v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 74,523,782 $ 85,194,502
Amounts due from related parties $ 17,349 $ 8,309
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Prepayments and other current assets $ 2,834,034 $ 2,575,194
Total current assets 77,375,165 87,778,005
Property, equipment and software, net 717,374 1,125,389
Operating lease right-of-use assets 145,535 283,645
Other non-current assets 25,223 81,386
TOTAL ASSETS 78,263,297 89,268,425
Current liabilities:    
Accounts payable 2,884,507 4,241,773
Contract liabilities 3,462,683  
Amounts due to related parties $ 10,347,200 $ 13,187,966
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Accruals and other current liabilities $ 2,790,794 $ 2,816,038
Income tax payable 410,198 5,265
Warrant liabilities 205,146  
Short-term borrowings 4,268,154 4,868,956
Current portion of long-term borrowings 711,359 12,923,599
Current portion of operating lease liabilities 92,055 141,341
Total current liabilities 25,172,096 38,184,938
Long-term borrowings 1,138,174 417,339
Operating lease liabilities 53,480 142,304
TOTAL LIABILITIES 26,363,750 38,744,581
Commitments and contingencies
Mezzanine equity:    
Series A non-voting contingently redeemable convertible preferred shares (par value of US$0.0001 per share; nil authorized, issued and outstanding as of December 31, 2024; and 1,062,500 shares authorized, issued and outstanding as of December 31, 2025) 16,550,000  
Shareholders' equity:    
Ordinary shares (par value of US$0.0001 per share; 640,000,000 shares authorized, and 58,886,944 shares issued and outstanding as of December 31, 2024; and 640,000,000 shares authorized, and 59,231,993 shares issued and outstanding as of December 31, 2025) 5,923 5,889
Additional paid-in capital 366,043,455 362,220,445
Accumulated other comprehensive loss (1,914,831) (526,903)
Accumulated deficit (328,785,000) (311,175,587)
Total shareholders' equity 35,349,547 50,523,844
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY $ 78,263,297 $ 89,268,425