v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 127,909,840 $ 74,523,782
Accounts receivable, net 150,000  
Amounts due from related parties $ 3,025 $ 17,349
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Prepayments and other current assets $ 4,345,758 $ 2,834,034
Total current assets 132,408,623 77,375,165
Property, equipment and software, net 716,616 717,374
Operating lease right-of-use assets 390,535 145,535
Other non-current assets 59,794 25,223
TOTAL ASSETS 133,575,568 78,263,297
Current liabilities:    
Accounts payable 15,538,937 2,884,507
Contract liabilities $ 2,182,770 3,462,683
Amounts due to related parties   $ 10,347,200
Other Liability, Current, Related Party, Type [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
Accruals and other current liabilities $ 2,580,704 $ 2,790,794
Income tax payable   410,198
Warrant liabilities 1,178,702 205,146
Short-term borrowings 4,404,704 4,268,154
Current portion of long-term borrowings 293,647 711,359
Current portion of operating lease liabilities 181,733 92,055
Total current liabilities 26,361,197 25,172,096
Long-term borrowings 1,027,764 1,138,174
Operating lease liabilities 183,189 53,480
TOTAL LIABILITIES 27,572,150 26,363,750
Commitments and contingencies
Mezzanine equity:    
Series A non-voting contingently redeemable convertible preferred shares (par value of US$0.0001 per share; and 1,062,500 shares authorized, issued and outstanding as of December 31, 2025 and June 30, 2026, respectively) 16,550,000 16,550,000
Shareholders' equity:    
Ordinary shares (par value of US$0.0001 per share; 640,000,000 shares authorized, and 59,231,993 shares issued and outstanding as of December 31, 2025; and 640,000,000 shares authorized, and 83,929,180 shares issued and outstanding as of June 30, 2026) 8,393 5,923
Additional paid-in capital 436,768,742 366,043,455
Accumulated other comprehensive loss (2,159,885) (1,914,831)
Accumulated deficit (345,163,832) (328,785,000)
Total shareholders' equity 89,453,418 35,349,547
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY $ 133,575,568 $ 78,263,297