v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Loss before income tax $ (49,595,727) $ (85,283,966) $ (1,806,871)
Adjustments to reconcile profit (loss)      
Depreciation expenses 1,200,954 1,139,488 1,025,783
Amortization expenses 2,094,023 2,101,080 1,809,774
Expected credit losses (gain) 56,751 192,134 (44,725)
Interest expense 927,622 8,167,872 298,958
Interest income (18,557) (21,773) (19,340)
Gain on disposal of property, plant and equipment, net (569) (38) (3,732)
Losses (gain) on lease modification 41,120 (3,273)
Impairment loss on Intangible assets 39,211,519 29,026,050 298,424
Losses (gain) on valuation of financial liabilities at fair value through profit or loss (606,825) 676,564 (5,480,914)
Share-based payment transactions 483,592 250,952 118,800
Professional fees settled by issuance of shares 181,935
Listing expense 38,100,249
Changes in operating assets and liabilities      
Current contract assets (275,585) (767,537) (60,002)
Accounts and notes receivable 1,074,158 624,242 (3,121,238)
Other receivables (1,651,996) 804,116 (188,073)
Inventories 7,297 27,796 14,714
Prepayments 140,494 (64,877) 91,899
Other current assets 198,723 (182,526) 13,512
Other non-current assets (57,102) (229,300) 214,448
Current contract liabilities 803,602 (455,207) (54,194)
Accounts and notes payable 1,151,205 88,727 1,974,808
Other payables (1,074,799) (2,755,037) 3,795,566
Other current liabilities 1,617,175 (615,585) 236,682
Provisions (81,984) (40,834) (213,270)
Other non-current liabilities (40,099) (539,782) 114,463
Cash used in operations (4,213,073) (9,760,465) (984,528)
Interest received 18,557 21,773 19,340
Interest paid (642,250) (440,909) (330,829)
Income tax paid (59,294) (32,469) (128,465)
Net cash used in operating activities (4,896,060) (10,212,070) (1,424,482)
Cash flows from investing activities      
Acquisition of financial assets at amortized cost (21,580,738) (367,151) (44,901)
Proceeds from repayments of financial assets at amortized cost 21,084,519 85,673 1,604
Payment of contingent consideration (400,000)
Acquisition of property, plant and equipment (133,202) (89,121) (87,179)
Proceeds from disposal of property, plant and equipment 2,466 14,066 4,863
Acquisition of intangible assets (270,314) (275,609) (171,541)
Proceeds from disposal of intangible assets 7,888
Net cash flow from acquisition of subsidiaries 1,552,346 942,007
Net cash flow from recapitalization 2,653
Net cash generated from (used in) investing activities (897,269) 922,857 252,741
Cash flows from financing activities      
Increase in short-term borrowings 5,089,966 1,861,076 1,397,615
Repayments of short-term borrowings (2,681,861) (4,323,616) (320,718)
Increase in long-term borrowings 4,012,261 7,857,361 3,083,996
Repayments of long-term borrowings (5,760,673) (5,055,675) (2,827,853)
Payments on bonds payable (313,189) (149,547)
Payment on lease liabilities (936,623) (1,001,160) (782,117)
Proceeds from issuance of financial liabilities at fair value through profit or loss 1,875,000 6,475,471
Payment on financial liabilities at fair value through profit or loss (1,535,473)
Proceeds from issuance of November PIPE Convertible Notes 4,355,000
Proceeds from issuance of ordinary shares-ELOC 2,609,282
Proceeds from issuance of ordinary shares-Private Placement 1,500,000 301,203
Share-based payments 22,911 99,999
Proceeds from guarantee deposits (242,469) 119,140 27,171
Acquisition of ownership interest in subsidiaries (298,318)
Changes in non-controlling interests 25,094 (459)
Net cash generated from financing activities 3,929,410 10,022,413 530,972
Effect of foreign exchange rate changes 147,574 (116,742) (63,249)
Net increase (decrease) in cash and cash equivalents (1,716,345) 616,458 (704,018)
Cash and cash equivalents at beginning of year 3,646,756 3,030,298 3,734,316
Cash and cash equivalents at end of year $ 1,930,411 $ 3,646,756 $ 3,030,298