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      
Net income/(loss) $ 561,630 $ 3,119,095 $ (7,439,280)
Net loss from discontinued operation, net of tax (16,196) (288,542) (18,855,185)
Net income from continuing operation 577,826 3,407,637 11,415,905
Adjustment to reconcile net (loss)/income to net cash used in operating activities      
Depreciation and amortization 11,671 9,577 12,147
Amortization of operating lease right-of-use asset 86,914 9,726 34,398
Allowance/(Reversal) for doubtful accounts 4,992,591 (1,224,026) (15,390,030)
Gain on disposal of subsidiaries (8,489,563) 0 0
Class A Ordinary Shares issued for consulting services 588,300 0 0
Amortization of convertible note issuance costs 1,813,246 0 0
Deferred tax expenses 2,149,251 772,605 3,677,894
Changes in operating assets and liabilities:      
Accounts receivable (26,923,989) (9,269,454) 72,581,225
Inventories 21,391,950 (27,172,200) 0
Advances to suppliers (1,123,346) 1,872,507 4,370,651
Prepayment and other current assets (4,316,641) (384,957) (3,148,581)
Accounts payable 63,674 (7,000,000) (44,431,668)
Accrued expenses and other payables 5,023,471 765,495 294,939
Income tax payable 781,336 1,552,412 394,138
Advances from customers 0 (3,706,627) 3,697,928
Operating lease liabilities (68,914) (8,738) (104,714)
Net cash (used in)/provided by operating activities from continuing operations (3,442,223) (40,376,043) 33,404,232
Net cash (used in)/provided by operating activities from discontinuing operations (635,099) 47,487,469 (35,095,950)
Net cash (used in)/provided by operating activities (4,077,322) 7,111,426 (1,691,718)
Cash flows from investing activities      
Purchase of property, plant and equipment 0 0 (1,050)
Proceeds from disposal of subsidiaries 5,000 0 0
Proceeds from disposal of property, plant and equipment 0 2,433 0
Net cash provided by/(used in) investing activities from continuing operations 5,000 2,433 (1,050)
Net cash provided by/(used in) investing activities from discontinuing operations 0 113,415 (9,658)
Net cash provided by/(used in) investing activities 5,000 115,848 (10,708)
Cash flows from financing activities      
Issuance of ordinary shares for cash, net of issuance costs 4,789,335 0 0
Proceeds from related parties 604,943 962,000 4,384,975
Repayments to related parties (2,213,602) (8,021,693) (3,160,000)
Net cash provided by/(used in) financing activities from continuing operations 3,180,676 (7,059,693) 1,224,975
Net cash provided by/(used in) financing activities from discontinuing operations 0 (182,558) 97,844
Net cash provided by/(used in) financing activities 3,180,676 (7,242,251) 1,322,819
Effect of exchange rate changes on cash, cash equivalents and restricted cash 38,014 (407,532) (2,092,354)
Net change in cash, cash equivalents and restricted cash (853,632) (422,509) (2,471,961)
Cash, cash equivalents and restricted cash, beginning of period 1,178,970 1,601,479 4,073,440
Reconciliation of cash, cash equivalents and restricted cash, end of year      
Cash, cash equivalents 325,338 1,170,931 1,599,906
Restricted cash 0 8,039 1,573
Cash, cash equivalents and restricted cash, end of period 325,338 1,178,970 1,601,479
Supplemental cash flow information      
Interest paid 0 0 0
Income taxes paid 0 709 156,842
Non-cash investing and financing activities      
Additions of ROU Assets 103,466 0 136,598
Receivable from sale of subsidiaries 64,300,000 0 0
Less cash, cash equivalents and restricted cash of discontinued operations–end of period 0 8,506 51,393
Cash, cash equivalents and restricted cash of continuing operations–end of period 325,338 1,170,464 1,550,086
Reconciliation of cash, cash equivalents and restricted cash, beginning of the year      
Cash, cash equivalents 1,170,931 1,599,906 4,073,440
Restricted cash $ 8,039 $ 1,573 $ 0