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Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 7,843,208 $ 3,136,839
Accounts receivable, net 621,345 960,964
Prepaid expenses 618,955 444,405
Due from related party 43,900 50,559
Loan receivable from employee 8,341
Other current assets 143,999 15,654
Total current assets 9,271,407 4,616,762
Non-current assets:    
Property and equipment, net 199,329 261,414
Operating lease right-of-use assets 2,458,485 3,319,749
Deferred tax assets 242,358 297,990
Security deposits 221,460 278,237
Long-term loan receivable from related party 234,316 335,756
Loan receivable from employee, non-current 4,518
Other non-current assets 2,188 8,737
Total non-current assets 3,358,136 4,506,401
Total assets 12,629,543 9,123,163
Current liabilities:    
Accounts payable and accrued expenses 445,752 646,425
Accrued payroll and other employee costs 245,113 255,082
Due to related party 3,622 1,110
Current portion of long-term debts 622,937 849,995
Insurance premium financing 89,652
Operating lease liabilities, current 264,387 332,277
Finance lease liabilities, current 19,502 37,459
Income tax payables 1,867 10,919
Deferred revenue 1,386,559 1,690,917
Mandatorily redeemable financial interest 447,986
Other current liabilities 42,475 281,673
Total current liabilities 3,121,866 4,553,843
Non-current liabilities:    
Long-term debts 1,133,945 1,871,580
Operating lease liabilities, non-current 2,259,284 3,076,204
Finance lease liabilities, non-current 3,573 23,861
Other non-current liabilities 124,963 156,627
Total non-current liabilities 3,521,765 5,128,272
Total liabilities: 6,643,631 9,682,115
Shareholders’ equity (deficit):    
Preferred shares ($0.0001 par value, 20,000,000 shares authorized, no shares issued and outstanding as of September 30, 2022 and December 31, 2021)
Common shares ($0.0001 par value, 200,000,000 shares authorized; 18,999,276 and 15,819,943 shares issued; 17,649,886 and 15,546,454 shares outstanding as of September 30, 2022 and December 31, 2021, respectively) 1,899 1,554
Additional paid-in capital 18,220,206 3,350,779
Treasury shares, at cost (1,349,390 and 0 shares as of September 30, 2022 and December 31, 2021, respectively) (3,500,000)
Accumulated deficit (9,149,139) (3,896,113)
Accumulated other comprehensive income (loss) 412,946 (15,172)
Total shareholders’ equity (deficit) 5,985,912 (558,952)
Total liabilities and shareholders’ equity (deficit) $ 12,629,543 $ 9,123,163