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Audited Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 8,940,871 $ 8,164,080
Restricted cash 2,198,786 2,192,015
Accounts receivable, net 9,454,474 12,802,626
Contract assets, net 465,717 1,057,671
Loan receivable, net 1,996,208
Marketable equity securities 4,980,098
Prepayments and other current assets, net 256,464 67,822
Total current assets 30,110,432 24,396,402
Non-current assets    
Property, plant and equipment, net 4,320,685 127,386
Right-of-use assets 94,573 130,134
Total non-current assets 4,415,258 257,520
TOTAL ASSETS 34,525,690 24,653,922
Current liabilities    
Accounts payable 10,292,377 11,307,340
Contract liabilities 25 1,525
Other payables and accrued liabilities 502,419 445,333
Provisions for compensation and penalty 1,574,240
Tax payables 17,465
Lease liabilities – current 56,266 101,947
Borrowings 4,737,524
Warrant liabilities 22,383,800
Dividend payables 54,821 54,821
Total current liabilities 38,126,584 13,831,056
Non-current liability    
Lease liabilities – non-current 39,177 29,378
Total non-current liability 39,177 29,378
TOTAL LIABILITIES 38,165,761 13,860,434
COMMITMENTS AND CONTINGENCIES
EQUITY (DEFICIT)    
Ordinary shares, par value $0.0008 per share, 62,500,000 shares authorized including 50,000,000 Ordinary Shares and 12,500,000 Undesignated Shares; 3,247,117 and 8,623,102 issued and outstanding as of December 31, 2024 and 2025, respectively* [1] 6,898 2,598
Additional paid-in capital [1] 11,350,850 10,575,529
Retained earnings (Accumulated deficit) (15,081,537) 133,277
Accumulated other comprehensive loss (41,439) (41,439)
Total shareholders’ equity (deficit) (3,765,228) 10,669,965
Non-controlling interest 125,157 123,523
TOTAL EQUITY (DEFICIT) (3,640,071) 10,793,488
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 34,525,690 24,653,922
Related Party    
Current assets    
Accounts receivable – related parties 878,876 112,188
Amount due from a related party, net 938,938
Current liabilities    
Accounts payable – related parties 32,798 221,098
Amounts due to related parties $ 66,554 $ 107,287
[1] The share data has been retroactively restated to reflect the current capital structure of the Company (See Note 1).