v3.26.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 20,005,381 $ 8,644,357
Accounts receivable 2,305,021 1,738,052
Inventories 742,540 830,597
Prepaid expenses and other current assets 4,095,842 972,787
TOTAL CURRENT ASSETS 27,148,784 12,185,793
NON-CURRENT ASSETS:    
Operating lease right-of-use assets 7,475,454 8,297,961
Property and equipment, net 6,853,669 7,063,992
Intangible assets, net 208,125 226,250
Long-term security deposits 774,639 776,419
Long-term debt investments 54,877,527 53,138,801
Long-term prepaid expenses 271,100 296,575
TOTAL NON-CURRENT ASSETS 70,460,514 69,799,998
TOTAL ASSETS 97,609,298 81,985,791
CURRENT LIABILITIES:    
Short-term bank loans 368,051 428,844
Current portion of long-term bank loans 3,032,739 371,665
Accounts payable 3,549,437 3,779,261
Taxes payable 217,571 249,300
Deferred revenue 8,796,657 7,670,555
Operating lease liabilities, current 1,774,537 1,777,697
Other current liabilities 908,832 823,821
TOTAL CURRENT LIABILITIES 19,885,198 15,107,896
NON-CURRENT LIABILITIES    
Operating lease liabilities, non-current 5,331,845 6,021,153
Long-term bank loans 1,943,308 4,645,810
TOTAL NON-CURRENT LIABILITIES 7,275,153 10,666,963
TOTAL LIABILITIES 27,160,351 25,774,859
COMMITMENTS AND CONTINGENCIES (Note 14)
SHAREHOLDERS’ EQUITY    
Ordinary shares, value [1]
Additional paid-in capital 67,497,424 54,658,128
Statutory reserve 740,816 740,816
Retained earnings 1,348,913 499,986
Accumulated other comprehensive income 838,571 308,105
TOTAL SHAREHOLDERS’ EQUITY 70,448,947 56,210,932
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 97,609,298 81,985,791
Class A Ordinary Shares    
SHAREHOLDERS’ EQUITY    
Ordinary shares, value 23,216 3,890
Class B Ordinary Share    
SHAREHOLDERS’ EQUITY    
Ordinary shares, value 7 7
Related Party    
CURRENT LIABILITIES:    
Due to a related party $ 1,237,374 $ 6,753
[1] Retrospectively restated to reflect the effects of the reverse share split on August 18, 2025 and May 7, 2026, and the Share Capital Reduction and Reorganization on March 13, 2026 (see Note 13).