v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 23,931,802 $ 37,307,541
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 1,264,405 1,849,422
Non-cash lease expense 2,185,744 1,923,890
Provision for credit losses 283,752 62,804
Fair value change of long-term investments 384,523 1,045,557
Gain on disposal of subsidiary (3,813,609)
Gain on redemption of life insurance policies (8,746,138)
Gain on disposal of property and equipment (10,804) (902)
Change in fair value of cryptocurrencies (111,632)
Deferred income taxes 7,452,983 (3,322,728)
Changes in operating assets and liabilities:    
Inventories (717,972) 561,921
Finance lease receivables – related parties (6,482,967) (1,759,556)
Customer loans receivable 8,081,703 7,521,267
Prepaid expenses and other current assets (1,349,225) (1,488,347)
Long-term prepayments 211,988 (41,412)
Other assets 85,907 (1,007,431)
Accounts payable 1,165,217 (8,960,556)
Accounts payable – related parties 2,455,865
Notes and other payables – related parties (5,031,570) (5,101,368)
Income tax payable (6,030,526) 5,462,133
Operating lease liabilities (2,275,398) (1,998,196)
Accrued liabilities and other current liabilities (2,508,035) (4,444,172)
Other liabilities (88,593) 77,625
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (6,411,168) 22,874,760
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (560,431) (1,565,333)
Purchase of convertible note (1,700,000)
Prepayments for property and equipment (705,351)
Advances to related parties (617,804)
Payments made on behalf of related parties (1,836,541) (5,245,990)
Purchase of long-term investments (652,555)
Purchase of cryptocurrencies (424,250)
Long-term loans to others (13,134) (62,489)
Repayments from related parties 70,000 555,000
Repayments from others 56,307 44,748
Proceeds from redemption of life insurance policies 17,735,717
Disposal of subsidiary, net of cash disposed of (815,819)
Proceeds from disposal of property and equipment 1,728,236 1,971
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 15,397,998 (9,405,716)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from related parties 15,000
Repayments of long-term loans (74,256) (59,217)
Repayments of finance lease liabilities (278,097)
Repayments to related parties (27,943) (50,124)
Repurchase of common stock (2,415,262)
Deemed contribution in connection with price modification on disposal of property and equipment 9,682,277
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 6,901,719 (109,341)
Effect of exchange rate changes 11,808,241 (12,679,865)
NET CHANGE IN CASH AND CASH EQUIVALENTS 27,696,790 679,838
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD 125,044,092 103,022,932
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD 152,740,882 103,702,770
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 55,858 10,432
Cash paid for income taxes, net 19,637,454 16,191,178
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment transferred from long-term prepayments 246,188
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 104,437
Finance lease right-of-use assets obtained in exchange for finance lease liabilities 612,466
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications 1,160,680 1,376,034
Payables to related parties in connection with loan services provided 8,175,342 16,085,387
Issuance of common stock as incentive shares 86
Nonrelated Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable (789,577) (1,423,412)
Advances from customers (369,616) (755,977)
Related Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable (17,039,113) 5,843,499
Advances from customers $ (2,363,891) $ (4,663,233)