Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information of the Parent Company [Abstract]

Schedule of Condensed Balance Sheets

Condensed balance sheets

		December 31,				December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	184,986,124			$	201,300,690
Other current assets, net			592,996				2,201,076
Due from subsidiaries			164,048,882				140,062,677
Total current assets			349,628,002				343,564,443

Total assets		$	349,628,002			$	343,564,443

Liabilities and Shareholders’ Equity

Current liabilities:
Accrued liabilities and other payable		$	-			$	22,525
Deficit of investments in subsidiaries			105,396,182				81,964,970
Due to subsidiaries			-				1,984,164
Total current liabilities			105,396,182				83,971,659

Total liabilities			105,396,182				83,971,659

Shareholders’ equity:
Class A ordinary share, HKD0.03 par value, 11,112,474 shares authorized, 4,989,746 shares issued, 4,726,424 shares outstanding as of December 31, 2025 and 2024⁽¹⁾			18,178				18,178
Class B ordinary share, HKD0.03 par value, 1,554,192 shares authorized, issued and outstanding as of December 31, 2025 and 2024⁽¹⁾			5,978				5,978
Additional paid-in capital			396,090,766				396,454,715
Accumulated deficit			(138,105,596	)			(124,012,067	)
Accumulated other comprehensive loss			(13,777,506	)			(12,874,020	)
Total shareholders’ equity			244,231,820				259,592,784
Total liabilities and shareholders’ equity		$	349,628,002			$	343,564,443

⁽¹⁾	As of December 31, 2025 and 2024, 263,322 shares reserved for future issuance upon the vesting of RSAs granted under the 2020 Plan were considered issued but not outstanding. See Note 12.

Schedule of Condensed Statements of Operations And Comprehensive Loss

Condensed statements of operations and comprehensive loss

		For the year ended December 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Operating expenses:
General and administrative expenses		$	782,200			$	255,322			$	1,482,786
Total operating expenses			782,200				255,322				1,482,786

Loss from operations			(782,200	)			(255,322	)			(1,482,786	)

Interest income			8,397,759				10,749,963				9,945,862
Other expenses			(39,621	)			(18,511	)			(2,847	)
Exchange gain (loss)			(436,678	)			(287,340	)			36,752
Loss on forgiveness of receivable from a subsidiary			-				1,164,737				1,600,517
Share of loss from subsidiaries			(21,232,789	)			(31,604,578	)			(46,869,641	)

Net loss		$	(14,093,529	)		$	(20,251,051	)		$	(36,772,143	)

Comprehensive loss
Net loss		$	(14,093,529	)		$	(20,251,051	)		$	(36,772,143	)
Other comprehensive loss:
Foreign currency translation adjustment			(903,486	)			1,013,068				(2,162,557	)
Comprehensive loss		$	(14,997,015	)		$	(19,237,983	)		$	(38,934,700	)

Schedule of Condensed Statements of Cash Flows

Condensed statements of cash flows

		For the year ended December 31, 2025				For the year ended December 31, 2024				For the year ended December 31, 2023
Cash Flows from Operating Activities:
Net loss		$	(14,093,529	)		$	(20,251,051	)		$	(36,772,143	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Share of loss from subsidiaries			21,232,789				31,604,578				46,869,641
Reversal of share-based compensation expenses			(363,949	)			(1,013,080	)			(153,034	)
Loss on forgiveness of receivable from a subsidiary			-				1,164,737				1,600,517
Changes in assets and liabilities:
Due from subsidiaries			(23,986,205	)			17,376,204				(45,292,116	)
Other current assets, net			1,608,080				738,592				(2,682,168	)
Accrued liabilities and other payables			(22,525	)			22,525				-
Due to subsidiaries			(1,984,164	)			1,574,557				409,607
Net Cash (Used in) Provided by Operating Activities			(17,609,503	)			31,217,062				(36,019,696	)

Effect of Foreign Exchange on Cash and Cash Equivalents			1,294,937				(2,505,070	)			(3,780,565	)

Net Increase (Decrease) in Cash and Cash Equivalents			(16,314,566	)			28,711,992				(39,800,261	)

Cash and Cash Equivalents at Beginning of Year			201,300,690				172,588,698				212,388,959

Cash and Cash Equivalents at End of Year		$	184,986,124			$	201,300,690			$	172,588,698

Non-Cash Investing and Financing Activities:
Issuance of vested restricted share awards		$	-			$	-			$	98