| Schedule I - Parent Only Financial Information - Condensed Balance Sheets |
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| Parent Company | |
As of December 31, |
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2024
(Restated) | |
2023
(Restated) |
| Current Assets | |
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| Prepayments and deposits | |
$ | — | | |
$ | — | |
| Total Current Assets | |
| — | | |
| — | |
| Non-Current Assets | |
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| Interests in subsidiaries | |
| 82,861,465 | | |
| 144,749,406 | |
| Amounts due from group companies | |
| 61,943,090 | | |
| 62,288,744 | |
| Deferred tax assets, net | |
| — | | |
| — | |
| Total non-current assets | |
| 144,804,555 | | |
| 207,038,150 | |
| Total Assets | |
$ | 144,804,555 | | |
$ | 207,038,150 | |
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| Liabilities and Stockholders’ Equity | |
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| Current Liabilities | |
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| Other payables and accrued expenses | |
$ | 387,168 | | |
$ | 185,042 | |
| Amounts due to related parties | |
| 1,462,110 | | |
| 1,462,110 | |
| Amounts due to group companies | |
| 142,702 | | |
| 142,702 | |
| Total Current Liabilities | |
| 1,991,980 | | |
| 1,789,854 | |
| Total Liabilities | |
$ | 1,991,980 | | |
$ | 1,789,854 | |
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| Stockholders’ Equity | |
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| PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding | |
$ | — | | |
$ | — | |
| COMMON STOCK; $0.0005
par value; 80,000,000
shares authorized; 1,120,145
shares issued; and 1,091,562
shares outstanding as of December 31, 2024 and December 31, 2023(1) | |
| 560 | | |
| 560 | |
| Treasury stock; 28,583 shares as of December 31, 2024, and December 31, 2023, at cost | |
| (1,372,673 | ) | |
| (1,372,673 | ) |
| Additional paid-in capital | |
| 101,712,325 | | |
| 101,712,325 | |
| Share to be issued | |
| 194,700 | | |
| — | |
| Retained earnings unappropriated | |
| 36,393,884 | | |
| 96,294,256 | |
| Retained earnings appropriated | |
| 26,667,097 | | |
| 26,667,097 | |
| Accumulated other comprehensive loss | |
| (20,783,318 | ) | |
| (18,053,269 | ) |
| Total Stockholders’ Equity | |
| 142,812,575 | | |
| 205,248,296 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 144,804,555 | | |
$ | 207,038,150 | |
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| Schedule I - Parent Only Financial Information - Condensed Statements of Comprehensive Loss |
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Years Ended December 31, |
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2024
(Restated) | |
2023 |
| OPERATING EXPENSES | |
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| General and administrative expenses | |
$ | (742,480 | ) | |
$ | (780,379 | ) |
| TOTAL OPERATING EXPENSES | |
| (742,480 | ) | |
| (780,379 | ) |
| OTHER EXPENSES | |
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| Interest expense | |
| — | | |
| — | |
| TOTAL OTHER EXPENSES | |
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| TOTAL EXPENSES | |
| (742,480 | ) | |
| (780,379 | ) |
| Equity in net loss of subsidiaries | |
| (59,157,892 | ) | |
| (61,014,900 | ) |
| LOSS BEFORE INCOME TAXES | |
| (59,900,372 | ) | |
| (61,795,279 | ) |
| INCOME TAXES | |
| — | | |
| — | |
| NET LOSS | |
$ | (59,900,372 | ) | |
$ | (61,795,279 | ) |
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| Schedule I - Parent Only Financial Information - Condensed Statements of Cash Flows |
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Years Ended December 31, |
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2024
(Restated) | |
2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |
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| Net Loss | |
$ | (59,900,372 | ) | |
$ | (61,795,279 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
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| Equity loss in unconsolidated subsidiaries | |
| 59,157,892 | | |
| 61,014,900 | |
| Stock-based compensation expense-options | |
| — | | |
| 451,350 | |
| Shares issued from treasury stock for services | |
| — | | |
| — | |
| Changes in assets and liabilities: | |
| — | | |
| — | |
| Other payables and accrued expenses | |
| 396,825 | | |
| (23,152 | ) |
| Net cash used in operating activities | |
| (345,655 | ) | |
| (352,181 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |
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| Advances from group companies | |
| 345,655 | | |
| 352,181 | |
| Net cash provided by financing activities | |
| 345,655 | | |
| 352,181 | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | |
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| CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | |
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| CASH AND CASH EQUIVALENTS - END OF YEAR | |
$ | — | | |
$ | — | |
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