| OTHER EXPENSE, NET |
NOTE 20 — OTHER EXPENSE, NET
| | |
For
the Three Months Ended
June 30, | | |
For
the Six Months Ended
June 30, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| Equity offering cost | |
$ | 10,976,693 | | |
$ | — | | |
$ | 10,976,693 | | |
$ | — | |
| Foreign currency exchange loss | |
| 5,740,232 | | |
| 1,590,689 | | |
| 5,843,939 | | |
| 2,037,358 | |
| Indemnification obligation adjustment | |
| — | | |
| 25,314 | | |
| — | | |
| (531,949 | ) |
| Interest expense | |
| 1,516,978 | | |
| 10,046 | | |
| 1,875,552 | | |
| 10,046 | |
| Other income | |
| (353,737 | ) | |
| (209,061 | ) | |
| (205,636 | ) | |
| (71,975 | ) |
| Provision for unexpected credit losses | |
| (220,370 | ) | |
| — | | |
| 258,665 | | |
| — | |
| Total | |
$ | 17,659,796 | | |
$ | 1,416,988 | | |
$ | 18,749,213 | | |
$ | 1,443,480 | |
|
NOTE 22 — OTHER EXPENSE, NET
The following table presents
a breakdown of our other expense and income categories that were presented on a net basis within our consolidated statements of operations
and comprehensive (loss) income.
| | |
2024 | | |
2023 | | |
2022 | |
| Foreign currency exchange (gain) loss | |
$ | (1,972,531 | ) | |
$ | 2,295,582 | | |
$ | (5,509,581 | ) |
| Adjustment to indemnification obligation | |
| (531,991 | ) | |
| 324,907 | | |
| (252,949 | ) |
| Interest expense | |
| 122,778 | | |
| – | | |
| – | |
| Forgiveness of accrued interest | |
| – | | |
| – | | |
| (1,414,406 | ) |
| Loss on deconsolidation of VIEs | |
| – | | |
| – | | |
| 11,501,952 | |
| Other expense | |
| 79,051 | | |
| 180,796 | | |
| (1,455,619 | ) |
| Other expense, net | |
$ | (2,302,693 | ) | |
$ | 2,801,285 | | |
$ | 2,869,397 | |
|