v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net (loss) income $ (1,007,550) $ (2,088,707)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 39,062 33,502
Non-cash operating lease expense 424,608 512,277
Amortization of finance lease right-of-use assets 10,380 10,149
Provision of allowance for expected credit loss (25,995) 50,009
Fair value loss on Crypto assets 135,125
Loss/(gain) on disposal of fixed asset 24,346
Amortization of share-based compensation related to options granted (29,395) 90,480
Amortization of share-based compensation related to RSU granted 195,940
Deferred income tax recovery (173,142) (544,075)
Changes in operating assets and liabilities:    
Accounts receivable 1,265,771 (816,318)
Inventories 2,069,995 2,872,393
Advance to suppliers (94,328)
Prepaid and other current assets 1,989,131 153,213
Due from a related party (4,113)
Accounts payables (5,395,782) (3,842,996)
Other payable, accrued expense and other current liabilities (57,383) 814,071
Tax payable 4,280 4,280
Warranty liabilities (8,376) (116,755)
Return liabilities (728) (161,983)
Contract liabilities (90,030) 108,184
Lease liabilities – operating lease (551,055) (514,697)
Net cash used in operating activities (1,376,738) (3,339,474)
Cash flows from investing activities:    
Proceed from sales of property and equipment 10,000
Acquisition of property and equipment (262,457)
Purchase of short-term investment (3,000,000)
Net cash (used in) provided by investing activities (252,457) (3,000,000)
Cash flows from financing activities:    
Repayment of other loans
Repayment of finance lease liabilities (11,582) (10,686)
Deferred offering costs
Repayment of a loan from a related party (3,016,300)
Proceeds from subscription deposits
Net cash (used in) provided by financing activities (11,582) (3,026,986)
Net decrease in cash and cash equivalents (1,640,777) (9,366,460)
Cash and cash equivalents, beginning of the period 5,787,993 10,210,084
Cash and cash equivalents, end of the period 4,147,216 843,624
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest 895
Cash paid for income taxes