v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (14,165,198) $ (20,866,169) $ (38,033,588)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expenses 2,554,235 2,601,044 3,519,859
Net provision for (reversal of) credit losses 296,987 (1,052,143) 975,114
Reversal of share-based compensation expenses (363,949) (1,013,080) (153,034)
Loss on disposal of property, plant and equipment 103,941 3,694 478,849
Loss on disposal of intangible assets 200,000
Inventory write-down 49,476 272,316 340,186
Loss (gain) on short-term investment 508,155 (382,896) (356,996)
Impairment of goodwill 1,327,457 2,299,628
Deferred income taxes (320,983) (42,545) (1,031,461)
Impairment of property, plant and equipment 57,117
Impairment of intangible assets 1,096,816 3,708,247
Impairment of VAT recoverable 2,391,242 16,688,647
Loss from cybersecurity event 2,251,551
Noncash lease expenses 1,048,615 1,446,952 1,835,542
(Gain) loss from modification of lease contract (17,424) 15,334
(Gain) loss on foreign currency transactions (3,078,562) 2,169,880 (456,647)
Loss (gain) on disposal of cryptocurrencies   374,964 (744,803)
Gain on disposal of subsidiaries (7,524)
Changes in assets and liabilities:      
Accounts receivable, net 260,007 49,129 2,612,509
Inventories, net (2,753,317) (191,030) (122,326)
Advances to suppliers (395,405) 20,400 229,246
VAT recoverable 125,155 (33,836) (133,790)
Prepayments and other current assets, net 4,042,281 1,722,176 956,970
Other assets 221,214 474,554 (323,279)
Accounts payable 144,400 (112,408) (1,130,842)
Other non-current liability (34,786) 382,678
Advances from customers (41,497) (11,976) (916,451)
Accrued liabilities and other payables (2,043,999) (3,440,917) (4,272,841)
NET CASH USED IN OPERATING ACTIVITIES (9,045,139) (17,613,879) (11,530,117)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (4,497,134) (223,106) (985,794)
Proceeds from disposal of property, plant and equipment 184,717 15,251
Cash paid for short-term investments (17,110,774) (36,286,215)
Collections from short-term investments 16,056,425 31,635,910 5,694,982
Purchase of cryptocurrencies (9,162,886)
Proceeds from disposal of cryptocurrencies 7,199,398
Prepayment for property, plant and equipment (4,716,030) (123,000)
Payments for business combination, net of cash acquired (317,395)
Cash from disposal of subsidiaries, net of cash disposed of 7,524
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (5,366,766) (9,891,585) 2,630,224
EFFECT OF FOREIGN EXCHANGE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 427,044 (410,170) (407,061)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (13,984,861) (27,915,634) (9,306,954)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 215,004,528 242,920,162 252,227,116
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 201,019,667 215,004,528 242,920,162
Cash paid for:      
Interest
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Liabilities assumed in connection with purchase of property, plant and equipment 2,131 34,596
Reduction of PPE cost and AP due to contract settlement 3,188,367,000,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,119,621 273,213 1,801,664
Remeasurement of the lease liabilities and right-of-use assets due to lease modification 136,855 1,350,538 320,911
Issuance of vested restricted share awards 98
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets      
Cash and cash equivalents 200,191,726 213,822,331 241,634,262
Restricted cash, current 31,155 580,019 88,614
Restricted cash, non-current 796,786 602,178 1,197,286
Total cash, cash equivalents and restricted cash $ 201,019,667 $ 215,004,528 $ 242,920,162