Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Parent Company [Abstract]

Schedule of Condensed Balance Sheets

Condensed balance sheets

	December 31,			December 31,
	2023			2022
Assets
Current assets:
Cash and cash equivalents	$	172,588,698		$	212,388,959
Other current assets, net		2,939,668			257,500
Due from subsidiaries		158,603,618			114,912,019
Total current assets		334,131,984			327,558,478
Total assets	$	334,131,984		$	327,558,478
Liabilities and Shareholders’ Equity
Current liabilities:
Deficit of investments in subsidiaries	$	53,878,530		$	8,626,897
Due to subsidiaries		409,607			-
Total current liabilities		54,288,137			8,626,897
Total liabilities		54,288,137			8,626,897
Shareholders’ equity:
Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 and 4,725,019 shares issued, 4,726,424 and 4,700,852 shares outstanding as of December 31, 2023 and 2022, respectively(1)(2)		18,178			18,080
Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of December 31, 2023 and 2022, respectively(1)		5,978			5,978
Additional paid-in capital		397,467,795			397,620,927
Accumulated deficit		(103,761,016	)		(66,988,873	)
Accumulated other comprehensive loss		(13,887,088	)		(11,724,531	)
Total shareholders’ equity		279,843,847			318,931,581
Total liabilities and shareholders’ equity	$	334,131,984		$	327,558,478

(1)	Retrospectively adjusted for the effect of the Reverse Stock Split effected on November 20, 2022. See Note 12.
(2)	As of December 31, 2023 and 2022, 263,322 and 24,167 (725,000 before the Reverse Stock Split) shares reserved for future issuance upon the vesting of RSAs granted under the 2020 Plan were considered issued but not outstanding, respectively. See Note 12.

Schedule of Condensed Statements of Operations And Comprehensive Income (Loss)

Condensed statements of operations and comprehensive income (loss)

	For the year ended December 31, 2023			For the year ended December 31, 2022			For the year ended December 31, 2021
Operating expenses:
General and administrative expenses	$	1,482,786		$	33,796,950		$	6,233,339
Total operating expenses		1,482,786			33,796,950			6,233,339
Loss from operations		(1,482,786	)		(33,796,950	)		(6,233,339	)
Interest income		9,945,862			2,409,547			541,598
Other expenses		(2,847	)		(52,793	)		(8,505	)
Exchange gain (loss)		36,752			(67,696	)		1,478,258
Other income		-			-			18,114
Loss on forgiveness of receivable from a subsidiary		1,600,517			-			-
Share of income (loss) from subsidiaries		(46,869,641	)		(12,380,350	)		8,634,815
Net income (loss)	$	(36,772,143	)	$	(43,888,242	)	$	4,430,941
Comprehensive income (loss)
Net income (loss)	$	(36,772,143	)	$	(43,888,242	)	$	4,430,941
Other comprehensive income (loss):
Foreign currency translation adjustment		(2,162,557	)		(4,827,526	)		751,327
Comprehensive income (loss)	$	(38,934,700	)	$	(48,715,768	)	$	5,182,268

Schedule of Condensed Statements of Cash Flows

Condensed statements of cash flows

	For the year ended December 31, 2023			For the year ended December 31, 2022			For the year ended December 31, 2021
Cash Flows from Operating Activities:
Net income (loss)	$	(36,772,143	)	$	(43,888,242	)	$	4,430,941
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share of (income) loss from subsidiaries		46,869,641			12,380,350			(8,634,815	)
Amortization expense		-			6,987,975			1,987,974
Share-based compensation		(153,034	)		3,903,970			707,000
Loss on forgiveness of receivable from a subsidiary		1,600,517			-			-
Impairment of intangible assets		-			20,738,130			-
Changes in assets and liabilities:
Due from subsidiaries		(45,292,116	)		127,102,949			(195,566,806	)
Other current assets, net		(2,682,168	)		400,545			210,904
Accrued liabilities and other payables		-			(53,603	)		(7,973,877	)
Due to subsidiaries		409,607			-			-
Net Cash Provided by (Used in) Operating Activities		(36,019,696	)		127,572,074			(204,838,679	)
Cash Flows from Investing Activities
Collections from short-term investments		-			15,000,000			25,835,000
Purchases of intangible assets		-			(10,000,000	)		-
Net Cash Provided by Investing Activities		-			5,000,000			25,835,000
Cash Flows from Financing Activities
Proceeds from issuances of ordinary shares		-			-			254,727,705
Net Cash Provided by Financing Activities		-			-			254,727,705
Effect of Foreign Exchange on Cash and Cash Equivalents		(3,780,565	)		(1,760,012	)		(2,465,348	)
Net Increase (Decrease) in Cash and Cash Equivalents		(39,800,261	)		130,812,062			73,258,678
Cash and Cash Equivalents at Beginning of Year		212,388,959			81,576,897			8,318,219
Cash and Cash Equivalents at End of Year	$	172,588,698		$	212,388,959		$	81,576,897
Non-Cash Investing and Financing Activities:
Issuance of vested restricted share awards	$	98			232			-