Employee Benefit Plan

6 Months Ended

Jun. 30, 2024

Employee Benefit Plan [Abstract]

Employee Benefit Plan

24. Employee Benefit Plan

Full time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. The Company accrues for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The total employee benefits expensed as incurred were $546,736 (RMB3,835,259) and $773,247 (RMB5,633,824) for the three months ended June 30, 2023 and 2024, respectively. The total employee benefits expensed as incurred were $1,164,529 (RMB8,062,382) and $2,572,050 (RMB18,537,537) for the six months ended June 30, 2023 and 2024, respectively.