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      
Loss before income tax $ (85,283,966) $ (1,806,871) $ (11,641,945)
Adjustments to reconcile profit (loss)      
Depreciation expenses 1,139,488 1,025,783 433,262
Amortization expenses 2,101,080 1,809,774 1,058,392
Expected credit losses (gain) 192,134 (44,725) 72,808
Interest expense 8,167,872 298,958 137,029
Interest income (21,773) (19,340) (10,994)
Gain on disposal of property, plant and equipment, net (38) (3,732) (10)
Gain on lease modification (3,273)
Impairment loss on Intangible assets 29,026,050 298,424
Losses (gain) on valuation of financial liabilities at fair value through profit or loss 676,564 (5,480,914) 8,054,506
Share-based payment transactions 250,952 118,800 237,301
Listing expense 38,100,249  
Changes in operating assets and liabilities      
Current contract assets (767,537) (60,002) 261,717
Accounts and notes receivable 624,242 (3,121,238) 2,480,429
Other receivables 804,116 (188,073) (9,928)
Inventories 27,796 14,714 (45)
Prepayments (64,877) 91,899 (146,141)
Other current assets (182,526) 13,512 9,261
Other non-current assets (229,300) 214,448 86,146
Current contract liabilities (455,207) (54,194) 124,699
Accounts and notes payable 88,727 1,974,808 (1,964,807)
Other payables (2,755,037) 3,795,566 (92,958)
Other current liabilities (615,585) 236,682 722,065
Provisions (40,834) (213,270)
Other non-current liabilities (539,782) 114,463
Cash used in operations (9,760,465) (984,528) (189,213)
Interest received 21,773 19,340 10,994
Interest paid (440,909) (330,829) (114,266)
Income tax paid (32,469) (128,465) (467,621)
Net cash used in operating activities (10,212,070) (1,424,482) (760,106)
Cash flows from investing activities      
Acquisition of financial assets at amortized cost (367,151) (44,901) (100,506)
Proceeds from repayments of financial assets at amortized cost 85,673 1,604 9,046
Payment of contingent consideration (400,000) (300,000)
Acquisition of property, plant and equipment (89,121) (87,179) (52,481)
Proceeds from disposal of property, plant and equipment 14,066 4,863 10
Acquisition of intangible assets (275,609) (171,541) (229,174)
Proceeds from disposal of intangible assets 7,888
Net cash flow from acquisition of subsidiaries 1,552,346 942,007 (1,691,768)
Net cash flow from recapitalization 2,653
Net cash generated from (used in) investing activities 922,857 252,741 (2,364,873)
Cash flows from financing activities      
Increase in short-term borrowings 1,861,076 1,397,615 1,005,059
Repayments of short-term borrowings (4,323,616) (320,718) (1,005,059)
Increase in long-term borrowings 7,857,361 3,083,996 4,001,688
Repayments of long-term borrowings (5,055,675) (2,827,853) (1,739,984)
Payments on bonds payable (313,189) (149,547)
Payment on lease liabilities (1,001,160) (782,117) (373,901)
Proceeds from issuance of financial liabilities at fair value through profit or loss 6,475,471 2,199,999
Proceeds from issuance of November PIPE Convertible Notes 4,355,000
Proceeds from issuance of ordinary shares 301,203 299,814
Share-based payments 22,911 99,999 62,083
Proceeds from guarantee deposits 119,140 27,171
Decrease in non-current liabilities (125,741)
Acquisition of ownership interest in subsidiaries (298,318)
Changes in non-controlling interests 25,094 (459) 669,869
Net cash generated from financing activities 10,022,413 530,972 4,993,827
Effect of foreign exchange rate changes (116,742) (63,249) (314,199)
Net increase (decrease) in cash and cash equivalents 616,458 (704,018) 1,554,649
Cash and cash equivalents at beginning of year 3,030,298 3,734,316 2,179,667
Cash and cash equivalents at end of year $ 3,646,756 $ 3,030,298 $ 3,734,316