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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities:    
Net loss $ (4,680,200) $ (9,298,200)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation for employees 53,000
Share-based compensation for a non-employee 237,700
Gain of digital assets from revenues (47,800) (328,600)
Gain from exchange of digital assets 900
Changes in fair value of digital assets (1,721,900)
Share of equity loss in an equity method investee 75,200
Loss from dissolution of subsidiaries 1,033,100
Depreciation and amortization 111,100
Impairment of intangible assets 888,900
Impairment of digital assets 78,900
Impairment of goodwill 4,688,600
Gain from reversal of accounts and other payables (1,478,800)
Changes in operating assets and liabilities:    
Stable coins 821,000
Prepaid expenses and other current assets 324,400 (116,200)
Taxes receivable 1,095,600 139,600
Accounts payable and accrued expenses 659,900 (1,391,100)
Accrued payroll (102,500) (28,600)
Income taxes payable 124,200 4,800
Net cash used in operating activities (3,001,400) (5,855,600)
Investing activities:    
Purchases of digital assets (3,146,600) (46,300)
Purchases of stable coins (139,900)
Investment in equity investees (1,546,000)
Proceeds paid to acquire a subsidiary under common control (10,000)
Acquisition of net assets of a subsidiary 3,800
Net cash used in investing activities (4,832,500) (52,500)
Financing activities:    
Subscription fee advanced from investors 2,280,100 3,441,000
Proceeds from issuance of common stocks pursuant to private placements 1,420,000 2,350,000
Capital injection from a non-controlling shareholder 88,900
Capital withdrawal by a non-controlling shareholder (88,900)
Net cash provided by financing activities 3,700,100 5,791,000
Net decrease in cash and cash equivalents (4,133,800) (117,100)
Cash, cash equivalents, beginning of year 7,263,600 7,380,700
Cash, cash equivalents, end of year 3,129,800 7,263,600
Supplemental Cash Flow Information    
Payment of interest expenses 120,000
Payment of income tax expenses
Non-cash Investing and Financing activities    
Subscription fee advanced from investors in the form of USDC 475,000 1,743,000
Proceeds from private placements in the form of USDC 2,050,000
Issuance of common stocks to settle subscription fee advanced from investors $ 6,604,000