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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 46,689,892 $ 38,560,606
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 3,799,377 12,246,942
Non-cash lease expense 3,870,198 3,297,824
Provision for (reversal of) credit losses (402,196) 370,754
Stock-based compensation 13,022,692
Impairment loss on property and equipment 204,026
Impairment loss on intangible asset 15,058,965
Impairment loss on long-term investment 529,596
Realized gain on short-term investments (223,164)
Fair value change of long-term investments 2,617,435
Gain on disposal of subsidiary (3,813,609)
Loss (gain) on disposal of property and equipment and intangible assets 511,947 (249,532)
Deferred income taxes (14,417,087) 4,113,395
Changes in operating assets and liabilities:    
Inventories 1,124,805 (1,825,942)
Finance lease receivables – related parties (5,991,486) 16,575,319
Customer loans receivable 18,477,327 413,867
Prepaid expenses and other current assets (2,268,209) 4,102,808
Long-term prepayments 1,910,274 (3,539,280)
Other assets (1,692,642) (1,328,682)
Accounts payable (9,588,067) 12,201,755
Accounts payable – related party 682,320
Notes payable – related parties (34,756,754) (23,816)
Income tax payable 11,228,429 13,359,434
Operating lease liabilities (3,950,587) (3,158,619)
Accrued liabilities and other current liabilities (12,096,825) 4,452,022
Accrued retirement compensation expense – related party (22,082,643)
Other liabilities 40,215 4,759
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,582,933 50,670,322
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (2,564,643) (8,543,351)
Purchase of intangible assets (1,683,030)
Purchase of convertible note (1,700,000) (1,000,000)
Prepayments for property and equipment (843,740) (981,567)
Advances to related parties (622,804) (2,283,020)
Payments made on behalf of a related party (5,572,564)
Purchase of short-term investments (2,106,720)
Purchase of long-term investments (331,496)
Long-term investments in MCs – related parties (26,780)
Cash received (paid) for acquisition of subsidiaries, net of cash acquired (4,236,009) 722,551
Long-term loans to others (172,411) (926,020)
Repayments from related parties 6,597,564 1,912,266
Repayments from others 176,109 581,274
Proceeds from sales of short-term investments 4,127,261
Proceeds from surrender of life insurance policies 3,954,760
Disposal of subsidiaries, net of cash disposed of (832,416)
Proceeds from disposal of property and equipment 8,046,007
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (10,102,410) 1,793,631
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from a long-term loan 6,603,253
Borrowings from related parties 5,481,787 12,310,106
Proceeds from reverse recapitalization, net of transaction costs 11,707,417
Proceeds from issuance of common stock 10
Proceeds from exercise of stock warrants 31,374
Repayments of long-term loans (119,017) (8,730,942)
Repayments to related parties (739,414) (7,707,007)
Deemed contribution in connection with disposal of property and equipment 9,620,453
Deemed contribution in connection with reorganization 642,748
NET CASH PROVIDED BY FINANCING ACTIVITIES 22,965,400 6,135,368
Effect of changes in foreign currency exchange rate (11,424,763) (7,314,383)
NET INCREASE IN CASH AND CASH EQUIVALENTS 22,021,160 51,284,938
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE YEAR 103,022,932 51,737,994
CASH AND CASH EQUIVALENTS AS OF THE END OF THE YEAR 125,044,092 103,022,932
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 28,300 45,292
Net cash paid for income taxes 30,239,002 17,842,407
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment transferred from long-term prepayments 597,602 7,681,830
An intangible asset transferred from long-term prepayments 17,666,115
Deemed contribution in connection with disposal of subsidiaries 1,473,571
Settlement of loan payable to a related party in connection with disposal of property and equipment 4,163,604
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 2,305,199
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications 2,908,554 2,110,079
Issuance of common stock from conversion of convertible note 2,700,000
Settlement of loan payable to a related party in connection with issuance of common stock 795
Non-cash purchase consideration for an asset acquisition 705,528
Issuance of promissory notes to related parties in connection with loan services provided 20,524,499 15,396,709
Nonrelated Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable – related parties (733,219) (596,069)
Advances from customers (1,476,240) 461,043
Related Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable – related parties 1,350,413 (22,402,301)
Advances from customers $ (9,144,031) $ (4,264,184)