Condensed Financial Information of the Parent Company (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Condensed Financial Information of the Parent Company [Abstract] |
|
| Schedule of Condensed Statement of Financial Position |
Condensed Statement of Financial Position:
| | |
2024 | | |
2023 | |
| Assets | |
| | |
| |
| Cash and cash equivalents | |
$ | 25,975,604 | | |
$ | 5,777,326 | |
| Prepaid expenses and other current assets | |
| 7,739,569 | | |
| 5,219,813 | |
| Advances to subsidiaries | |
| 390,811,557 | | |
| 334,853,972 | |
| Note receivable from subsidiary | |
| 42,100,000 | | |
| 42,100,000 | |
| Investment in subsidiaries | |
| 353,629,225 | | |
| 324,524,687 | |
| Total assets | |
$ | 820,255,955 | | |
$ | 712,475,798 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Accounts payable and other accrued expenses | |
$ | 5,950,394 | | |
$ | 7,324,865 | |
| Advances from subsidiaries | |
| 59,500,001 | | |
| 20,000,000 | |
| Total liabilities | |
| 65,450,395 | | |
| 27,324,865 | |
| | |
| | | |
| | |
| Mezzanine equity | |
| | | |
| | |
| Convertible redeemable preferred shares (aggregate liquidation preference of $644,132,365 and $604,496,457 as of December 31, 2024 and 2023, respectively; and aggregate redemption value of $2,861,748,733 and $2,326,363,413 as of December 31, 2024 and 2023, respectively; Note 15) | |
| 2,861,748,733 | | |
| 2,326,363,413 | |
| Total mezzanine equity | |
| 2,861,748,733 | | |
| 2,326,363,413 | |
| | |
| | | |
| | |
| Shareholders’ deficit | |
| (2,106,943,173 | ) | |
| (1,641,212,480 | ) |
| Total liabilities, mezzanine equity
and shareholders’ deficit | |
$ | 820,255,955 | | |
$ | 712,475,798 | |
|
| Schedule of Condensed Statement of Operations and Comprehensive Loss |
Condensed Statement of Operations and Comprehensive Loss:
| | |
2024 | | |
2023 | | |
2022 | |
| Revenues | |
$ | – | | |
$ | – | | |
$ | – | |
| Operating expenses | |
| 7,001,102 | | |
| 3,194,193 | | |
| 8,408,161 | |
| Other income, net | |
| 3,770,837 | | |
| 2,663,713 | | |
| 1,105,532 | |
| Income before income taxes | |
| (3,230,265 | ) | |
| (530,480 | ) | |
| (7,302,629 | ) |
| Provision for income taxes | |
| – | | |
| – | | |
| – | |
| Net loss | |
| (3,230,265 | ) | |
| (530,480 | ) | |
| (7,302,629 | ) |
| Preferred shares redemption value accretion | |
| (495,088,038 | ) | |
| (340,080,000 | ) | |
| (51,409,749 | ) |
| Net loss attributable to ordinary
shareholders | |
$ | (498,318,303 | ) | |
$ | (340,610,480 | ) | |
$ | (58,712,378 | ) |
| | |
| | | |
| | | |
| | |
| Net loss | |
$ | (3,230,265 | ) | |
$ | (530,480 | ) | |
$ | (7,302,629 | ) |
| Other comprehensive income, net
of tax | |
| – | | |
| – | | |
| – | |
| Total comprehensive loss attributable to ordinary shareholders | |
| (3,230,265 | ) | |
| (530,480 | ) | |
| (7,302,629 | ) |
| Preferred shares redemption value accretion | |
| (495,088,038 | ) | |
| (340,080,000 | ) | |
| (51,409,749 | ) |
| Total comprehensive loss attributable
to ordinary shareholders | |
$ | (498,318,303 | ) | |
$ | (340,610,480 | ) | |
$ | (58,712,378 | ) |
|
| Schedule of Condensed Statement of Cash Flows |
Condensed Statement of Cash Flows:
| | |
2024 | | |
2023 | | |
2022 | |
| Cash flows from operating activities: | |
| | |
| | |
| |
| Net loss | |
$ | (3,230,265 | ) | |
$ | (530,480 | ) | |
$ | (7,302,629 | ) |
| Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | | |
| | |
| Share-based compensation | |
| 3,483,072 | | |
| 437,004 | | |
| 4,423,070 | |
| Changes in operating assets and liabilities: | |
| | | |
| | | |
| | |
| Prepaid expenses and other assets | |
| (2,519,756 | ) | |
| (3,706,010 | ) | |
| (189,272 | ) |
| Advances to/from subsidiaries | |
| (16,457,584 | ) | |
| (100,275,599 | ) | |
| (40,177,171 | ) |
| Accrued expenses
and other liabilities | |
| (1,423,462 | ) | |
| 3,411,470 | | |
| 624,363 | |
| Net cash used in operating activities | |
| (20,147,995 | ) | |
| (100,663,615 | ) | |
| (42,621,639 | ) |
| | |
| | | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | | |
| | |
| Note receivable
due from subsidiary | |
| – | | |
| (12,100,000 | ) | |
| (30,000,000 | ) |
| Net cash used in investing activities | |
| – | | |
| (12,100,000 | ) | |
| (30,000,000 | ) |
| | |
| | | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | | |
| | |
| Receipt of preferred stock sale proceeds | |
| 40,297,282 | | |
| 20,000,000 | | |
| – | |
| Spin-off of subsidiary to shareholders | |
| – | | |
| (7,014,594 | ) | |
| – | |
| Proceeds from exercise of options | |
| 48,991 | | |
| – | | |
| – | |
| Receipt of preferred stock subscription
receivable | |
| – | | |
| – | | |
| 73,723,814 | |
| Receipt of preferred stock warrant
exercise proceeds | |
| – | | |
| – | | |
| 10,000,000 | |
| Payment of
preferred shares repurchase payable | |
| – | | |
| – | | |
| (55,000,005 | ) |
| Net cash provided by financing activities | |
| 40,346,273 | | |
| 12,985,406 | | |
| 28,723,809 | |
| | |
| | | |
| | | |
| | |
| Net increase (decrease) in cash and cash equivalents | |
| 20,198,278 | | |
| (99,778,209 | ) | |
| (43,897,830 | ) |
| Cash and cash equivalents at beginning
of year | |
| 5,777,326 | | |
| 105,555,535 | | |
| 149,453,365 | |
| Cash and cash equivalents at end
of year | |
$ | 25,975,604 | | |
$ | 5,777,326 | | |
$ | 105,555,535 | |
| | |
| | | |
| | | |
| | |
| Supplemental cash flow information: | |
| | | |
| | | |
| | |
| Cash paid for interest and taxes | |
$ | – | | |
$ | – | | |
$ | – | |
| | |
| | | |
| | | |
| | |
| Non cash investing and financing activities: | |
| | | |
| | | |
| | |
| Note receivable from Webull Pay,
Inc. | |
$ | – | | |
$ | 2,852,106 | | |
$ | – | |
| Preferred shares redemption value accretion | |
$ | 495,088,038 | | |
$ | 340,080,000 | | |
$ | 51,409,749 | |
|