     800,000
Net proceeds received from follow-on public offering (net of offering cost of US$1,215,162) 175,421,594    
Net proceeds received from initial public offering (net of offering cost of US$3,462,099)     114,765,901
Proceeds received from issuance of Class A Ordinary Shares upon settlement of share-based awards 549,984 5,317 201,010
Capital contribution in sponsored fund from redeemable non-controlling interest   4,251,549 239,609
Payment to redeemable non-controlling interest due to disposal of sponsored fund   (10,450,123)  
Repayment of loans to bank     (1,100,000)
Purchases of treasury stock   (2,172,819)  
Net cash provided by (used in) financing activities 330,881,355 (8,366,076) 114,906,520
Increase in cash, cash equivalents and restricted cash 755,004,136 570,470,558 336,175,548
Effect of exchange rate changes (1,718,832) (194,554) 45,693
Cash, cash equivalents and restricted cash at beginning of the year 947,599,651 377,323,647 41,102,406
Cash, cash equivalents and restricted cash at end of the year 1,700,884,955 947,599,651 377,323,647
Cash, cash equivalents and restricted cash:      
Cash and cash equivalents 269,057,708 79,652,897 59,408,555
Cash-segregated for regulatory purpose 1,431,827,247 867,946,754 317,915,092
Supplemental disclosure of cash flow information:      
Income taxes paid 5,586,372 266,269 762,179
Acquisition consideration paid $ 1,079,830   6,348,290
Non-cash investing activity:      
Loan converted to long‑term investment     $ 3,846,699
Prepayment converted to long-term investment and loans to related parties   $ 654,891