| Schedule I - Parent Only Financial Information - Condensed Balance Sheets |
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| | | |
| | |
| |
As of December 31, |
| | |
2025 | |
2024 (Restated) |
| Prepayments and deposits | |
$ |
|
— |
| |
$ |
— |
|
| Total Current Assets | |
|
— |
| |
|
— |
|
| Non-Current Assets | |
| | | |
| | |
| Interests in subsidiaries | |
| 48,950,428 | | |
| 82,861,465 | |
| Amounts due from group companies | |
| 64,632,281 | | |
| 61,943,090 | |
| Deferred tax assets, net | |
| — | | |
| — | |
| Total non-current assets | |
| 113,582,709 | | |
| 144,804,555 | |
| Total Assets | |
| 113,582,709 | | |
| 144,804,555 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current Liabilities | |
| | | |
| | |
| Other payables and accrued expenses | |
$ | 642,677 | | |
$ | 387,168 | |
| Amounts due to related parties | |
| 1,462,110 | | |
| 1,462,110 | |
| Amounts due to group companies | |
| — | | |
| 142,702 | |
| Total Current Liabilities | |
| 2,104,787 | | |
| 1,991,980 | |
| | |
| | | |
| | |
| Total Liabilities | |
| 2,104,787 | | |
| 1,991,980 | |
| | |
| | | |
| | |
| Stockholders’ Equity | |
| | | |
| | |
| PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding | |
| — | | |
| — | |
| COMMON STOCK; $0.0005 par value; 80,000,000 shares authorized; 1,568,114 and 1,120,145 shares issued; and 1,539,531 and 1,091,562 shares outstanding as of December 31, 2025 and December 31, 2024 | |
| 784 | | |
| 560 | |
| Treasury stock; 28,583 shares as of December 31, 2025 and December 31, 2024 at cost | |
| (1,372,673 | ) | |
| (1,372,673 | ) |
| Additional paid-in capital | |
| 105,927,142 | | |
| 101,712,325 | |
| Share to be issued | |
| — | | |
| 194,700 | |
| Retained earnings unappropriated | |
| (7,526,347 | ) | |
| 36,393,884 | |
| Retained earnings appropriated | |
| 26,667,097 | | |
| 26,667,097 | |
| Currency translation adjustment | |
| (12,218,081 | ) | |
| (20,783,318 | ) |
| Total Stockholders’ Equity | |
| 111,477,922 | | |
| 142,812,575 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 113,582,709 | | |
$ | 144,804,555 | |
|
| Schedule I - Parent Only Financial Information - Condensed Statements of Comprehensive Loss |
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Years Ended December 31, |
| | |
2025 | |
2024 (Restated) |
| OPERATING EXPENSES | |
| | | |
| | |
| General and administrative expenses | |
$ | (1,443,957 | ) | |
$ | (742,480 | ) |
| TOTAL OPERATING EXPENSES | |
| (1,443,957 | ) | |
| (742,480 | ) |
| OTHER EXPENSES | |
| | | |
| | |
| Interest expense | |
| — | | |
| — | |
| TOTAL OTHER EXPENSES | |
| — | | |
| — | |
| TOTAL EXPENSES | |
| (1,443,957 | ) | |
| (742,480 | ) |
| Equity in net loss of subsidiaries | |
| (42,476,274 | ) | |
| (59,157,892 | ) |
| LOSS BEFORE INCOME TAXES | |
| (43,920,231 | ) | |
| (59,900,372 | ) |
| INCOME TAXES | |
| — | | |
| — | |
| NET LOSS | |
$ | (43,920,231 | ) | |
$ | (59,900,372 | ) |
|
| Schedule I - Parent Only Financial Information - Condensed Statements of Cash Flows |
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| | | |
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Years Ended December 31, |
| | |
2025 | |
2024 (Restated) |
| CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
| Net Loss | |
$ | (43,920,231 | ) | |
$ | (59,900,372 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |
| | | |
| | |
| Equity loss in unconsolidated subsidiaries | |
| 42,476,274 | | |
| 59,157,892 | |
| Stock-based compensation expense-options | |
| — | | |
| — | |
| Shares issued from treasury stock for services | |
| — | | |
| — | |
| Changes in assets and liabilities: | |
| — | | |
| — | |
| Other payables and accrued expenses | |
| 255,509 | | |
| 396,825 | |
| Net cash used in operating activities | |
| (1,188,448 | ) | |
| (345,655 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
| Advances from group companies | |
| 1,188,448 | | |
| 345,655 | |
| Net cash provided by financing activities | |
| 1,188,448 | | |
| 345,655 | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | |
| — | | |
| — | |
| CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | |
| — | | |
| — | |
| CASH AND CASH EQUIVALENTS - END OF YEAR | |
$ | — | | |
$ | — | |
|