v3.26.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 22,491,311 $ 23,931,802
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,802,958 1,264,405
Non-cash lease expense 2,861,022 2,185,744
Provision for (reversal of) credit losses (44,753) 283,752
Equity in losses of equity method investees 568,652 0
Stock-based compensation 7,854 0
Fair value change of long-term investments (34,905) 384,523
Gain on redemption of life insurance policies 0 (8,746,138)
Loss (gain) on disposal of property and equipment 9,397 (10,804)
Change in fair value of cryptocurrencies 0 (111,632)
Deferred income taxes (4,545,948) 7,452,983
Changes in operating assets and liabilities:    
Inventories (279,190) (717,972)
Finance lease receivables - related parties 247,191 (6,482,967)
Customer loans receivable 5,357,608 8,081,703
Other receivables - related parties (1,602,304) 0
Prepaid expenses and other current assets 4,173,911 (1,349,225)
Long-term prepayments 59,145 211,988
Other assets (185,014) 85,907
Accounts payable 6,593,276 1,165,217
Accounts payable - related parties 307,962 2,455,865
Notes payables - related parties 0 (5,031,570)
Income tax payable 11,194,897 (6,030,526)
Operating lease liabilities (2,876,789) (2,275,398)
Accrued liabilities and other current liabilities 2,008,843 (2,508,035)
Other liabilities (17,601) (88,593)
Net cash provided by operating activities 31,741,248 (6,411,168)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (209,391) (560,431)
Prepayments for property and equipment (804,423) (705,351)
Payments made on behalf of related parties 0 (1,836,541)
Purchase of long-term investments 0 (652,555)
Purchase of cryptocurrencies 0 (424,250)
Long-term loans to others 0 (13,134)
Repayments from related parties 0 70,000
Repayments from others 31,111 56,307
Proceeds from redemption of life insurance policies 0 17,735,717
Deconsolidation of VIE, net of cash disposed of 1,019,909 0
Proceeds from disposal of property and equipment 0 1,728,236
Net cash used in investing activities 37,206 15,397,998
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from related parties 0 15,000
Proceeds from exercise of stock acquisition rights in subsidiary by non-controlling interests 31,866 0
Repayments of bank and other borrowings (3,740,739) (74,256)
Repayments of finance lease liabilities (71,942) (278,097)
Repayments to related parties (22,657) (27,943)
Repurchase of common stock 0 (2,415,262)
Deemed contribution in connection with price modification on disposal of property and equipment 0 9,682,277
Net cash used in financing activities (3,803,472) 6,901,719
Effect of exchange rate changes (7,437,607) 11,808,241
NET CHANGE IN CASH AND CASH EQUIVALENTS 20,537,375 27,696,790
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD 163,773,838 125,044,092
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD 184,311,213 152,740,882
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest expense 243,435 55,858
Cash paid for income taxes, net 8,660,822 19,637,454
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment transferred from long-term prepayments 703,529 246,188
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 67,106 104,437
Finance lease right-of-use assets obtained in exchange for finance lease liabilities 0 612,466
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications 4,844,803 1,160,680
Payables to related parties in connection with loan services provided 0 8,175,342
Issuance of common stock as incentive shares 0 86
Nonrelated Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable (184,336) (789,577)
Advances from customers (395,704) (369,616)
Related Party [Member]    
Changes in operating assets and liabilities:    
Accounts receivable (14,570,601) (17,039,113)
Advances from customers $ (1,205,634) $ (2,363,891)