Mezzanine Equity (Tables)

The activities of the Preference Shares for the years ended December 31, 2023 and 2024 are as follows:


	Series Angel preference shares			Series Angel redeemable preference shares			Series A redeemable preference shares			Series A+ redeemable preference shares			Series B redeemable preference shares			Series B+ redeemable preference shares			Total
	Carrying amount			Carrying amount			Carrying amount			Carrying amount			Carrying amount			Carrying amount
	USD			USD			USD			USD			USD			USD			USD
Balance as of January 1, 2023		1,220,458			1,220,458			7,635,384			3,937,712			24,880,147			—			38,894,159
Accretion of redeemable preference shares		—			—			500,000			—			1,877,429			—			2,377,429
Foreign currency translation adjustment		(44,118	)		(44,118	)		(92,369	)		(142,342	)		(931,628	)		—			(1,254,575	)
Balance as of December 31, 2023		1,176,340			1,176,340			8,043,015			3,795,370			25,825,948			—			40,017,013
Accretion of redeemable preference shares		—			—			347,945			—			814,881			—			1,162,826
Issuance of Series B+ redeemable preference shares upon conversion of convertible debts		—			—			—			—			—			9,651,560			9,651,560
Conversion of preference shares to Class A ordinary shares immediately prior to the completion of IPO		(1,176,340	)		(1,176,340	)		(8,390,960	)		(3,795,370	)		(26,506,806	)		(9,651,560	)		(50,697,376	)
Foreign currency translation adjustment		—			—			—			—			(134,023	)		—			(134,023	)
Balance as of December 31, 2024		—			—			—			—			—			—			—

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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