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      
Net loss $ (4,157,737) $ (4,340,975) $ (11,525,102)
Adjustments to reconcile net loss to net cash used in operating activities      
Amortization and depreciation 255,046 1,125,254 1,207,510
Share-based compensation 1,265,189 1,646,999
Loss on investments in marketable securities, net 9,266 134,134
Unrealized gain from fair value change of the long-term investments, net (6,431,088) (6,108,872)
Impairment loss of long-term investment 1,000,000 77,200 520,821
(Gain) loss on disposal of long-lived assets (58,621) 110,852 205,189
Impairment loss on long-lived assets 1,699,481 750,381
Allowance for credit loss of due from a related party 521,007
Write-off of prepayment and other receivables 45,677 62,369
Write-off of accounts receivable 6,280
Write-down of inventories 13,206
Gain on disposal of subsidiaries (703)
Operating lease cost 50,520 252,345 349,031
Interest income (235,560)
Interest expense and accretion of convertible debts 180,000 45,266 87,537
Accretion of finance lease obligation 1,435
Reversal of deferred cash bonus (1,646,228)
Changes in operating assets and liabilities      
Accounts receivable 41,349 126,717 (95,704)
Inventories 14,516 8,053
Other receivables and prepayments 291,078 227,457 (29,856)
Long-term deposits 29,106 19,328
Amounts due from related parties 961 63,050 (46,349)
Amounts due to related parties 464 (8,524) (6,805)
Accounts payable and accrued expenses (422,705) 398,635 1,918,751
Operating lease liabilities (120,824) (389,365) (369,505)
Net cash used in operating activities (1,189,734) (7,724,364) (12,318,965)
Cash flows from investing activities      
Purchases of property and equipment (3,015) (186,916)
Proceeds from disposal of property and equipment 58,621 15,385
Disposal of subsidiaries, net of cash disposed
Proceeds from sales of investment securities 93,215
Loan to a related party (92,459) (330,341)
Repayment of loan and interest from a related party 611,641 2,962,153
Net cash provided by investing activities 58,621 624,767 2,444,896
Cash flows from financing activities      
Loan from related parties 2,500,000 500,000
Proceeds from issuance of subsidiaries shares 5,360
Proceeds from issuance of Class A Ordinary Shares and warrants 1,575,562
Exercise of share options 16,506 169,460
Loan from a bank 3,000,000
Repayment of bank loan (3,000,000)
Proceeds from issuance of convertible notes 3,000,000 3,000,000
Payment of finance lease obligations (49,358)
Net cash provided by financing activities 4,092,068 6,625,462
Net decrease in cash and cash equivalents and restricted cash (1,131,113) (3,007,529) (3,248,607)
Cash and cash equivalents and restricted cash – Beginning of year 2,005,351 5,012,880 8,261,487
Cash and cash equivalents and restricted cash – End of year 874,238 2,005,351 5,012,880
Supplemental disclosures of cash flow information      
Interest paid 94,108 64,744
Income taxes paid
Non-cash operating, investing and financing activities      
Right-of-use assets obtained in exchange for new operating lease liabilities 338,525 549,596
Convertible notes converted to Class A Ordinary Shares 6,000,000
Settlement of deferred cash bonus by issuance of share options 451,660 3,078,196
Reconciliation of cash and restricted cash      
Cash and cash equivalents 874,238 2,005,351 1,882,545
Restricted cash 3,130,335
Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 874,238 $ 2,005,351 $ 5,012,880