XML 25 R7.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss $ (34,296,300) $ (10,503,700) $ (4,680,200)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 4,995,900 4,599,000
Impairment of content assets 8,700 3,000
Share-based compensation for employees 8,712,800 1,355,800
Share-based compensation for non-employees 10,725,900 146,400 237,700
Gain of digital assets from revenues (14,300) (47,800)
(Gain) loss from exchange of digital assets (1,120,700) (24,600) 900
Changes in fair value of digital assets 5,521,300 (2,238,700) (1,721,900)
Interest income from loans receivable due from a related party (17,100) (16,000)
Share of equity loss in an equity method investee 300 19,200 75,200
Loss from dissolution of subsidiaries 1,033,100
Changes in fair value of trading securities (21,400) 36,400
Impairment of long-term investments 770,800
Deferred tax benefits (277,000)
Changes in operating assets and liabilities:      
Stable coins 1,500,000
Digital assets 12,307,100
Accounts receivable (86,000) (99,300)
Prepaid expenses and other assets 822,000 (2,300,700)
Due from a related party (6,200)
Current content assets, net (4,333,800) (4,558,200) 324,400
Taxes receivable 1,095,600
Accounts payable (225,100) 957,100
Contract liabilities (357,300) 1,700,500
Income taxes payable 1,600 1,600 124,200
Other current liabilities and accrued expenses (230,500) 756,800 557,400
Net cash (used in) provided by operating activities (9,905,900) 4,121,200 (3,001,400)
Investing activities:      
Purchases of digital assets (1,448,200) (3,146,600)
Purchases of stable coins (610,000) (139,900)
Investment in equity investees (276,700) (500,000) (1,546,000)
Loans made to a related party (850,000)
Repayment of loans from a related party 111,900
Investment in trading securities (19,800) (267,800)
Redemption of investments in trading securities 44,200 224,400
Acquisition of net assets of a subsidiary 118,300
Net cash used in investing activities (1,588,600) (1,885,100) (4,832,500)
Financing activities:      
Subscription fee advanced from investors 3,504,900 2,280,100
Proceeds from issuance of common stocks pursuant to private placements 7,100,000 1,420,000
Proceeds from issuance of common stocks pursuant to at the market offering 2,821,100
Capital injection from a non-controlling shareholder 88,900
Capital withdrawal by a non-controlling shareholder (88,900)
Net cash provided by financing activities 9,921,100 3,504,900 3,700,100
Net (decrease) increase in cash and cash equivalents (1,573,400) 5,741,000 (4,133,800)
Cash, cash equivalents, beginning of year 8,870,800 3,129,800 7,263,600
Cash, cash equivalents, end of year 7,297,400 8,870,800 3,129,800
Supplemental Cash Flow Information      
Payment of interest expenses
Payment of income tax expenses
Non-cash Investing and Financing activities      
Subscription fee advanced from investors in the form of USDC and USDT 475,000
Subscription fee paid from investors in the form of USDC and USDT 8,900,000 2,675,000
Purchase of digital assets in the form of USDT 7,398,200
Issuance of common stocks to settle subscription fee advanced from investors $ 2,755,100 $ 6,604,000