INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income before income taxes are as follows:


		For the years ended December 31,
		2023				2024				2025
		US$				US$				US$
Chinese mainland			12,562,152				35,007,671				21,956,167
Non-Chinese mainland			33,431,585				46,755,978				185,486,319
Total income before income taxes			45,993,737				81,763,649				207,442,486

Schedule of current and deferred portions of income taxes allocated to continuing operations

The current and deferred portions of income tax expense allocated to continuing operations, were as follows:


		For the years ended December 31,
		2023				2024				2025
		US$				US$				US$
Current tax (expense)
Chinese mainland			—				—				(77	)
Non-Chinese mainland			(9,779,815	)			(19,580,355	)			(37,631,835	)
Total current tax (expense)			(9,779,815	)			(19,580,355	)			(37,631,912	)
Deferred tax (expense) benefit
Chinese mainland			548,704				(2,782,703	)			606,219
Non-Chinese mainland			(3,755,199	)			1,953,337				1,064,828
Total deferred tax (expense) benefit			(3,206,495	)			(829,366	)			1,671,047
Total income tax (expense) benefit
Chinese mainland			548,704				(2,782,703	)			606,142
Non-Chinese mainland			(13,535,014	)			(17,627,018	)			(36,567,007	)
Total income tax (expense)			(12,986,310	)			(20,409,721	)			(35,960,865	)

Summary of income tax paid (net of refund received) in different jurisdictions

The amounts of income taxes paid (net of refunds received) in different jurisdictions are set forth below:


		For the years ended December 31,
		2023				2024				2025
		US$				US$				US$
Chinese mainland			—				—				77
Non-Chinese mainland			13,324,309				11,288,825				26,068,302
United States - federal			3,610,000				5,200,440				14,400,000
United States - New Jersey			729,000				2,971,000				5,120,000
New Zealand			8,190,515				2,365,230				5,183,060
Other jurisdictions			794,794				752,155				1,365,242
Total income tax paid			13,324,309				11,288,825				26,068,379

Schedule of significant components of the Group's deferred tax assets

The significant components of the Group’s deferred tax assets and liabilities were as follows:


		As of December 31,
		2024				2025
		US$				US$
Deferred tax assets
Net operating loss carryforwards			22,460,370				21,363,776
Share-based compensation			4,104,367				6,140,895
Lease liabilities			2,019,091				2,369,987
Withholding tax credit carryforwards			1,013,796				139,758
Advertising expense carryforwards			807,824				828,788
Accrued expenses			504,250				894,354
Financial instruments held, at fair value			546,762				572,453
Allowance for doubtful accounts			860,624				1,699,590
Long-term investments			228,010				234,009
Total deferred tax assets			32,545,094				34,243,610
Less: valuation allowance			21,923,356				21,316,154
Deferred tax assets, net of valuation allowance			10,621,738				12,927,456

Deferred tax liabilities
Intangible assets			1,788,555				1,535,965
Right-of-use assets			1,945,981				2,229,588
Financial instruments held, at fair value			382,728				451,332
Total deferred tax liabilities			4,117,264				4,216,885

Deferred tax assets, net			8,573,135				10,404,896
Deferred tax liabilities, net			2,068,661				1,694,325

Schedule of movement of the valuation allowance

The movement of the valuation allowance is as follows:


		For the years ended December 31,
		2023				2024				2025
		US$				US$				US$
Balance at the beginning of the year			11,307,489				18,262,801				21,923,356
Additions of valuation allowance			7,372,595				6,576,529				2,883,176
Reversals of valuation allowance			(187,483	)			(2,599,680	)			(4,185,003	)
Foreign currency translation adjustment			(229,800	)			(316,294	)			694,625
Net change in the valuation allowance			6,955,312				3,660,555				(607,202	)
Balance at the end of the year			18,262,801				21,923,356				21,316,154

Schedule of expiration status of net operating loss carryforwards

The expiration status of net operating loss carryforwards as of December 31, 2025 is listed below.


Expiration year		US$
2026			6,083,279
2027			7,206,834
2028			6,015,368
2029			4,573,483
2030 through 2045			65,146,458
Indefinitely			40,715,871

Schedule of Reconciliations between the income tax expense computed by applying the PRC's statutory income tax rate to income before income taxes and the actual income tax expense

Reconciliations between the income tax expense computed by applying the Chinese mainland's 25% statutory income tax rate, the standard enterprise income tax rate in the jurisdiction of tax domicile of a significant portion of our business, to income before income taxes and the reported income tax expense were as follows:


		For the years ended December 31,
		2023				2024
		US$				US$
Income before income taxes			45,993,737				81,763,649
Chinese mainland statutory income tax rate		25%				25%
Income tax at statutory income tax rate			(11,498,434	)			(20,440,912	)
Effect of income tax rate difference in other jurisdictions			23,195				2,527,278
Effect of preferential tax rates			1,306,561				3,226,674
Super deduction of research and development expense			5,509,308				5,544,966
Nondeductible expenses			(1,998,354	)			(10,651,228	)
Non-taxable income			194,107				1,758,388
Changes in valuation allowance			(7,185,112	)			(3,976,849	)
Excess tax benefits from share-based compensation			662,419				1,601,962
Income tax expense			(12,986,310	)			(20,409,721	)


		For the year ended December 31,
		2025
		US$				%
Income tax expense at statutory income tax rate			(51,860,621	)		25%
Foreign tax effects
Singapore
Statutory income tax rate difference between Chinese mainland and Singapore			3,521,285			-1.7%
Others			(54,706	)		0.0%
New Zealand
Statutory income tax rate difference between Chinese mainland and New Zealand			(935,185	)		0.5%
Tax effect of bad debt write-off			3,150,262			-1.5%
Others			531,223			-0.3%
Hong Kong
Statutory income tax rate difference between Chinese mainland and Hong Kong			3,605,777			-1.7%
Others			1,149,846			-0.6%
United States
Statutory income tax rate difference between Chinese mainland and United States			2,740,834			-1.3%
State and local income taxes, net of federal income tax effect			(4,111,251	)		2.0%
Others			303,347			-0.1%
Other foreign jurisdictions			(96,864	)		0.0%
Changes in valuation allowance			(365,581	)		0.2%
Non-deductible expenses			(1,658,817	)		0.8%
Other adjustments
Effect of preferential tax rates			2,502,281			-1.2%
Super deduction of research and development expenses			3,090,613			-1.5%
Excess tax benefits from share-based compensation			2,526,692			-1.2%
Income tax expense			(35,960,865	)		17.3%