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Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 99,532,115 $ 21,699,202
Financial assets at FVTPL 501,000 1,000
Restricted deposits 5,298,442 15,773,099
Accounts receivable, net 54,141,591 25,670,157
Other receivables, net 390,619 432,696
Contract assets 57,853,030 34,306,195
Inventories 0 5,199
Prepayments 15,781,284 28,632,212
Other current assets 549,085 151,816
Total current assets 234,047,166 126,671,576
Non-current assets    
Property and equipment 15,749,411 14,939,143
Right-of-use assets 1,091,526 505,345
Intangible assets 2,432,278 2,931,661
Deferred tax assets, net 11,938,173 6,938,213
Prepayments 204,020 315,304
Financial assets at FVTPL 4,000,000 0
Other non-current assets 2,420,960 1,494,740
Total non-current assets 37,836,368 27,124,406
Total assets 271,883,534 153,795,982
Current liabilities    
Short-term borrowings 9,427,501 15,073,458
Long-term borrowings, current portion 963,878 1,972,371
Accounts and other payables 46,042,759 28,490,211
Lease liabilities 451,368 210,448
Stock warrant liabilities 241,006 20,082,272
Contract liabilities 1,305,644 273,227
Provisions 124,441 37,673
Income tax liabilities 11,588,564 9,028,829
Other current liabilities 134,279 142,796
Total current liabilities 70,279,440 75,311,285
Non-current liabilities    
Long-term borrowings 3,404,363 4,372,188
Lease liabilities 873,114 579,699
Guarantee deposits liabilities 504,990 364,047
Provisions 89,006 22,013
Deferred tax liabilities 652,782 42,897
Total non-current liabilities 5,524,255 5,380,844
Total liabilities 75,803,695 80,692,129
Equity    
Share capital 26,356 19,443
Capital surplus 359,074,487 254,585,267
Accumulated deficit (159,515,327) (148,238,729)
Foreign currency translation reserve (1,400,403) (55,500)
Treasury shares at cost (2,105,274) (33,206,628)
Equity attributable to owners of the parent 196,079,839 73,103,853
Total equity 196,079,839 73,103,853
Total liabilities and equity $ 271,883,534 $ 153,795,982