v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,158,233 $ 7,966,797
Accounts receivable, net 17,759,110 12,939,589
Held to maturity debt investments 0 522,599
Contract assets, net 17,878,271 46,107,784
Receivable from SPIC, net 1,037,334 1,007,229
Customer loans receivable, current, net 779,497 874,617
Inventories, net 1,617,269 2,061,558
Deferred project costs 3,337,490 2,168,725
Other receivables and current assets, net 3,745,223 1,700,215
Total current assets 48,312,427 75,349,113
Property and equipment, net 114,349 138,890
Operating lease right-of-use assets 11,504,826 1,638,649
Investments in unconsolidated companies 10,750,264 10,714,811
Customer loans receivable, noncurrent, net 1,769,537 2,256,366
Restricted cash, noncurrent 280,998 280,016
Contract assets, noncurrent, net 36,850,757 0
Other assets 923,515 909,209
Total assets 110,506,673 91,287,054
Current liabilities:    
Accounts payable 8,652,834 59,565,812
Operating lease liabilities, current 1,022,681 1,712,329
Secured loans from related parties, current 6,500,000 5,500,000
Secured convertible notes, current 14,150,000 14,650,000
Accrued expenses and other payables 19,180,482 14,282,578
Total current liabilities 49,505,997 95,710,719
Operating lease liabilities, noncurrent 10,629,549 0
Secured loans from related parties, noncurrent, net of debt discount and issuance costs 2,000,000 5,000,000
Secured convertible notes, noncurrent, net of debt discount and issuance costs 1,729,217 339,882
Deferred tax liability 202,543 251,807
Large-scale EPC payable, noncurrent 60,434,004 0
Other liabilities 2,103,498 2,194,744
Total liabilities 126,604,808 103,497,152
Stockholders' deficit:    
Preferred stock, par value $0.001 per share; 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, par value $0.001 per share; 24,768,750 shares authorized, 4,847,292 and 4,680,672 shares issued as of June 30, 2026 and December 31, 2025, respectively, and 4,742,167 and 4,575,548 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 4,847 4,681
Additional paid-in capital 102,189,887 101,094,053
Treasury stock, at cost, 105,125 shares at June 30, 2026 and December 31, 2025 (1,979,294) (1,979,294)
Accumulated deficit (114,874,056) (109,911,673)
Accumulated other comprehensive loss (1,439,519) (1,417,865)
Total stockholders' deficit (16,098,135) (12,210,098)
Total liabilities and stockholders' deficit $ 110,506,673 $ 91,287,054