v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Profit (loss) before tax $ (66,105,430) $ 17,011,604 $ (87,106,856)
Adjustments to reconcile profit (loss)      
Expected credit losses 897,170 12,153,098
Depreciation expenses 574,121 522,963 5,938,167
Amortization expenses 821,201 726,031 1,687,618
(Gain) loss on disposal of property and equipment (656) 94 70,698
Loss on lease modification 48,488
Share listing expenses 70,104,989
Share-based payment expenses 749,572 695,675
Share-based compensation expenses 201,908 203,676 346,122
Interest expense 732,508 818,065 835,273
Interest income (1,569,253) (770,410) (235,912)
Unrealized exchange loss 22,397,898
Gains on reversal of accounts and other payables (263,237) (960,564)
Loss on disposal of subsidiaries 69,335
(Gain) loss on financial liabilities at fair value through profit or loss 59,540,069 (6,050,777) (437,319)
Loss on financial assets at fair value through profit or loss 46,146 78,128 32,311
Changes in operating assets      
Unbilled receivables (Contract assets) (68,321,552) (33,487,938) 914,452
Accounts receivable, net 25,548,022 962,163 3,580,932
Inventories 17,917 45,513 83,598
Prepayments (21,002,839) (6,017,351) (1,245,559)
Other receivables (200,520) 91,993 (628,687)
Other current assets 18,645 (162,359) (55,832)
Other non-current assets 420,317 (158) 55,361
Changes in operating liabilities      
Contract liabilities 165,624 49,128 38,281
Notes payable (564) (66)
Accounts payable 14,993,318 4,629,441 (1,378,916)
Other payables (344,114) (645,270) 9,129
Provisions (72,771) (17,069) (108,794)
Other current and non-current liabilities 417,229 (62,759) 23,017
Cash outflow generated from operations (30,076,034) (9,489,756) (8,320,734)
Interest received 1,450,168 751,998 235,912
Interest paid (958,123) (668,540) (686,841)
Tax paid (65,993) (22,621) (2,174)
Net cash used in operating activities (29,649,982) (9,428,919) (8,773,837)
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of financial assets at fair value through profit or loss (588,600) (1,105,540)
Proceeds from redemption of financial assets at fair value through profit or loss 1,536,555
Acquisition of property and equipment (542,559) (297,357) (2,935,249)
Proceeds from disposal of property and equipment 1,650 6,122
Acquisition of intangible assets (913,313) (3,517,971) (73,093)
Disposal in financial assets at amortized cost 18,068,962 2,187,890
Investment in restricted deposits (34,599,728)
(Increase) decrease in guarantee deposits (925,861) (285,314) 368
Net cash flows from (used in) investing activities 16,636,834 (38,694,248) (1,925,624)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from short-term borrowings 10,259,577 28,050,769 12,492,935
Repayments of short-term borrowings (7,737,059) (25,205,710) (20,089,523)
Proceeds from long-term borrowings 1,561,723 3,447,526
Repayments of long-term borrowings (1,775,257) (3,193,619) (4,899,022)
Principal repayment of lease liabilities (175,653) (16,344) (90,549)
Repayments of loan from shareholders (3,000,000)
Buyback of treasury stocks (3,626,488)
Payment of transaction cost (292,416)
Proceeds from capital reorganization 32,324,004
Exercise of public warrants 4,372,875 714,230
Proceeds from preferred shares and private warrants 22,740,625 23,290,000
Exercise of restricted share units 873,500
Proceeds from issuance ordinary share 11,290,005
Net cash flows from financing activities 27,975,750 29,733,194 23,607,185
Effect of foreign exchange rate changes 1,429,743 700,453 143,905
Net increase (decrease) in cash and cash equivalents 16,392,345 (17,689,520) 13,051,629
Cash and cash equivalents at beginning of year 5,306,857 22,996,377 9,944,748
Cash and cash equivalents at end of year $ 21,699,202 $ 5,306,857 $ 22,996,377